Write a paragraph (or so) that demonstrates how at least one concept from the course relates to your own experience as a consumer during the Coronavirus pandemic. (Alternatively, you can interview someone you know to complete this submission.)
- Begin by selecting at least one concept.
- Provide a definition or explanation of that concept (you can quote or paraphrase as long as you use a citation).
- Explain how your chosen concept(s) relate to your experience(s) over the past year as a consumer. It’s really important to be detailed and specific and show how this concept can be applied to your own circumstances (or those of the person you have interviewed)
An acute crisis leads people to diverse ways with certain behavioral elements irreversible. The pandemic of COVID-19 is not a routine situation, and several measures like total and then partial lockout have been implemented to manage the spreading of the illness. Since all economic parts of the world are connected and lockdown, the financial volatility of nations has led to a shift in market dynamics. The engine for competition, growth and business integration in all markets is consumers (Agag, 2016). Consumers also suffer a change in behavior with economic uncertainty, but how much change is sustained in the disaster.
The pandemic of COVID-19 has transformed the globe in principle. The epidemic prompted consumer behaviors and buying patterns to be changed. Economic and health difficulties, such as lack of resources and fear, increasing worries about safety/security, and non-commercial payment, prompted customers to evaluate future procurement decisions and merchants to real-time reconfigure their operations. The present epidemic might be seen as an unfavorable environment that can make some people vulnerable and resilient to their buying decisions. Brennan et al. (2017) indicated that the scenario in which people are at risk is more vulnerable than in people’s case. Therefore, this implies that a person might be susceptible at any moment, including during a pandemic outbreak. If people confront stressful conditions, inferior coping methods and a low feeling of self-efficacy can result in greater susceptibility. The more efficient the coping, the less susceptible the person is (Agar, 2016). A similar idea may be extended to resilience; the more resilient people are anticipated to be self-efficient.
Apart from vulnerability, challenging events may reveal a lot about our resilience. They relates to the confrontation and the perception of how people encounter disruptive processes and deal with them in a socio-economic context. While many scientists say there is no resilience for vulnerable populations, others contend differently. In understanding changes, susceptibility and adaptability are related but different concepts. Furthermore, humans appear to be both susceptible and resilient at the same time. Lorenz and Dittmer (2016) say that catastrophe people
are seldom powerless but are pretty proactive and autonomous in seeking methods to cope with the disaster, which demands the function of their auto-effectiveness to be examined throughout resilience. In addition, researchers observe that only lately have social scientists begun to define resilience and undertake an empirical study into this critical area and imply a wide gap exists between scientific and practical consequences of how both vulnerabilities and resilience may be used. The gap is thus also tackled by our study.
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