Impact of Crisis Caused by COVID-19 Pandemic on Enterprise Strategies. Example of Woodworking Industry

Abstract

The choice of an appropriate strategy is crucial to the development of an enterprise. Our research has determined the crisis associated with the pandemic adversely affected the woodworking industry. This is corroborated by the fact that (on the macro scale) the percentage of enterprises whose condition was assessed as good or very good fell from 60% to 20%, while of those whose condition was regarded as bad or critical rose from 27% to 52% in the period under analysis. It also turns out the intensities of the strategies applied, in particular, the strategy of market penetration and diversification, were different prior to and during the crisis, which is in line with the results reported by other researchers. The intensity of the market penetration strategy declined considerably at the time of the pandemic, while the strategy of diversification was employed more intensively.