EKONOMISTI
The international scientific and analytical, reviewed, printing and electronic journal of Paata Gugushvili Institute of Economics of Ivane Javakhishvili Tbilisi State University |
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Journal number 1 ∘
Manana kharkheli ∘
Giorgi Morchiladze ∘
Issues to Consider When Changing Business Models in the Post-Pandemic Period 10.36172/EKONOMISTI.2021.XVIII.01.Manana.Kharkheli.Giorgi.Morchiladze Expanded Summary The pandemic has had a significant impact on various aspects of human life. Business, in the world and in Georgia, has faced significant difficulties and challenges. According to the World Bank, the world Gross Domestic Product (GDP) in 2019 was equal to 87.735 trillion US dollars, and in 2020 , it decreased by 3.39 %[1]. The situation in Georgia was even worse, as according to the National Statistics Office, the real GDP growth rate in 2020 was equal to minus 6.8 %[2] compared to the previous year. The above-mentioned statistics show that business became more difficult to do in 2020 and even more complicated in 2021. Amid intensified competition, business in order to be able to operate and succeed, it is necessary to adapt to a new environment, which is often related to a change in business model. Сhanging of business models are complex and difficult process, This is why we have devoted considerable time to both theoretical and practical research. During the research process we studied a number of scientific articles and research papers, we also conducted field study in ten different companies, who were (and still are) active in the catering, real estate, manufacturing and distribution sectors (Among them were companies such as Georgian Dairy Holding - with an annual sales of more than 40 million, etc.). According to our research, change in business model means change of one or more following elements:
One part of question is what Company need to change (the elements of Business Model) listed above, and the other is what procedures to use to. In this context, we find Osterwalder’s approach to the business model design process quite interesting, which consists of five phases (and which are deeply discussed in article):
[1] https://www.worldbank.org/en/publication/global-economic-prospects [2] https://www.geostat.ge/ka/modules/categories/23/mtliani-shida-produkti-mshp |