Final answer:
During the pandemic, businesses successfully pivoted by shifting their focus to online sales and delivery services, embracing streaming platforms in the entertainment industry, and adapting their supply chain management.
Step-by-step explanation:
During the pandemic, businesses had to adapt and pivot in order to survive. One successful pivot was seen in restaurants and small retailers. Many of them shifted their focus to online sales and delivery services, allowing them to continue generating revenue even when physical stores were closed. For example, restaurants started offering takeout and delivery options, while small retailers set up online stores to reach customers remotely. This shift in strategy helped them stay afloat during the challenging times.
Another successful pivot was observed in the entertainment industry. With theaters closed and people staying at home, streaming services became more popular. Movie studios started releasing films directly on streaming platforms, reaching a wider audience and generating revenue through online rentals and subscriptions. This change in distribution strategy has disrupted the traditional movie industry and opened up new opportunities for film production and distribution.
Lastly, supply chain management played a crucial role in businesses' ability to pivot. The pandemic caused disruptions in global supply chains, impacting the availability of raw materials and finished products. To overcome these challenges, businesses had to find alternative suppliers, adjust production processes, and implement safety protocols. By doing so, they were able to maintain production and meet customer demands, ensuring their survival during the pandemic.