Bìznes Inform (Feb 2024)
Market Resilience of Business: A Theoretical Construct
Abstract
The aim of the article is to study the development and change of the conception of resilience of socioeconomic systems in the modern turbulent world, as well as to create a theoretical construct for the market resilience of business. The conception of BANI of the world, which demonstrates the chaotic and unpredictable nature of modern society and technological environment, is studied, so business organizations must not only be resistant to stress, but also ready for change and even successfully function in conditions of uncertainty and instability in order to adapt to the new reality. Thus, the central theme of world economic thought is the study of «resilience» in general, as well as its various aspects and potential ways to guarantee the sustainability of social, economic and ecological systems. Resilience is considered as an economic category, which is inherent in the subject of economic activity at the micro-, meso- and macro-levels. The main methodological approaches to resilience are proposed, which contain the following key components: crisis management of the socioeconomic system; change and innovation management; organizational culture and leadership; staff resilience. A new approach that changes the attitude to resilience as an economic category – the paradigm of Industry 5.0 – is considered. In the context of resilience, this paradigm aims to create viable, flexible and resilient systems that can adapt to different challenges. The types of resilience of different levels of the socioeconomic system are examined and systematized. The authors concluded that these kinds intersect, interact and complement at different levels, which is an important aspect of ensuring the stability and adaptability of this system. A definition of the concept of market resilience has been proposed, which is a characteristic of a business organization, which determines its ability to create new opportunities for sustainability, survival and development in conditions of total uncertainty, non-linear and unpredictable changes in the internal and external environment. The key elements of the formation of market resilience of a business entity are systematized and characterized.
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