Uncertainty in industrial markets: The COVID-19 pandemic

This article develops a deeper conceptualization and understanding of the COVID-19 pandemic's impact on industrial firms. Qualitative analysis is conducted based on twelve semi-structured interviews with executives from organizations with over $100B in combined annual revenues. Constructs studied included governmental forces, supply and demand-side changes, new communication processes, short- and long-term impacts, and the new normal. This article provides evidence of the unprecedented impacts on industrial firms in the early phases of the COVID-19 pandemic. Using qualitative analysis, along with emergence theory as the theoretical lens, this study develops a framework for examining the impact of disruptive events, like the COVID-19 pandemic. Implications regarding industrial firms are provided, along with the development of eight propositions for future inquiry. •This article develops a deeper conceptualization and understanding of the COVID-19 pandemic's impact on industrial markets.•Six areas were highlighted from the qualitative interviews.•Building on the findings of the study, a discussion, along with practical and policy implications, is presented.