MGTA35H3 Study Guide - Midterm Guide: Crisis Management, Crisis Communication, Product Recall
Document Summary
Any situaion that drasically and negaively afects your business to the extent that survival of the organizaion in its present state is imperiled. Banking business crisis can be due to the failure to meet regulatory requirement and loss of public conidence. In automobile industry crisis can be caused due to the laws in design which send customers to the compeitors" showrooms or even a negaive publicity due to a product recall. Pharmaceuical industry, crisis could be the death or injuries due to a certain product. Crisis can also be environmental accidents or terrorist acion. Thus, the business come upfront about their crisis and communicate with public are the ones that can overcome their crisis and survive it. Crisis are usually foreseeable , thus one should always come up with a crisis-management plan that is appropriate to their ield of business. The following list is some possible events that can jeopardize or seriously disturb your business:
