12 May DOES A FIRM’S PRODUCT-RECALL STRATEGY AFFECT ITS FINANCIAL VALUE?
To prepare: Locate a scholarly peer-reviewed article related to your specialization and consider personal organizational crises in which you have been involved or by which you have been impacted. Your personal experience with organizational crisis can be as small as missing a deadline or as significant as handling a natural disaster response. **Order directions: write an essay that A) properly APA-cited definition of crisis management (with a reference in APA style), B) an explanation of how crisis management relates to business, and C) a 1-paragraph summary of your personal experience with organizational crises. Include an explanation of how your personal experience with crises contributed to your definition of crisis management. Also, D) write a 1-paragraph summary of your article and an explanation of the article’s contribution to the study of crisis management in business. Finally, E) make a recommendation for how a company might avoid negative impact from a crisis based upon your article and your experience. To prepare intro: For many, the term crisis management may bring to mind examples of disastrous situations brought about by organizational wrongdoing or situations in which the aftermath was handled so poorly that the mishandling resulted in the downfall of the organization. Such events certainly receive ample coverage in the media. However, Professor Ken Brumfield (2012) offers two examples that provide a stark contrast to this prevailing image. He details two instances in which skillful planning and execution during a crisis resulted in the saving of lives. He tells how investment firm Morgan Stanley was able to successfully evacuate all but 6 of its 2,500 employees safely from the World Trade Center on September 11th, before the second plane collided with the towers. He also explains how, through its flexible leadership and quick response, the U.S. Coast Guard was able to rescue 1,200 people following Hurricane Katrina, while organizations around them floundered. These striking tales provide the impetus for reexamining the definition of crisis management, its relationship to business, and how effective crisis management can yield positive results. Suggested References: A) Vassilikopoulou, A., Lepetsos, A., Siomkos, G., &.Chatzipanagiotou, K. (2009). The importance of factors influencing product-harm crisis management across different crisis extent levels: A conjoint analysis. Journal of Targeting, Measurement, and Analysis for Marketing, 17(1), 65–74. B) Zhao. Y., Zhao, Y., & Helsen , K. (2011). Consumer learning in a turbulent market environment: Modeling consumer choice dynamics after a product-harm crisis. Journal of Marketing Research, 48(2), 255–267. C) Chen, Y, Ganesan, S., & Liu, Y. (2009). Does a firm’s product-recall strategy affect its financial value? An examination of strategic alternatives during product harm-crisis. Journal of Marketing 73(6), 214-226. *** please answer all parts in the directions A-E. You may use each part as heading to address A-E. If you need anything, please call/message me. Thank you in advance for your help and guidance.
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