1Managing a Product-Harm RiskHow Do I Fix This? Managing a Product-Harm RiskBrian BurnsWalden UniversityProfessor Doron Zilbershtein7 December 2014
2Managing a Product-Harm RiskAbstractManaging a product-harm crisis can certainly be a complex and challenging problem. Fiscally, alot of companies operating in today’s modern-day technology driven work environment, have consumers that are health and safety conscious. This generally leads to more product recalls, andmore financial losses for organizations. The reason being is because, companies have a greater burden of placing high-value safety and health objectives in mind, for their products. With the increased scrutiny from governmental agencies and bodies, the health and safety product recalls over the past few years, has cost companies literally billions of dollars. Product-harm crisis havefour main elemental factors that come into play, when measuring the product-harm crisis. Those four factors include, corporate social responsibility, organizational response, external factors, andtiming. With these four factors in mind, many organzition today need to make changes and have professionals recommend courses of actions to implement, to minimize and/or reduce the threat of product-harm crisis in the future,
3Managing a Product-Harm RiskHow Do I Fix This? Managing a Product-Harm RiskManaging a Product-Harm CrisisA product-harm crisis is when a business suffers some sort of financial, legal, and/or publicized hardship due to a product recall (Lei, Dawar & Gurhan-Canli, 2012). It is crucial that firms to try stay on the rebound when trying to recover from a product-harm crisis. Major industries and businesses have suffered the consequences of, product-harm crises. Product-harm crises can have severe adversities that affect an organization for many years. It is important when managing product-harm crises that, organizations take proactive measures, in order to minimize potential risks in the future. This will allow and enable management and product development teams to, ensure that their products are safe, healthy, and on the right track for success (Zhao, Zhao & Helsen, 2011).Factors That Contribute To a Product-Harm CrisisThe factors that contribute to a product-harm crisis would include, examining the importance of each factor, and study variations in the purchase intentions across different extent levels. It is important to allow the results to reveal what response times are, from a scale of high and medium-high factors, related to the organizational levels (Vassilikopoulou, Siomkos, Chatzipanagiotou & Pantouvakis, 2009). This will allow organizations to analyze factors such ascorporate social responsibility, and external factors that influence such things as consumer purchaser intentions, which are often affected during a crisis. Due to the importance of each of
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Management, Corporate social responsibility, product-harm crisis