MKT3401_Presentation_Notecards2 - -You also need to figure...

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Warren Buffett once said, “It takes 20 years to build a reputation and 5 minutes to ruin it.” This was surely the case with Toyota Motors, who have built their reputation on quality and safety since 1937. But after a $2 billion gas pedal recall, a 17% loss in share value, countless lawsuits, and 34 deaths, it is safe to say that this company will never be the same. This is truly the definition of a crisis, and may cause one to ask the question, “Is this the end for Toyota?” The next step in Effective Crisis Management is to Develop a Plan of Action. - The first thing you need to do is organize your best team of staff to deal with the issue at hand.
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Unformatted text preview: -You also need to figure out all of the individuals whom the crisis will affect by identifying all of your stakeholders , whether it be your customers, shareholders, or employees. These are all people who you want to make future investments in your company-(The plan that your company chooses to implement needs to be able to not only correct the current cri) -One other thing that is important is timing , as you dont want your company to respond to the issue too little too late. As you will see later on, this is one of the things that Toyota could have done a little better. But we do feel that their recovery plan worked for them in the end....
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MKT3401_Presentation_Notecards2 - -You also need to figure...

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