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MKT3401_Script - areas affected by the crisis whether it be...

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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. This is a company who has 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 the Toyota Motor 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?” Yes, credibility, honesty, and communication are all very important, and the next step that we feel makes Crisis Management Effective is to develop a plan of action. Within this plan, we have found that some of the most detrimental aspects of implementation are organization, identification, and timing. The first factor is organization, and you want to make sure to organize your best team of staff to deal with the issue at hand. Your team needs to include experts in any
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Unformatted text preview: areas affected by the crisis, whether it be executive management, human resources, or research and development. Once you have developed your team, you need to then identify all of the individuals whom the crisis will affect. In other words, this means to identify your stakeholders, whether it be your customers, employees, shareholders, or even labor unions. These are all people who you want to make future investments in your company. One other aspect that we think is significant is the amount of time it takes you to come up with this plan so that you can begin recovery. Timing is crucial in crisis management, as you don’t 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, which brings us to our next step, Recovery....
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MKT3401_Script - areas affected by the crisis whether it be...

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