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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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- Summer '08
- Management, Lexus, Toyota Motor Company, Toyota Racing, gas pedal recall