Note: Sample below may appear distorted but all corresponding word document files contain proper formattingExcerpt from Term Paper:
This is the point that customers would go different locations and they received poor service. The lack of accountability is what contributed to the communication breakdown.
How could the crisis be avoided?
The way that this crisis could have been avoided, is by implementing a policy of improving employee training and communication. The way that this could have been conducted, was to teach everyone on the store level how to deal with irate customers and stay within company policies. This would have prevented these situations from spiraling out control, by satisfying their needs and admitting to possible mistakes that were made. Once this occurred, it would have meant that the image of the company would have improved.
Prepare to manage, recognize, contain, resolve and profit from the crisis
The best way to deal with these kinds of issues is that Wal Mart must completely revaluate these situations. The way that this could have been accomplished was to have executives watchful of possible recalls that were occurring. They could have then, worked with all of the various departments to quickly admit that there was a problem and they were doing everything they can to fix it. Next, the company should have encouraged customers to come back to their different locations. During this stage of the process, is when they would work with staff member to learn how to deal with issues. Once this took place, it meant that their customer services would improve by addressing their needs. This would have allowed them to profit from the crisis by showing that they are going the extra mile for them. Over the course of time, this would have meant that same store sales and profit margins would increase dramatically.
Clearly, Wal Mart has poor track record for dealing with different product recalls. Part of the reason for this, is because executives are focused on finding the lowest prices on a host of products they are selling. This means that they will often purchase those products with different defects. Over the course of time, this increases the odds that these goods will be the subject of product recalls. When this takes place, it means that management will not be focused on effectively dealing with the situation. As they will announce, that there was a product recall to customers. However, once they begin to coming to the stores is when they are unprepared for what is happening. This is because supervisors and employees are given limited amounts of training about how they should be dealing with these issues. Once this occurs, the majority of customers will become frustrated by the lack of service they are receiving. This is when they will begin shopping at their competitors. To deal with these issues, it is recommended that: Wal Mart improves communication, has specifications for product quality and establishes proper procedures for dealing with recalls. If this kind of approach can be taken, it will ensure that the company will protect their image and address the most common issues affecting their customers (the lack of service).
Develop a chart which displays concepts on the chapters enclosed (reference page) and what they mean.
The various concepts on the different chapter are enclosed below. The most notable areas include:
Managing the Crisis You Tried to Prevent
Key findings: understand how to avoid the crisis, managing the situations, recognizing change, containment, resolving and profiting from the situation.
A Strategic Approach to Managing Product Recalls
Key findings: creating small response team, conducting product testing with recalls in mind, having effective channels of communication and staging mock recalls.
Leadership within there is No One to Ask
Key findings: any kind of long lasting changes will come from how managers are focused on making sure the customer is always protected. This will help to improve the image of the organization itself.
Consumer Complaints. (2011). Consumer Affairs. Retrieved from: http://www.consumeraffairs.com/homeowners/walmart_lawn.html
Augustine, N. (2000). Harvard Business Review on Crisis Management. Boston, MA: Harvard Business School Press.
Bianco, A. (2007). Wal Mart. New York, NY: Doubleday Press.
Marquard, W. (2007). Wal Smart. Chicago, Il: Marble Leadership.
Smith, N. (2000). Harvard Business Review on Crisis Management. Boston, MA: Harvard Business School Press.
Soderquest, D. (2005). The Wal Mart Way. Nashville, TN: Thomas Neilson.
Spotts, G. (2005). Wal Mart the High Costs of Low Price.…[continue]
"Company At Risk In The" (2011, September 26) Retrieved October 25, 2016, from http://www.paperdue.com/essay/company-at-risk-in-the-45791
"Company At Risk In The" 26 September 2011. Web.25 October. 2016. <http://www.paperdue.com/essay/company-at-risk-in-the-45791>
"Company At Risk In The", 26 September 2011, Accessed.25 October. 2016, http://www.paperdue.com/essay/company-at-risk-in-the-45791
Risk Assessment at the Wal-Mart Stores Inc. Industry and company information Risk assessment System characterization Threat identification Vulnerability identification Control analysis Likelihood determination Impact analysis Risk determination Control recommendations Concluding remarks Bibliography (Annotated) The current economic climate is more challenging than ever and economic agents face incremental difficulties in registering profits through the serving of a population with a decreasing purchasing power. Nevertheless, in a context in which most economic agents register decreasing revenues, America's number one retailer -- Wal-Mart -- registers growing
Risk Management in Family Owned Businesses A family business can be simply described as "any business in which a majority of the ownership or control lies within a family, and in which two or more family members are directly involved" (Bowman-Upton, 1991). In other words, it is a multifaceted, twofold structure consisting of the family and the business meaning that the involved members are both the part of a job system
To rebuild their image, the company would try a number of different strategies, none of which would prove to be successful. This would hurt the market share of Gap to the point that many analysts now believe that it may be advantageous to spin off the company's: Old Navy, Banana Republic and Gap stores. What this shows, is how a company can begin to lose its way when it
Communication strategies also focus on assisting the public with post-risk claims. Broward County also places great emphasis on claims and liability, as well as protecting the financial assets of the county. Dangerous risk factors themselves, as well as the prevention of these, are of secondary importance. The same is true for the Enterprise Risk Management site of Carolina. The focus here is mainly on the institutions and the risks directly
Risk Management Plan A&D High Tech Introduction to the Plan Company Background Risk Planning Charter, Scope, Plan, and WBS Scope of the Risk Management Plan 102.2 Risk Management Plan Components 112.3 Responsibility 112.4 Expected Monetary Value Analysis Risk Management Identification 123.1 Determine the Risks 133.2 Evaluate and Access the Risks 133.3 Qualitative and Quantitative Processes 143.4 Compare and Contrast Techniques Risk Matrix 144.1 Major and Minor Risks for the Risk Matrix 144.2 Risk Matrix Template 144.3 Reviews Corrective Action and Monitoring 155.1 Type of Corrective Risk Management 155.2 Corrective Plan 155.3 Corrective
Risk & Reward Worst Case Scenario Kent (2008) discusses risk and notes that entrepreneurs seek to reduce risk. Entrepreneurism is risky because entrepreneurs do not know what they are doing. This may have been something Peter Drucker said, but the reality is a little more complex. Entrepreneurial activity is risky because there are few established givens -- sales are not well-established, products and process may not be refined -- and building a
Risk Assessment is an integral aspect on any business irrespective of industry. Every business has some form of inherent risk embedded within its underlying business operations. This risk, through proper assessment can be minimized and practically prevented under certain conditions. Through proper risk assessments, businesses can abate the influences of danger that ultimately erodes both profitability, and reputation. In addition, risk assessments allow the company to reduce the prevalence of