Theft of the Oscars : How Roadway Successfully Managed a Crisis

Overview: Everyone wants to avoid a crisis, but no one should avoid crisis planning. Most companies are highly susceptible to a wide range of unanticipated events that could cause immense damage, sometimes very quickly. Though the incident may not be your company’s fault, it still can result in a deterioration of public confidence, especially from customers and investors. While the objective in all cases is to do the right thing, one of the first points to realize about crisis management is that the strategy will impact the business and should be based on what makes the most sense, in business terms. This article defines the points like make a control before crisis occurs and communication has an important part in the crisis time as first impressions are important. The company’s initial response to a crisis situation, through its words and its actions, is crucial. It sets the tone for what might come later. A misstep at this point could be very costly in the long term. Communicating openly and quickly serves several purposes. It helps to control the information—positive or negative—that is circulated. It demonstrates the company’s cooperation in getting accurate information to the public, and it can help the company avoid the negative consequences of an adversarial relationship with the media. The article explains a case study of “THEFT OF THE OSCARS” in this context.

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Format: PDF | Size: 161KB | Date: Jan 2002 | Pages: 6