To be able to have an effective crisis management, effective crisis communication is necessary. The purpose of this report is to explain the importance of crisis communication, as well as an effective crisis communication strategy for business. This report covers the definition and importance of crisis, crisis management and communication, and a case study of a failing crisis communication strategy in business as an example. The information in this report was gathered from several books and journals related to crisis communication. 2.0 Crisis “A crisis is a major occurrence with a potentially negative outcome affecting the organization, company, or industry, as well as its publics, products, services, or good name” (Fearn-Banks 2009, p.6).
CentrePiece Autumn Available from: http://cep.lse.ac.uk/pubs/download/CP208.pdf Accessed: 02/04/2014 Zhang, KH (2006) WTO, China and Asian Economies. Paper presented at: University of International Business and Economics (UIBE) Conference. Beijing, China, 24-25 June, 2006. Zhang, Z (2004) Cross-cultural challenges when doing business in China. Singapore Management Review 26(1): 81 Zheng, Y & Chen, M (2006).
A SWOT analysis is a tool that identifies internal and external factors that may affect an organization. According to Parnell (2014), a SWOT analysis allows managers to investigate the strengths, weaknesses, opportunities, and threats that a company may face in their environment. Strengths and weaknesses are typically internal factors; while opportunities and threats are external factors. A company’s strengths are the things that set them apart and make them different or better than anyone else in their industry. The weaknesses are the things that affect them in a negative manner that keep the company from being competitive.
Primary requirements of Securities Exchange Act 1934 include disclosure of periodic financial report which consists of the revenue, cash flow and assets of a company. Financial disclosure is to protect the investors from being swindled by the company. However, this might threaten the company as the information that disclosed can be benefit to the competitors. Competitors can use the information to gain more profit or plan for a takeover. Furthermore, this can be a bias for new companies as they might do not have complete financial report the required by the statute.
They are also faced with the possibility of causing the company to face significant loss, or even to be closed down. Various companies dominated the news from their fraudu... ... middle of paper ... ...deter fraudulent accounting, and financial reporting of businesses, but professional needs to maintain their values, and ethics to allow them to operate successfully with integrity in this world. Works Cited Accounting ethics. (2011, February 23). In Wikipedia, The Free Encyclopedia.
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