Safeguarding Reputation and Financial Viability: An Examination of Product Harm Crisis, Challenges and Prospects

Abstract

Product harm crisis hinders firms’ reputation and financial viability. Recent research has shown that in a product harm crisis late response and compulsory product recall hinders businesses reputation (Jolly & Mowen, Mowen & Ellis, Siomkos Jolly 1999). It has been concluded that consumer tastes and preferences fade out and consumers are not motivated to buy the new product that is developed to replace the recalled one (Jolly 1999). Businesses are more prone to risk than ever before to product related issues and challenges causing supply chain disruptions. To find a meaningful solution to this risky and vulnerable situation, businesses should find a lastly and sustainable solution to businesses reputation and financial viability. A result oriented and focused management team thrives in all seasons and act swiftly with appropriate tools and techniques to crisis management. In this review, the researcher harmonised secondary data showing product harm crisis management modalities and parameters. With reference to the review literature, concepts, contents, facts; the researcher differentiates parameters, models used and interprets findings. Advice businesses on managing product harm crisis effectively and efficiently with proper planning and mitigation strategies in place.