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Apr 7, 2021

Strategy Adopted by Companies During a Crisis Essay

After all, it's the thought that counts right? Here we are illustrating few cases:

1. Bank of America

Strategy Adopted by Companies During a Crisis Essay

When the tornado struck, customers still managed to get to the bank, where they lined up for cash. What was the company doing at this point? They had begun a massive marketing campaign, which included a big TV ad, where they were explaining how to survive a disaster. If that wasn't an example of a company coming together in time of need, I don't know what is! And of course, they did not run out of cash, they had a back-up from the government, and they leveraged their network of financial institutions into a massive lending operation.

The public saw video footage of UPS trucks stranded on roadways, with stranded passengers inside, and they found ways to get the cargo out as quickly as possible. When the press tried to get answers from UPS about how they were able to get their cargo out so quickly, the company stated that there was no information on the record. When the public pressed the company for information, the company provided that information. What?! Who can argue with that? In fact, you can argue with the logic behind the strategy, but you can't argue with success!

3. Google

Google Search Engine

When the first reports surfaced that Google was out of our reach due to a DDoS attack, the search engine came back. Why? Because the attack was meant to shut down our minds to what we could accomplish if we had the right mindset. But what was the attack all about? It was meant to cause us to question the very nature of competition. It was meant to force us to focus on how we could achieve what Google had accomplished. And it succeeded! We took on Google and won. Did we have all the answers? Absolutely not. Did we have the money to compete? Nope. But we proved that we were going to play by their rules, and we put our energies into figuring out how we could play to our strengths.

This is just a short list of the more well known examples of how businesses have leveraged their situation.

Idia behind It:

The idea is that it takes a community to thrive in an economic environment, and it takes a company to help build a community. This is a great message, and many companies are taking it to heart. A perfect example is Dell, the computer company.

In crisis time Different approach have to be adopted:

They decided to do for the computing industry what GM had done for the automotive industry. They hired thousands of people to create an environment of giving and receiving of products from customers. They did this with stock options so that people would feel like they were participating in the success of the company and not just participating in a paycheck. All told they had raised $24 billion from this action alone, with another $14 billion on the way.

So don't sit on the fence trying to decide what you should do. Figure out how you can do what you love, and how you can do it with integrity. That way you might find that you enjoy it and it will come with a side of confidence.

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