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March 09, 2010

Crisis as a Turning Point

In my readings far outside the business world, I read this yesterday:

Crisis is a word that is often mistaken to mean tragedy or threat. A truer understanding is that crisis means a turning point.

Nice. While not written for business, the implications for businesses are real and aplenty.

Dominos faced a crisis with the realization their pizza lacked zest. They responded and changed course by changing their pizza recipe.

Toyota is facing yet another crisis associated with quality issues. Clearly, Toyota is at a major turning point. Fingers are being pointed that Toyota must change the course of its company culture to emerge from this mess a stronger and healthier business.

Remember, a crisis isn’t a distraction. It’s an opportunity. An opportunity to question business practices and an opportunity to make decisions so that a company can become beloved again.


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be careful not to forget to cite quotes. :) great post though. *thumbs up

Concept Development / Branding

Lukasz ... yep, it is important to cite quotes. That's why I cited the quote twice with embedded links in the opening sentence.

Pepsi is another crisis example. PepsiCo CEO Indra Nooyi called an analyst conference this week (their first since 2006) to explain the huge branding stumble.

A crisis only happens when things or events have gone to far.
Management made a mistake or under estimated certain events: then you have a crisis.
Most crisis could be avoided.

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