What is the importance of speed in the implementation of a crisis management plan? Provide an example where a swift response helped a firm in the midst of a crisis
What will be an ideal response?
Speed allows a firm to control the message and avoid speculation and exaggeration by the media or consumers. Remember, stories travel at the speed of light these days, and you do not want to have opposing points of view dominating the dialogue on an issue that concerns your company. In 2007, Apple's swift response to the commotion that erupted following a $200 price cut of the formerly $599 iPhone is an example of how getting right on a problem can avert long-term damage to a firm's image and sales. Within twenty-four hours of announcing the price break, Apple CEO Steve Jobs posted a letter to the company's Web site offering a $100 credit to anyone who had paid the top price for the phone. Within days industry pundits were predicting that any backlash would be short-lived. Sales of the iPhone in subsequent years have proven the predictions to be correct.
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If, at year-end, the unexpired insurance were $20, the company should record an adjusting entry that
The year-end trial balance for Beltway Corporation appears as follows: Beltway Corporation Trial Balance December 31 Debit Credit Cash $ 300 Accounts Receivable 500 Prepaid Insurance 60 Supplies 140 Equipment 4,000 Accumulated Depreciation, Equipment $ 800 Accounts Payable 300 Common Stock 1,000 Retained Earnings 1,400 Service Revenue 3,000 Salaries and Wages Expense 1,000 Rent Expense 500 $6,500 $6,500 A) debits Insurance Expense for $20 and credits Prepaid Insurance for $20. B) debits Prepaid Insurance for $20 and credits Insurance Expense for $20. C) debits Insurance Expense for $40 and credits Prepaid Insurance for $40. D) debits Prepaid Insurance for $40 and credits Insurance Expense for $40. E) debits Insurance Expense for $20 and credits Cash for $20.
Researchers should observe which of the following when designing a questionnaire?
A) Avoid pre-testing B) Ask double-barreled questions C) Keep it short D) Use only open-ended rather than closed-ended questions