A Short Note On Loss Of Brand Reputation

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1. Risk One - Loss of Brand Reputation A loss of brand reputation occurs from many different potential sources, but can be managed and mitigate through appropriate steps before and after any potential incidents that could affect the company 's brand. It is vital to employ rigorous quality control monitoring, in order to ensure stock meets regulation and public safety expectations of the market. Failure to monitor the quality of stock can result in poor quality goods, or even unsafe goods being sold and associated with the company name. Following up on quality control management, with distributors to ensure that stock continues to meet the companies rigorous standards will protect the companies brand. Responding appropriately and swiftly to…show more content…
Developing a contingency plan for emergencies both with the distributing partner, and within the company will enable the company to respond quickly to maintain distributor relationships or make adjustments for an emergency to mitigate the impact on the company 's operations. 3. Risk Three - Regulatory Changes Regulatory changes can have a positive impact on the company, but can also incur operational costs. As regulation changes do not occur in a vacuum the company can evaluate the potential impact of regulation changes and set aside sufficient funds before changes occur to ensure the company continues to meet regulation demands. The organization can setup an internal committee that can evaluate the impact of regulation changes being debated. The advantage of this is leveraging some changes to the companies benefit. For example, if there is a desired change that would enhance food safety, the committee may find that enacting the change would not incur a large cost, would improve brand recognition to enact the change, and may choose to change company standards whether or not the regulation changes. It can aid in planning how to mitigate operational cost increases due to regulation changes, for example the pharmacy may face changing health insurance regulation changes and the company would not only need to set aside sufficient funds, but also institute a compliance plan upon the regulation changing.
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