Effective crisis management in business is not unlike the metaphor noted above – with one caveat. When a crisis is approaching, it is much easier to seize and act upon, but of course it must be realistically recognized. Once a crisis has passed through the threshold of prodromal (preliminary) recognition and action it is much more difficult to seize and effectively act upon, and thus the opportunity to more easily deal with it will have passed. Business firms are affected by many difficult issues including corporate mergers and acquisitions – particularly those that bridge various types of cultural boundaries, sudden or significant changes in competitors and in new market products, changes in the availability of resources, government regulations, and a variety of other crisis and possibly crisis-like events that are not generally associated with the normal on-going operations of a firm.
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Source: OHN DARLING, HANNU SERISTÖ, MIKA GABRIELSSON,
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