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THE BP OIL SPILL IN MEXICAN GULF 2010
Finance & Accounting
Pages 5 (1255 words)
Business reputation is a very important aspect in today’s competitive world.Some of the most successful businesses are the ones that have been able to uphold their first impression, the impression that made it stand out among others.
A crisis refers to an undesirable and unfortunate position that a business finds itself in, and which poses a great threat to the organization (Benoit, 1995). The value of communication in any company is very important, and this importance cannot be understated. The major concept of this work is crisis management, and will employ a special focus on the BP oil company, and the oil spillage crisis of 2010. It shall take keen interest on how well, or otherwise, the crisis was handled by the company. Two theories are important in this work. First is the structural function systems theory which provides an in depth insight in crisis management. It implies that those companies that have a very effective information and communication model are more likely to succeed in crisis management (Lightstone and Driscoll, 2008). The second theory, the diffusion innovation theory, which is a widely applied theory, helps to structure the framework of this work, theoretically. It shows how businesses communicate and disseminate information through specified networks, or after a period of time which results to consistency (Hooghiemstra, 2000). ...
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