MNO3706 Assignment 3 (COMPLETE ANSWERS) Semester 2 2024 - DUE September 2024 ; 100% TRUSTED Complete, trusted solutions and explanations. 1. Explain how a corporate’s image can b e effected by accidents and injuries. (10) A corporation’s image can be significantly affected by accidents and injuries, with potential repercussions spanning pub lic perception, employee morale, and financial performance. Here’s an explanation of how accidents and injuries impact a corporate image: 1. Damage to Reputation Explanation: • Public Perception: High -profile accidents or injuries can tarnish a corporation’s public image, leading to negative media coverage and public criticism. • Trust Erosion: Customers, clients, and stakeholders may lose trust in the corporation’s ability to ensure safety and maint ain quality standards. Example: • A manufacturing company that experiences a major accident resulting in severe injuries might face backlash from the media and the public, impacting its reputation and consumer confidence. 2. Impact on Customer Confidence Explanation: • Consumer Trust: Accidents and injuries can lead to concerns about product or service safety, affecting customer trust and loyalty. • Market Perception: Customers may question the reliability and safety of the corporation’s products or services, lea ding to a decrease in sales and market share. Example: • A food processing company involved in a contamination incident may face a decline in sales as consumers become wary of the safety and quality of its products. 3. Financial Consequences Explanation: • Increased Costs: Accidents and injuries often lead to financial costs related to legal claims, compensation payments, medical expenses, and increased insurance premiums. • Revenue Loss: Negative publicity can result in decreased sales and revenue as customers a nd clients avoid doing business with the corporation. Example: • An airline involved in a crash may face substantial legal settlements, higher insurance costs, and reduced passenger numbers, impacting its financial performance. 4. Employee Morale and Product ivity
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