Discuss the Various Damage Control Strategies That Can Be Used

question 8

Essay

Discuss the various damage control strategies that can be used by a firm.

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Definitions:

Market Control

The ability of a company to influence or regulate the market in its favor, often through dominating supply, prices, or competition.

Corrective Action

Measures taken to identify, eliminate, and prevent the recurrence of adverse or undesirable performance in a system, process, or product.

Control Process

is the method by which management ensures that organizational activities are aligned with set standards, plans, and goals, typically involving measurement, comparison, and action.

Establish Performance Objectives

The process of setting specific, measurable, achievable, relevant, and time-bound goals for employees or teams.