Crisis Management to the Ruin or Rescue of Corporate Image: A Study of Agricultural Development Bank (ADB)-Accra

Abstract

The evolution of Public Relations in Ghana has led to a dramatic demand for PR services within the Banking sector. This has compelled organizations not to only consider their customer base and profit as a major competing tool in intense competitive markets but also, focus on good PR practices like crisis management as a means of excelling and maintaining a good relationship with stakeholders in the banking sector in order to build and maintain brand image and reputation. The study sought to assess crisis management to the ruin or rescue of corporate image. Both qualitative and quantitative designs were applied in the form of in-depth interview and survey to gather data on how crisis management ruins or rescues corporate image. Data collected was presented by means of transcription of the in-depth interviews conducted and the use of charts and tables to represent and analyse data gathered through the survey. The findings of the study established that lack of good crisis management plan, insufficient issues management plan, lack of good relationship with the media and the neglect of proper implementation of PR roles and functions could greatly affect the brand image, reputation and financial strength of an organization during crisis. It was clearly concluded that, as a result of the stiff competition and the brand proliferation in the banking sector, there must be a marked increase in the use of brand image and reputation in order to survive in the competitive environment and effectively manage crisis. It is recommended that the banking sector in Ghana should leverage well on PR functions and roles to educate and inform its internal stakeholders of the implication of giving out information to outsiders as a result of registering their displeasure during crises. Organizations must make sure there is a total adherence to internal communication procedures should there be any misunderstanding between management and staff.