New Challenges of Economic and Business Development – 2013 May 9 - 11, 2013, Riga, University of Latvia STAKEHOLDER RELATIONSHIP MANAGEMENT IN THE CONTEXT OF CRISIS MANAGEMENT Nicola Zech, University of Latvia, Latvia1 Abstract.. (2005) organisational crises share a number of features: Crises involve a wide range of Stakeholders Time pressure requires an urgent response A crisis usually results from a surprise to the organisation High degree of ambiguity in which cause and effects are unclear A crisis creates a significant threat to an organisation’s strategic goals.. Nicola Zech 685 New Challenges of Economic and Business Development – 2013 May 9 - 11, 2013, Riga, University of Latvia Crisis prevention Risk management Crisis precautions Risk management Analysis Evaluation/ Planning Protection/ Implementation Training Crisis avoidance Early Warning Adjustment Crisis coping Limitation of consequences Recovery Employment of instruments Source: author’s construction based on Glaesser (2006, p.. 79) Nevertheless, the various perspectives of the recommendable extent of shared information have to be balanced: Whereas “lawyers typically want to say as little as possible during a crisis in order to avoid or minimize legal liability marketing, public affairs, and public 686 Nicola Zech New Challenges of Economic and Business Development – 2013 May 9 - 11, 2013, Riga, University of Latvia relations executives, on the other hand, want to share information more broadly as a means of retaining or recovering consumer confidence and hence safeguarding their business.” (Mitroff I.. 83) Even though a Crisis Management Plan can most probably never cover all potential types of crises, having prepared a plan and having thought in advance of the myriad decisions inherent in a crisis helps in finding efficient and time-saving responses.(Barton L., 1995) However, all Crisis Management Plans are useless unless the organisation “is ready to acknowledge that all crises create po
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