Everyone makes mistakes, even in business. But it’s how companies respond to mistakes that determines the impact, says one business professor.
“Being Wrong in Business: Implications, Lessons, and Prevention” is the topic of Prof. Chuck Munson’s Common Reading presentation set for 7 p.m. TODAY, Tuesday, April 1, in Smith CUE 203 on the Pullman campus. The free lecture is open to the public.
Marketing flops such as New Coke and operational disasters such as oil spills make big headlines and may cost companies millions. Some mistakes even endanger the public and the environment, says Munson. In March 2014, Toyota agreed to pay a $1.2 billion federal fine for misleading regulators. Assistant FBI Director George Venizelos suggested, “Toyota put sales over safety and profit over principle.”
“But it’s how companies react to mistakes that may provide a longer-term impact than the mistakes themselves,” says Munson.
His common reading presentation will focus on the value of appropriate service recovery efforts, the potential advantage of applying a “second-mover” strategy, and the value of prevention, that is, making it “right the first time.”
Munson’s presentation is the third from last in the popular Common Reading Tuesdays faculty and guest expert lecture series. The series is part of the year-long program that focuses on a single book—this year, Being Wrong, by Kathryn Schulz—that is used by professors of many first-year and other courses across the university. Related programming in residence halls and several university programs helps students, faculty, staff, and the community engage in discussions and activities around topics from the book.
For more information, visit http://CommonReading.wsu.edu. The program is part of the WSU Office of Undergraduate Education.
