Overview
Crisis management in international trade is a vital process that helps businesses navigate unexpected disruptions. It involves preparing for potential crises, assessing risks, and developing response plans to minimize negative impacts. Effective communication and stakeholder engagement are key compo...
Key Terms
Example: A sudden trade embargo can be considered a crisis.
Example: Companies conduct risk assessments to prepare for potential trade disruptions.
Example: Employees, suppliers, and customers are all stakeholders in a business.
Example: A contingency plan might include alternative suppliers in case of a trade disruption.
Example: A disruption in the supply chain can lead to delays in product delivery.
Example: Economic sanctions can limit trade with a specific country.