A Comparative Study of Crisis Management Practices in the Aviation and Banking Industries: A Case of Arik Air and Sterling Bank, Kebbi State
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Background of the Study
Crisis management refers to the process by which an organization handles disruptive events that threaten its operations, reputation, or financial stability. Both the aviation and banking sectors face unique challenges that require specialized crisis management strategies. Arik Air, a leading Nigerian airline, and Sterling Bank, a prominent financial institution, operate in environments where crises such as accidents, financial crises, and regulatory issues can significantly impact their business. Arik Air’s crisis management focuses on safety protocols, regulatory compliance, and restoring customer trust in the event of flight disruptions. Sterling Bank’s crisis management, on the other hand, centers on financial stability, cybersecurity threats, and managing public perception during economic or political instability.
This study aims to compare the crisis management practices of Arik Air and Sterling Bank in Kebbi State. It will explore the differences and similarities in their approaches to crisis prevention, response, and recovery. The research will also examine how these practices affect their ability to maintain customer trust, business continuity, and organizational reputation during crises.
Statement of the Problem
Crisis management is a critical function in both the aviation and banking sectors, yet little research compares how companies in these two industries manage crises. Arik Air and Sterling Bank, while operating in different industries, face similar challenges related to reputation management, financial stability, and regulatory compliance. This research seeks to address the gap in the literature by comparing the crisis management practices of these two organizations in Kebbi State.
Objectives of the Study
1. To examine the crisis management strategies implemented by Arik Air and Sterling Bank.
2. To assess the impact of crisis management practices on business continuity and customer trust in Arik Air and Sterling Bank.
3. To compare the effectiveness of crisis management strategies between the aviation and banking sectors.
Research Questions
1. What crisis management strategies are implemented by Arik Air and Sterling Bank?
2. How do crisis management practices impact business continuity and customer trust in Arik Air and Sterling Bank?
3. What are the differences in crisis management practices between the aviation and banking industries in Kebbi State?
Research Hypotheses
Ho1: There is no significant difference in crisis management practices between Arik Air and Sterling Bank.
Ho2: Crisis management practices do not significantly affect business continuity and customer trust in Arik Air and Sterling Bank.
Ho3: The effectiveness of crisis management strategies does not differ significantly between the aviation and banking sectors in Kebbi State.
Scope and Limitations of the Study
This study focuses on comparing the crisis management strategies of Arik Air and Sterling Bank in Kebbi State, with an emphasis on crisis prevention, response, and recovery. The limitations include potential challenges in accessing detailed crisis management data and the study's focus on two organizations in one state, which may limit generalizability.
Definitions of Terms
• Crisis Management: The process of identifying, preparing for, and responding to disruptive events that threaten the stability or reputation of an organization.
• Business Continuity: The ability of an organization to continue operations during and after a crisis.
• Customer Trust: The confidence customers have in a company’s ability to deliver reliable, secure, and quality services, especially during times of crisis.
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