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• W3039073724 abstract "• Level of advertising in pre-crisis and post-crisis period depends on the likelihood and impact of a product-recall. • For two foal firms, advertising decisions depend on the hazard rates of both firms. • Low risk high impact recall may increase firm profit. • Hazard myopic firms are more profitable when recall occurs later in the planning horizon. • Hazard myopia is disastrous for high impact recalls. The occurrence of a product recall can have a disastrous effect on the firm responsible for the recall. Any major recall by a firm can negatively affect the goodwill of the firm. Consequently, the firm incurs a substantial indirect cost due to decline in sales and loss in profit. Moreover, a competitor’s opportunistic reaction can intensify the recalling firm’s damages. Strategic use of advertising recovers lost goodwill and mitigates the damages made by a product recall. In this paper, using a goodwill based model under a differential game framework, we analyze the equilibrium strategies of two competing manufacturers when either one firm or both can issue a product recall at a random time, and investigate (i) the firms’ equilibrium advertising strategies (ii) analyze the impact of the recall on a firm’s profit (iii) introduce and investigate the effect of “hazard myopia” (a firm’s inability to foresee the crisis likelihood) on a firm’s advertising decisions and profit. Our study finds that the equilibrium advertising strategies of competing firms depend on the impact and likelihood of the recall. Notably, we find that when both the firms are focal firms without the prior knowledge of who will recall first in a planning horizon, adjusting optimal advertising at an appropriate time is essential. Surprisingly, a product-recall with a minor impact can increase the focal firm’s long-term expected profit. On the other hand, hazard myopia can be profitable if the long-term effect of the recall is small. Our findings suggest that advertising levels of firms should differ in pre-recall and post-recall regimes depending on the impact and likelihood of the recall." @default.
• W3039073724 created "2020-07-10" @default.
• W3039073724 creator A5052268712 @default.
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• W3039073724 date "2021-02-01" @default.
• W3039073724 modified "2023-09-25" @default.
• W3039073724 title "The impact of product recall on advertising decisions and firm profit while envisioning crisis or being hazard myopic" @default.
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• W3039073724 doi "https://doi.org/10.1016/j.ejor.2020.06.021" @default.
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