Houston, we have a problem!

       In any industry, crisis communication is a vital aspect of the company profile. When a publicly traded company runs into issues on a level where it impacts those with interests in their company, it is essential for that company to have a plan in effect in order to communicate properly and concisely with those people about the issue, as well as with government bodies. When it comes to a company maintaining its reputation with the general public, clients, and consumers, crisis communication plans are thrown into effect to act as damage control to make sure any problems remain under control and are handled appropriately and in a timely fashion. In this day and age, a company's reputable status with its investors, the general public, clients, and its consumers is sometimes all a company depends on to keep itself afloat. When it comes to Concentric, not all of these principles apply. Here's why...

Betaseron is one of Concentric's biggest clients

       When speaking about these principles of business, the majority of them apply to mainly the larger corporations and companies. In Concentric's case, the company is not necessarily on the same level as these large corporations. The business model of Concentric speaks for itself in this case. Let me refer back to the general foundation for the company: the CustomerCentric Strategy Model. As discussed in an earlier blog, this philosophy for the company revolves around getting on a personal level with their clients, the consumers, and the buyers of products and examining the relationship between all three in order to not put one over the others, but to have all their interests as a priority. How does this relate? Concentric's reputation relies basically on three things: following their own principles, developing relationships with their clients and consumers, and the successful execution of their work. I know what you're thinking, and yes, these are things that all companies must rely upon. However, in Concentric's case, the smaller size of the company works to its advantage here.
        Communication with investors? Well, no need for that. Concentric is not a publicly traded company. Problem solved...no investors! With no investors, plans devised to communicate with investors are not needed. This aspect of crisis communication, therefore, ultimately is not applicable to Concentric's business strategy. Communication with government agencies? Well, in Concentric's case there is still a need for that. While the government does, however, have regulations by which pharmaceutical companies must abide, the pharma advertising companies such as Concentric aren't necessarily susceptible to these regulations. Instead, the regulations involve pharmaceuticals and the ability of pharmaceutical companies to advertise them in an attempt to reduce drug prices. Concentric is responsible to abide by regulations like this, but in the even that they don't follow these rules set forth, then it is the pharmaceutical company's duty to change the advertisements so that they fall within the constraints of the government policy. There is limited to no communication necessarily involved on Concentric's part directly with the government or government agencies regarding their advertising schemes with medicine companies.
        CSR stands for corporate social responsibility. Basically, CSR is a company's duty to regulate itself and monitor its business dealings so that they stay in compliance with the company's moral standard and ethical reserve, as these affect the consumers, clients, buyers, and general public affiliated with the company. In Concentric's case, CSR is a huge part of the company's overall business model. Again, they pride themselves on the importance of being honest to their clients, being honest to their consumers, and being honest to their buyers. In every aspect of business, Concentric has modeled itself as the standard for ethical practices amongst pharma advertisers. As stated in previous blog posts, Ken Begasse, Jr. plays a large role in the ways of Concentric. He is in the offices dealing with his employees and clients first-hand. He's one of the guys holding business meetings and making sure his company is doing everything in his power to ensure that his company is upholding its promise to the people it serves. Want to know how Concentric institutes its CSR? They do their best work, serving the people that rely on them, and living up to its business model of making the experience for the consumer, the buyer, and the client as personal and thorough as possible.
        I personally think that Concentric's success as a small pharma advertising company speaks for itself. Typically when companies don't do things "by the book" or with their moral compass in mind, they are not successful. Case in point: ImClone, Tyco International, WorldCom, and Enron to name a few. For almost a decade now, Concentric has been building itself to where it is today, award winner for Agency of the Year and one of the most trusted names in pharmaceutical advertising. To me, what Begasse, Sr. and Jr., and Concentric have done over the years is what instills their reputation amongst people that use their services. The reliability of their services and the personality of their employees are what makes them a reputable company for clients and consumers to trust in and successfully demonstrates their dedication to upholding their CSR.