Remember New Coke, or Lululemon's sheer pants?
Blunders by companies, and the executives who run them, can sometimes lead to disastrous results when a snap decision quickly jumps the rails. However, how those execs handle the problem can sometimes make the difference between recovery or career suicide, according to experts.
"You admit it, and you don't throw other people under the bus. You come right out and you say, 'I made the mistake, it all falls on me,' " said Jeff Wolf, president of Wolf Management Consultants and author of "Seven Disciplines of a Leader."
It's an approach seen at the Super Bowl last week, after Seattle Seahawks coach Pete Carroll made a disastrous decision to call a pass play instead of running it in a yard from the goal. The snap judgment, widely derided as one of the worst in Super Bowl history, cost his team the championship. Ultimately, Carroll took full responsibility for making the call.
"He really did fall on his sword, and that's what CEOs do," Wolf said in an interview with "Power Lunch."