BSBMGT616.docx - Assessment Task 1 1 Give three examples of risks that should be taken into account in developing and implementing strategic plans

BSBMGT616.docx - Assessment Task 1 1 Give three examples of...

This preview shows page 1 - 3 out of 15 pages.

Assessment Task 1 1. Give three examples of risks that should be taken into account in developing and implementing strategic plans. Economic Uncertainty The arrival of an economic slump may necessitate altering application schedule. Demand for company’s goods and services may turn out to be lower than what presumed it would be. Faced with failing economic conditions, you could make the conclusion to scale back your marketing plan in order to diminish expenses. Competitive Factors The competitive background a small commercial faces is constantly shifting. New opponents enter the market. Existing competitors unveiling new products and services and take aggressive steps such as cutting prices. You have to adjust your strategies and implementation steps to counter actions taken by your competitors. Delays in Project Completion Implementation of a strategy may require the completion of a series of steps by different departments within your organization. If one department can’t complete its assigned projects on schedule, implementation of the strategy will be delayed. For example, you may plan to launch a new product in the upcoming year, but if delays in product design or prototype testing occur, your strategic implementation will also be delayed. 2. Give two examples of risk management strategies that can be used when developing and implementing strategic plans. Avoidance of Risk The easiest way for a business to accomplish its recognized risk is to sidestep it altogether. In its most common form, avoidance takes place when a business refuses to engage in activities known or perceived to carry risk of any kind.
Image of page 1
Risk Mitigation Businesses can also choose to achieve risk through mitigation or reduction. Mitigating business risk is meant to lessen any negative moment or impact of specific, known risks, and is most often used when business risks are obligatory. 3. Give an example of a risk management strategy that can be used to manage intellectual property risks inherent in strategic planning. Confirm that all employment contracts include a section that states that the individual will not bring any intellectual property established for a third party or earlier employer into your company. Point this out and confirm they understand what this means. It is never a bad idea to have them exactly initial this clause in the engagement agreement to accentuate its importance. Ensure all your employees sign a confidentiality agreement that states they will not disclose any intellectual assets or trade secrets if they leave the company. It should also state that anything they create during their employment with your company belongs exclusively to your company. 4. Outline the benefit of conducting a SWOT analysis as part of a strategic planning process and how a SWOT analysis is conducted.
Image of page 2
Image of page 3

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture