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Assessment Task 11.Give three examples of risks that should be taken into account in developing andimplementing strategic plans.Economic UncertaintyThe 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 presumedit would be. Faced with failing economic conditions, you could make the conclusion to scale backyour marketing plan in order to diminish expenses.Competitive FactorsThe competitive background a small commercial faces is constantly shifting.New opponents enter the market. Existing competitors unveiling new products andservices and take aggressive steps such as cutting prices. You have to adjust your strategies and implementation steps to counter actions taken byyour competitors.Delays in Project CompletionImplementation of a strategy may require the completion of a series of steps by differentdepartments within your organization. If one department can’t complete its assigned projects on schedule, implementation of thestrategy will be delayed. For example, you may plan to launch a new product in the upcoming year, but if delays inproduct design or prototype testing occur, your strategic implementation will also bedelayed.2.Give two examples of risk management strategies that can be used when developing andimplementing strategic plans. Avoidance of RiskThe easiest way for a business to accomplish its recognized risk is to sidestep it altogether. In itsmost common form, avoidance takes place when a business refuses to engage in activities knownor perceived to carry risk of any kind.
Risk MitigationBusinesses can also choose to achieve risk through mitigation or reduction. Mitigating businessrisk is meant to lessen any negative moment or impact of specific, known risks, and is most oftenused when business risks are obligatory. 3. Give an example of a risk management strategy that can be used to manage intellectualproperty risks inherent in strategic planning. Confirm that all employment contracts include a section that states that the individual will notbring any intellectual property established for a third party or earlier employer into yourcompany. Point this out and confirm they understand what this means. It is never a bad idea tohave 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 anyintellectual assets or trade secrets if they leave the company. It should also state that anythingthey 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 processand how a SWOT analysis is conducted.