MKT 593 Contingency plan-week 5
Business plans can never foresee all eventualities, good planning provides for contingencies to address unexpected events. In marketing plans, projections for sales, revenue and market reaction to initiatives depend on factors outside the control of the company making the plans. As a result, plans have to include provisions for action when the projected results don’t materialize. Planning for contingencies includes an evaluation of possible variations in basic assumptions and the effects on the marketing plan. Contingency planning has to address problems resulting from such deviations. To manage risk, a company tries to identify sources of uncertainty. It lists risks and analyzes the likelihood that an event will take place. For marketing plans, internal risks include the loss of key employees, physical damage to production facilities and technical or quality failures. External risks come from the competitive environment, regulatory actions or legal challenges. Marketing risk assessment looks for events that could influence company-marketing performance and assigns a probability of the event occurring. For contingency planning, a company has to combine risk assessment with an impact analysis. A particular risk may be high, but its impact on the company’s marketing may be small and manageable. In that case, the company can accept the risk and take no special action. A typical impact analysis assigns a value between 1 an………………..
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