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For example, when a corporation has 'the' hot new toy at Christmastime, rather than assuming the toy will always be as popular, it often creates artificial scarcity before the holidays, and then afterwards it plans a new type of publicity campaign to continue to sell the toy at robust levels, but without expecting the same level of buying frenzy will continue into the next year. Planning for the future is the best way to guard against losses and bad decisions.
Mitigating risk by 'spreading' risk around is also problematic as a strategy, because it can simply result in embarking upon more risky ventures in a half-hearted way, and dilute rather than avoid risk. For example, regarding our line of chicken nuggets, what if consumer demand begins to suddenly abate because of the health concerns about processed poultry-based fried nuggets? Having alternative suppliers will not guard against this type or risk. Continually monitoring market trends is a better way to anticipate the possibility that vegetable-based or baked nuggets might rise in popularity. Secondly, having alternative sources, in case one supplier is found to be contaminated,...
All of our products might suffer losses. Better to have strict monitoring of quality, than try to use many suppliers in the hope that only a few will provide a tainted product.
We should not, of course, abandon the use of insurance. For some anticipated hazards, such as the inevitable loss of a product to spoilage if a freezer truck breaks down during the summer, insurance is well worth the cost outlay. And mitigating risk does indeed avoid putting all of one's chicks in the same basket -- no pun intended. But to judiciously choose what types of insurance, and how to hedge one's risk requires careful monitoring of the market environment. And internal risk management with an emphasis on zero defects and strict quality control is the only real assurance that a company has against a loss of face. Food companies such as ours require the public trust to succeed, and only by avoiding risk altogether with internal controls, rather than simply striving to mitigate risk with external controls, can Crafty Foods thrive in the future.
Business Studies Strengths and Weaknesses of Kraft Foods Kraft Foods is a major U.S. firm that has undergone change in recent years. To assess the firms' current position, as well as look to the potential for future strategies, a common tool is a SWOT analysis. The SWOT analysis examine the firm and its environment, examining influencing factors by looking at the strength, weaknesses, opportunities and threats faced by the firm. This paper
justification of why a system of photocopying documents' subsequent copies rather than printing them must be implemented by the organization, after conducting research. Problem statement, terminology list, potential alternatives and standards for ascertaining the most effective alternative will be covered. Furthermore, the research technique adopted, assessment of potential alternatives, and, lastly, a conclusion will also be provided. There is no established process of document reproduction within the organization. This has
, 2009). End user awareness and understanding have (not surprisingly) been identified as essential in the overall efficacy of network and information system security success, and organizational culture appears to have a significant mediating or even controlling influence on the efficacy of security programs through their transformation of individual mindsets and group behaviors and attentions, and therefore the interpersonal and psychological aspects of end user security are necessary areas of
Business Plan Description of the Business The business is a gourmet candy shop. The shop will sell gourmet candy that has been sourced from all over the world. The shop will operate with one storefront location, and there will be an Internet/mail order component as well. The rationale for the business is simply. There is a growing trend towards hedonistic approaches to dining. We have seen in the past few years the rise
Hellenistic Philosophy The Skeptics view anxiety as arising from the inability to ascertain right or wrong through the use of reason. Anxiety also arises through an immoderation in affect in the apprehension of the reality of evident things. Freedom from anxiety can be achieved by ceasing to ascertain reality of non-evident things through reason and to withhold judgment in such situations. According to the Epicureans, anxiety arises from an apprehension of
Sarbanes-Oxley Act of 2002 in reducing fraudulent financial reporting Introduction to Fraudulent Financial Reporting Available research on financial statement fraud relies mostly on anecdotal evidence (for example, Wells, 2001, 2002, 2004a, and 2004b; Rezaee, 2003). This evidence offers advice on how mechanisms related to the fraud triangle can be curtailed. It leads to theoretical sense to reduce factors which lead to more instances of fraud. However, deterrence and established deterrence methods