Business Risk Marketing Co-op.

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Presentation transcript:

Business Risk Marketing Co-op

You will be able to…. Identify the 3 types of business risk Explain how risk affects business decisions Identify ways that businesses can protect themselves from risk

Business Risk Risk if the uncertainty of an outcome Three types of risk for businesses: Economic Natural Human

Economic Risks The risk that an endeavor will be economically unsustainable Can include: Changes in demographics Business cycle Competition Government regulations

Natural Risks Probability of harm to human health, property or the environment posed by any aspect of the physical world other than human activity Can include: Perishability Weather Fires

Human Risks Risks related to the actions of those inside and outside the company Can include: Employee theft or incompetence Accidents Shoplifting Fraud Computer-related crime

Impact on Profits Economic: Loss of potential consumers Product/Service popularity may end quicker than expected Competition may increase and you could lose customers Increased regulations could prevent certain business practices or production Natural: Loss of goods = loss of profits Damage of goods/resources Human: Loss of goods/resources Injuries Lawsuits Loss of information

How Can Businesses Protect Themselves? Risk Management The identification, assessment, and prioritization of risks followed by minimizing and controlling the probability of unfortunate events

How Can Businesses Protect Themselves? Against Economic Risks: Conducting constant research to stay ahead of the curve Staying up to date with regulations Against Natural Risks: Can be more difficult that others Implementing safety measures (sprinklers, fire extinguishers) Against Human Risks: Conducting background searches on employees Implementing security measures (cameras, internet security) Providing safety training for employees

Review What are the types of business risks? What are examples of each? How can companies prevent each type of risk?

Business Risk Assignment Complete Business Risk worksheet Complete Business Risk Case Study assignment 3. Present case study findings next class.

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