Risk Management Assignment Help
The topic: The Impact of Consumers' Use of Social Media on the Restaurant Industry in the UK
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Introduction
There come many hurdles in the path to execute a project that can potentially destroy the scopes of the project. These hurdles are called the risks. There is no way an organization can fulfill its objectives without addressing those risks. However, only addressing the risks is not enough. The organization must need a full-proof risk management plan to successfully deal with the risks. NatureCare Australia manufactures and distributes healthy food supplements, skin care products and child care products. However the market of these alternative medicines is not quite expanded. People still mostly trust on traditional medicines (American Diabetes Association, 2016). The key organizational goal for Nature Care is to diversify their business, expanding the scopes of their existing products to increase the customer base, attracting new customers while retaining the existing ones and most importantly increase the market share by at least 10%. Risk management outline of NatureCare has to incorporate its objectives and its obligation to risk management. The legal responsibilities also cannot be avoided in this respect. The risk management structure should be rooted within Nature Care's organizational policies and activities. Relationship and interaction with internal and external environment of the organization, available resources and reputation of the organization should also be taken into consideration.
PESTLE Analysis
PESTLE analysis is used to identify and describe different external environmental factors and their relationships with the company. The PESTLE is abbreviation for six different and important external environmental factors that are: Political, Economical, Social, Technological, Legal, and Environmental. In this segment of the report, the PESTLE analysis for the Nature Care Australia is done(Bessis, 2015).
Political
The key political factor that Nature Care Australia or any other organization in beauty industries that it has to go through strict guidelines of standard provided by the local government of where they operate. The government of Australia has put many legal constraints on the industry as their products are directly consumed by the users and has a direct skin-to-skin contact. It comes under Therapeutic Goods Act of 1989 (Bessis, 2015).
Economic
The industry on which Nature Care Australia operate is a more or less recession-resistant industry. The industry witnessed a strong growth even in the great depression of 2008.
Social
Nature Care Australia has a bunch of dedicated customers that helps to build a commitment towards the brand. This brand loyalty of Nature Care Australia is one of the key strengths of them.
Technological
After the inception of internet and various e-commerce platforms, Nature Care Australia has been able to provide a 24 hour service. This gives them a edge in the market.
Legal
As discussed in earlier in this segment of the report, Nature Care Australia is a subject of Therapeutic Goods Act of 1989.
Environmental
Nature Care Australia claims to manufacture only eco-friendly products. The growing interest in going eco-friendly in public is proved to be a good advantage for the organization.
Interaction with the Stakeholders
An agency should fully accept accountability for their risks and develop comprehensive controls and treatment strategies. Nature Care Australia's CEO and two shareholders are interested to expand the business of the organization. They have targeted to expand their market share by at least 10%. To transplant this conceptualization into reality, the key stakeholders can be identified as:
Internal Stakeholders: Accounts Manager, Marketing Manager, Operation Manger and customer service representative (Morgan and Ho, 2016).
External stakeholders: Shareholders, Suppliers and customer representative
The issues that will be potentially raised in the discussion with the stakeholders related to risk management processes are:
• Identification of the risks
• The uncertainty that these risks posses
• Possible outcomes of these uncertainties
• Discussion of the each outcomes and their effects in the organization
• Which outcome is the most suitable outcome to achieve the organizational goals?
• How the situations can be manipulated to show a bias to a particular outcome.
• What are the resources required?
• Does the organization have all of these resources?
• How to balance the missing resources.
• How will the necessary funds be collected?
These are key issues related to any risk management plans. The risk in the context of nature Care in their goal of expanding of their business can be equated to various uncertainties; the situation whose outcomes are not known as they may be either in favor of the organization or in against the organization(American Diabetes Association, 2015).
SWOT Analysis
SWOT is the abbreviation for Strength, Weakness, Opportunity and threats. In this analysis the factors mentioned here are discussed with respect to Nature Care. It will help nature care to understand their potential and limitations so that the organization can apply those understandings in their organizational operation.
Strengths
All of the products of the Nature Care are eco-friendly. They are all made of natural and organic materials. Today people in the developed world have a deep concern about the chemical products and try to go for organic products rather. Their products also do not have any side-effects. Therefore, these can be considered as major strengths of the Nature Care Australia (Jiang et al. 2016).
Weaknesses
The main weakness of Nature Care is that it operates in a market that is heavily crowded and has a high traffic. There are many big names like Unilever are also in this business. People generally trust big names in such industries. Therefore, it can be considered as a weakness of Nature Care Australia.
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Opportunities
Nature Care Australia has recently entered in the realm of online retailing. They can provide a 24x7 service to their customers through that. It can give Nature Care the scope to get beyond their traditional customer base and explore new markets and attract new ones. Therefore, it can be identified as a possible opportunity for the Nature Care.
Threats
The key threat is the competition. There are many companies in this market and some of them are really big names. People generally do not have trust in companies which are lesser known like Nature Care Australia. If Nature Care cannot create an identity of their own and build a reputation out of that, this threat can severely affect their business(Slemon, Jenkins and Bungay, 2017).
Analysis of critical success factors for the business expansion project
The key critical success factors for the Nature Care can be described as:
• Use of quality constituents for their product
• Attracting the market that is identified as a target market
• Provide variety in products in terms of their appearance
• Provide customizable product
• Monitoring the trend of the market
• Provide product that are distributed through a multichannel distributor
Conclusion
Therefore, it can be concluded that Nature Care Australia as a business organization has many strengths that can be utilized in transforming their objectives into reality. The Weaknesses should also be considered so that Nature Care finds its way to overcome them. However, if the key internal and external stakeholders in their discussion manage to address the risks properly and come up with a solution that can effectively manage risks. The opportunities should also be remembered as only with help of that Nature care Australia will succeed in their goal. The Critical Success Factors should be tracked in order to do that.
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