Risk in marketing and human resource and how to manage it - Essay Example

Lecturer Risks in Marketing and Human Resource Every business has to take risks, which simply mean that, it is an event that can impact negatively on the profitability of the business and cannot be easily erased. Pricing is one example. Businesses are supposed to pick a pricing technique that works hand in hand with their positions and brand but some chose to use low prices, and are prone to risks, that make them develop a reputation of poor quality, while those with high prices get a risk of flopping if the commodity does not get to measure up to the actual price needed.

(Roberson & Quinetta 16). In the section of promotion, risks occur if a company fails to select the right media to reach its audience and the idea that, a company develops a message that is not making any progress, this could mean that either the message is not clear or the one announcing has tempered with key points.  SolutionSWOT analysis is one strategy that helps eliminate most of the risks. That is if the companies together with the employees sit together and get to know what their customers are saying about the prices of their commodities, if they are fair, expensive or cheap and see the need to adjust.

Also, if the company feels it does not reach out to the public, it needs to come up with new strategies of promoting their products, could be, they look for sale person or change Medias. Risks in Human ResourceRisks in this section start as fast as planning is concerned. Human Resource entails analyzing jobs and descriptions. This means that; they have a right to select the right person for a given position. If neglect is done in this area, there is a possibility of not getting the right manpower at the right time.

In recruitment and selection, an action plan is set to ensure that the organization does not get any shortage of personnel that are qualified. If poor procedures are followed, there is a risk of incompetence in job production.The other aspect is in performance appraisals; all employees are expected t undergo an evaluation to see if the set goals were met or not. If no appraisals are done, there is a risk of de-motivation and will impact on production negatively. SolutionBeing able to identify a risk brings us to the first step of risk management.

This is achieved through a careful assessment tool, so as to be able to analyze and manage the types of risks (Kiritsis, Dimitris 28-30).Work CitedRoberson, Quinetta M. The Oxford Handbook of Diversity and Work. New York: Oxford University Press, 2013. Print. Print Kiritsis, Dimitris. ‘Engineering Asset Lifecycle Management.’ Proceedings of the 4th World Congress on Engineering Asset Management (wceam 2009), 28-30 September 2009. London: Springer, 2010.