Question

You have been asked to oversee the management of risk for your team or department at work, where an expansion process is currently being considered. If you do not have an example you can draw upon, you are able to make up an example as long as you demonstrate your understanding on what is requested.

You will need to identify the key stakeholders with whom you will communicate and conduct the stakeholder analysis. You have been supplied a template to answer part of the project. For this exercise, please complete the template using 5 stakeholder groups and describe:

• their interests
• the primary and secondary communication methods that you will use with them
• the key messages appropriate to them
• the contributions that you can expect from them

Stakeholder group	Interests	Communication methods	Key messages	Expected contributions

Once you have completed the template, you will have addressed the stakeholder communication and elements about the stakeholders e.g interests, key messages etc. Now you have this information, we require you to complete the remainder of the stakeholder analysis, in essay format. Be sure to describe:

• political, economic, social, legal, technological and policy context
• current arrangements

the risks that may apply to scope

Answer 1

Risk Management Analysis of Marketing Department:

Stakeholder group	Interests communication methods	Key messages	Expected contributions
Employees	Meeting at work,memo and Notice	Personal risk including no family time, loss of control	Product marketing, selling and market research
Shareholder	Brochure, Reports and Briefing	Business risk of instability and uncertainity	Capital
Distributor	Brochure and memo	Competitive risk like unknown market,unfamiliar terrain	Product delivery and warehousing
Retailers	Brochure	Market risk including unfamiliar customer base	Sale of goods and services and Feedback
Government	Report and Public Relation officer	Department policy and regulation.	Incentive, grants and tax credits

Stakeholder analysis:

• Employees: are included as internal stakeholder to busines. They play a crucial role in achiving business objective and goal. It is important that employees should be well aware of changes in business and the level of risk associated wit expanding thier buiness such as Personal risk.
• Shareholder: are the real owners of business that have utmost interset in business, it is important to address them associated risk with expansion such as risk of unstability and instability of business.
• Distributor: they don't just sell product they have two way approach to business such as providing supply chain network and act as intermediary betwen business and retailers and helps in providing valuable information to business. It is crucial for management to address risk associated with business in the form of competitive risk like unknown market, unfamiliar terrain.
• Retailers:  a retailer, or merchant, is an entity that sells goods such as clothing, groceries, or cars directly to consumers through various distribution channels with the goal of earning a profit. It is important to communicate risk attached with expansion in the form of market risk.
• Government: it is important to address various risk of expansion to government who  have important roles to play in reducing risk, making them an integral part of the risk management process.

Environmental Analysis:

• Political environment: with political environment prevailing in the country will have great impact on expansion as political stability is crucial for business to sustain for longer duration of time. so, it is important to access political scenario in country before going for expansion.
• Economic environment: The economic environment consists of all the external factors in the immediate marketplace and the broader economy. These factors can influence a business, i.e., how it operates and how successful it might become. it is crucial to understand and analyze economic condition before goin for expansion.
• Social condition: it consists of the sum total of a society's beliefs, customs, practices and behaviors. It is, to a large extent, an artificial construct that can be contrasted with the natural environment in which we live. so it is important to access social condition and practices in society as a whole.
• Legal context:  The laws which are passed by the government for business operation is called legal environment. In every country, the government regulates business activities. These regulations of government are considered as legal environment. It is crucial to analyze such concerend rules and regulation concerned with legal framework.
• Technological context: it is the state of science and technology in the country and related aspects such as rate of technological progress, institutional arrangements for development and application of new technology. All the technoligical aspect should be considered before going for expansion.
• Policy context: are the guidelines developed by an organization to govern its actions. They define the limits within which decisions must be made. Business policy also deals with acquisition of resources with which organizational goals can be achieved. Business policy is the study of the roles and responsibilities of top level management, the significant issues affecting organizational success and the decisions affecting organization in long-run. All such policy should be analyze and understood in order to move forward with expansion.