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Country Risk and Strategic Planning, Research Paper Example

Pages: 2

Words: 647

Research Paper

Evaluation and Control

Identifying the types of risks that may be encountered within Australian environment also requires an evaluation of current organizational and market conditions, as well as the types of suppliers and vendors that might be available for implementation. As these processes evolve, certain risks might be encountered that must be identified before any further progress will take place that will promote effective progress. It is important to address any concerns related to risk that may be reduced through the communication process (Haag, & Cummings, 2010).Ongoing market communication plan tests will show the effectiveness of the marketing campaign in Australia. The market testing should occur in phases along with the advertising campaign.

Conducting ongoing MC test will enable Let’s Go Surfing Now to find more effective ways to use the marketing campaign. Benchmarking is an important step in ensuring market campaign effectiveness. Benchmarking occurs in two main phases:  (1) The identification of problem areas through market research to discover the process or function that is lacking in capability, and (2) identification of organizations that are succeeding in the market area by examining competitor’s strategies in the targetedindustry (Moorey-Denham, 2005, p. 7). It is recommended that the research encompass the multiple media channels and target markets in relationship to the campaign objectives by examining what percentage of the media budget is spent on the media vehicle and the resulting analysis of the data to reveal what avenue produces the greatest brand awareness (Kotler, 2000). Measuring this against the sales as the marketing campaign grows will allow Let’s Go Surfing Now to determine the effectiveness in Australian market. This should be an ongoing timeline to research at the end of every fiscal quarter for release during the next quarter. This will allow Let’s Go Surfing Now to monitor and evaluate the efforts and costs of those efforts against the return on investment.

Devise Contingency Plan

Once the possibility of a risk has been established, the first step in devising a contingency plan is to identify the key people who will take charge of the risk management project. These people will constitute a sleeping organization, ready to awake at a moment’s notice in case of need (Kotler, 2000). The Let’s Go Surfing Now might include senior representatives of Australian government, the emergency services, and so on. Each person should have authority to instruct that could be made available should the risk happen. A team leader or steering committee must be appointed that will manage the project should it become live. This group of key people might be called the risk action committee.

Once the key people have been selected to serve on the action committee, they must meet to design appropriate contingency plans, and then meet again at regular intervals to ensure that the plans are kept up to date. The committee might have to arrange for emergency funds, stores and special equipment to be stockpiled or at least located against the time when they might suddenly be needed. List of secondary organizations and other helpers in Australia must be established, which although not part of the action committee could be called upon to give urgent and immediate assistance. There might also be a need to plan for immediate advertising in the appropriate media to make public appeals for funds.

Conclusion

Strategic managementis a critical need of the Let’s Go Surfing Now.  If this company possesses any real chance of success over the long term, it must consider its value and the potential progress associated with developing an effective strategy to secure contracts and to promote successful vendor management in Australia. As these objectives are defined, other strategic management issues gain honor and also improve organizational outcomes in several ways.

References

Haag, S., & Cummings, M. (2010). Management Information Systems For the Information Age. McGraw Hill.

Kotler, Philip. (2000). Marketing Management. New Jersey: Prentice Hall Inc.

Moorey-Denham, Suzanne. (2006). Take a holistic approach to channel evaluation. New Media Age; 1/20/2005, p7-7, 2/5p

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