MM Name That Risk Approach

Front

It’s risky to take a chance on introducing an innovative new product that has never been tried before in the market, but it’s a risk worth taking if the product could become very successful.

Back

Retention

Front

What is the term for the risk management strategy where the risk falls on the insurer when a business buys an insurance policy, such as fire insurance?

Back

Sharing/Transference

Front

You may decrease the risk that your new marketing strategy will fail by testing it with focus groups before introducing it to the world, but this doesn’t mean the marketing strategy has no risk of failure.

Back

Reduction

Front

What is the decision-making strategy when choosing to stick with a reliable but more expensive supplier over a closer and cheaper one?

Back

Avoidance