Development of Customer Base
Probability: High
Impact Level: High
Product Life Cycle: Early
Mitigating Strategy: Aggressive Marketing and Lobbying from Health Care Professionals
The most threatening risk to our product is the development of our customer base. The customers are the reason why we created our product in the first place. It is essential to cater to our customers and to appease them with our product. In order to go appease our customers, we will use aggressively marketing. Aggressively marketing means that we will advertise, through ads and other means, to rally support for our products. Also, we will have healthcare workers, i.e. physicians, lobby for the usage of our device by stressing how helpful our device is.
Competing Products
Probability: Moderate
Impact Level: Moderate
Product Life Cycle: Entire Cycle
Mitigating Strategy: Provide both unique products lines and adapt to customer demands
Competition is often healthy for the consumer market. As a result, competition is a known risk to our product. Like many other markets, the strongest product will always win over its competition.
Thus, we shall mitigate our competition by both providing unique and identifiable product lines and adapting our product to customer needs. It is much easier for the consumer to distinguish between our product and the competition by being more unique than others. Also, we will provide ways for our customers to provide feedback, i.e. customer service rating forms and other such methods, for our product. This feedback will allow us to adapt our product to the needs of our consumers.
Pricing
Probability: Moderate
Impact Level: Moderate
Product Life Cycle: Entire Cycle
Mitigating Strategy: Aggressive Marketing will lead to bulk sales and purchasing
The price of our software is an important risk for us. Ideally, the best way to earn profits is to provide a competitive price that will both reap profits and keep the cost low for the customer. As a result, we take the price of our software seriously.
To mitigate price issues, we shall implement an aggressive marketing approach that will work similar to mitigating an issue concerning the development of our customer base. We will commit resources to advertisement of our product and promotion of its benefits to our customers. Once the competition comes to the market, we will adjust the price of our product to be competitive to our competitors. That way we shall reap profits, while keeping our cost per unit low for our customers.
Loss of Vendors and Suppliers
Probability: Low
Impact Level: Low
Product Life Cycle: Entire Cycle
Mitigating Strategy: Multiple companies will manufacture and supply our product.
Manufacturing is the way in order to make our service work. We must have units to sell to the consumer. Without the creation of units to meet consumer demand, it will lead to the loss of business. In order to complete our timetable, we must subcontract manufacturing to other companies. As a result, the loss of vendors and suppliers can lead to loss of business.
To mitigate the risk of loss of vendors and suppliers, we will let our product be manufactured by numerous companies. This will prevent one company to be solely responsible to manufacture our products. Also, our product is not so unique that only one company will manufacture our product. Our product is adaptable and is able to be manufactured by other companies.
Damage
Probability: Moderate
Impact Level: Low
Product Life Cycle: Entire Cycle
Mitigating Strategy: Units will be made to withstand the elements
Damage to our product is a risk. If our memory unit gets damage easily, it will show to consumers that our product is not worthy of buying. Also, if it damage to easily, our competition will be able to capitalize by promoting their products better and less damageable than ours. As a result, we will lose revenue and profits.
Because our memory unit shall be carried on patients chosen method, i.e. jewelry, it is important to create our unit with sturdiness in mind. We will make the jewelry sturdy to withstand everyday usage and damage. Also, our button-sized memory is able to withstand almost all forms of problems that often plague memory units, i.e. polarization and heat. Thus, we will insure that any damage that does happen will either be minute or even prevented.