Risk Analysis Look Magazine Research Paper Example | Topics and Well Written Essays - 750 words

Risk Analysis Look Magazine - Research Paper Example A risk can be termed as the possibility of losing something of value or an uncertainty that hinder normal operation. This project aims at focusing on the various risks facing the Look Magazine and how they can be mitigated. The Look Magazine has the challenge of sourcing funds through sponsorship. Organizing a fashion show is an expensive undertaking that requires enormous resources and funds. The Look Magazine is not certain about getting sponsors to fund the entire undertaking. Lack of sponsors might result in finance problems, and this might paralyze the effective execution of the undertaking. The Magazine face stiff competition from other established brands such as Grazia, Glamour and Cosmopolitan. For this reason, vigorous advertisement and various promotional strategies have to be done to ensure that the Look Magazine does not exit the market (Mather, 2013). Therefore, lack of sponsors may hinder the Magazine from holding a glamorous fashion show. Launching the new app for the magazine is not a cheap venture. The magazine requires enormous funds for it to develop a unique App that is different from those of its competitors. In this regard, the magazine faces the risk of sourcing funds to launch the App. In addition, the Look Magazine faces the risk of technical problems since the existing staff is not well acquainted to the new App. Generally, launching the new App is not a smooth process and therefore several risks are anticipated to take place. Competitor magazines such as the Grazia, Glamour and Cosmopolitan have established various marketing strategies that are tailored to win more customer. The three main competitors (Grazia, Glamour and Cosmopolitan) may choose to organize fashion shows as well. If the competing magazines organize a similar event, the Look Magazine is at risk of losing some of its existing customers if effective measures are not taken on time. Competitors pose a challenge to any business and therefore firms should