Essay on Strategic Risk Management for Llyods Pharmacy

Real household disposable income has reflected a downward trend from 2009 to 2013 and household saving did not decrease during 2012, which reduced the level of cash flow meaning store sales will be affected by a decreased level of income remaining for shopping after spending on daily necessities. In addition to this, switching costs remain low for customer changing their preferences because of the diversity of options like Myer, K-Mart or the brand retailer like ZARA and Gucci.

Men and women need and buy different products, so their will have different buying behaviour. They have different attitude about shopping and generally shop differently. Besides, consumers change the purchase of good and services when the age of people changes. With the passage of time, people only have the potential buying behaviour such as the stages of young singles to married couples, from the stage of infants to adults and lastly to old

Risk management is a critical component to the success of any supply chain, yet this is still an area that sees little forward movement. In many organizations, risk management is viewed more as a reactive department, only becoming operational when a significant disruption arises in contrast to being an active and continual department with focused effort. As a supply chain moves to take on a global stance, risk management cannot be treated as a reactive measure. Global supply chains are exposed to greater risk than local/domestic supply chains as their linkage is more

Affordability should be applied to the hospital setting. There have been many patients that are in the hospital on an extended stay and they are not able to afford such things like a television in their room or, maybe the patient does not have family and they are on a fixed income. The hospital should have a policy in place that allows the hospital to go into a fund that is set up for patients that are in need. Hospitals should apply policies within their organizations that benefit the community and staff. A policy should be in place to ensure

* Changing attitudes towards shopping – parts of the population change their patterns of consumption by trading down (buying cheaper goods) or by buying less.

The difficulty with tracking and controlling drugs comes from the current laws. States have power over pharmacies, however, the FDA has power over the manufacturers of drugs. The new law, the Drug Quality and Security Act, also known as the track and trace system requires that all manufactures add serial numbers and electronic codes to their packages, so that they can be tracked as they move from the manufacturer to the pharmacist, and any steps in between. Now, large compounding pharmacies must register with the FDA, while smaller pharmacies can continue to operate under state laws and requirements. A major flaw found in the law was that the law does not require any company to register with the FDA, which forces the individual doctors and hospitals to make decisions of whether or not to purchase from FDA-registered companies or not (cite source).

research. (Grounder, 2013) Today pharmaceutical companies are held to a very high safety standard when it comes to marketing

Investment Banking is now at a crucial junction, where Investment and Commercial Banking are splitting up due to the ring fence which is being built around these two banking areas. As well, the new upcoming regulation, Basel III, will have a huge impact in the investment banks, with higher liquidity and capital requirements, in order to increase solvency and stability in financial industries.

This protects the consumer rights, market stability, and safeguards the basic principles of fair trade. Nevertheless, opposition to market regulation has been fierce. Pharmaceutical companies do spend a fortune to prevent strict rules on the industry. This is done through the powerful lobbyist in Washington in order to influence the votes at the congress (Fincham, 2010). Many lawmakers with good initial intentions are swayed through fear of losing elections or the temptation of fortune through campaign contributions. This limits the power of ordinary Americans to regulate this

Each flowchart step is placed in the “Lane” for the group responsible for completing the task (Marketing, Sales, HR, etc.).

Nestle Risk Management Centre was created in 2001 to coordinate activities related to risk management in Quality, Security, Treasury, Compliance, Operations, and IT etc. Overall objective of risk management process at Nestle is appropriate management of risks, which could have a material impact on Nestle business. Nestle risk management process covers Enterprise Risk Management, which is designed to identify, communicate, and mitigate risks in order to minimise their potential impact on the Group. Nestlé has adopted a dual approach in identifying and assessing risks. A top-down assessment is performed at Group level once a year to create a good understanding of the company’s mega-risks, to allocate ownership to drive specific actions around

Internet surfing might be at risk in this product as web commenced is in used.

There is also a slight issue between consumer and manufacturer as both are in dis-agreement of keeping up with cool chain requirements. This is an operational issue as from an employer and employee perspective their always needs to be a good relationship between manufacture and consumer as the pharmaceutical products needs to have high level in security measures and the manufacturer intrusts the consumer with his products. This is related to another issue found with theft in organisation MISHAIR.

develop a methodology for quantifying risks, or should each situation be addressed individually? Can we have both a quantitative and qualitative risk evaluation system in place at the same time?

Risk management is the term applied to a logical and systematic method of establishing the context, identifying, analyzing, evaluating, treating, monitoring and communicating risks associated with any activity, function or process in a way that will enable organizations to minimize losses and maximize opportunities. (Lecture notes)Risk Management is also described as 'all the things you need to do to make the future sufficiently certain'. (The NZ Society for Risk Management, 2001)