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What are the different types of product risks and how are they each addressed?
in Product Management by Silver Status (10.2k points) | 15 views

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1. Quality Risk: This refers to the possibility that the product may fail to meet the quality standards. To address this, businesses must ensure they have stringent quality control measures in place. They should also have a robust system to get feedback from customers and make necessary improvements.

2. Market Risk: This is the risk that the product may not be accepted by the market or meet sales targets. To mitigate this risk, businesses need to carry out thorough market research and feasibility studies before launching the product. They should also have a strong marketing strategy in place.

3. Operational Risk: This risk involves failures in day-to-day operations, such as production, delivery, and servicing. To address this risk, businesses need to have efficient operations management, including contingency plans for any potential failures.

4. Financial Risk: This involves the risk of not achieving the financial objectives associated with the product, such as revenue and profit margins. To mitigate this risk, businesses need to have a sound financial plan and regularly monitor and control costs.

5. Legal and Compliance Risk: This is the risk of the product not complying with laws and regulations, which can lead to penalties or bans. To address this risk, businesses need to ensure they are aware of and comply with all relevant laws and regulations.

6. Technological Risk: This involves the risk of the product becoming obsolete due to technological advancements. To mitigate this risk, businesses need to keep abreast of technological changes and innovate their products accordingly.

7. Environmental Risk: This involves the risk of the product causing harm to the environment. To address this risk, businesses need to ensure their products are environmentally friendly and comply with environmental regulations.

8. Reputational Risk: This is the risk of the product damaging the company's reputation. To mitigate this risk, businesses should prioritize customer satisfaction, product quality, and ethical practices. 

9. Supply Chain Risk: This is the risk of disruption in the supply chain, which can affect the production and delivery of the product. To address this risk, businesses need to have a robust supply chain management system and contingency plans in place. 

10. Strategic Risk: This is the risk of making wrong strategic decisions regarding the product. To mitigate this risk, businesses need to have a strategic planning

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