contingency

Contingency planning is an important aspect to consider when preparing a marketing plan, which helps the firms to prepare for the future in case they encounter political or environmental (geographical) risks. These risks could include tsunamis, hurricanes, and medical outbreaks in a particular region. In case a situation like this arises a firm needs to be prepared in how they deal with a shortage in supply or destruction to a factory. //Beats by Dre// must have a plan to communicate with their retailers in the event of a delay in shipment or potential delay in manufactory [1]. In a scenario like this a contingency plan is beneficial as it gives the firm an alternate plan to handle the situation at hand. Our firm recommends that //Beats// should always make sure that their retailers have enough quantity on their hands just in case they need it. Furthermore, since //Beats// also tries to provide customers with help through internet forums, they should make sure that in case their internet server is down or they are experiencing technical difficulties they should open more telephone lines to support its customers. These considerations will not only benefit //Beats// competitiveness compared to other firms but it will also help them create loyal lifelong customers.

[1] Richardson, Tim. “Political Risk and Contingency Planning”, 2009. Professor University of Toronto, Mississauga Campus. CCT 322H, 2010. Web. Mar. 20 2010. < @http://www.witiger.com/internationalbusiness/politicalrisk.htm >.