Application of risk management technology in the formation and implementation of retail enterprises marketing strategy

Abstract

Uncertainty, new modern challenges, the nascence of new risks and the strengthening of existing ones require the use of adequate risk management technologies in all management processes, including the development of marketing strategies. This issue is especially relevant for retail companies that have faced a drop-in sales volume due to the emergence of new risk-generating factors. The purpose of the paper is to determine the features of the application of risk management technology when choosing a marketing strategy of retail enterprises, to identify the main types of risks and to establish their priority at each stage of its development. To achieve the goal the methods of logical generalization, analysis and synthesis, survey, comparative analysis was used. It was determined that the main risks that should be taken into account when developing the marketing strategy of retail enterprises include sales, resource, information, organizational, price, logistic, distribution, commodity, marketing communications, HR risks. A survey of retail enterprises marketing staff in the Kharkiv region was conducted to establish the relevance of risks types to specific stages of marketing strategy development. The respondents were asked to determine the importance of the risks that have the greatest impact on the implementation of the marketing strategy. It was outlined that when developing a product strategy, product, price and sales risks are the most significant; for price strategy – price, resource and logistics risks; for sales strategies – communication, information and sales risks; for promotion strategies – information risks. When developing a marketing strategy for retail enterprises, it is proposed to allocate risk management to a separate management function. Management methods should be based on the exchange of risk information and monitoring results. Risk management technology is developed for each enterprise taking into account its specifics. Keywords: marketing strategy, risk management, types of risks, marketing risks, retail, management.