Why is risk management an essential component of promotional management in the sport industry?© BrainMass Inc. brainmass.com March 22, 2019, 1:18 am ad1c9bdddf
Risk management is an essential component of promotional management to avoid consumer unhappiness, financial turmoil, and potentially dire consequences. A worst-case scenario recently happened at the Daytona 500 when pieces of Kyle Larson's car tore through the fence, injuring 28 spectators (Hinton, 2013). While NASCAR is proactive in working to prevent such tragedies, it is important to have a risk management plan in place to handle the backlash of bad publicity and injured fans.
This fall, the New York City Marathon faced a crisis when Hurricane Sandy tore through the area days ...
This solution discusses why risk management is an important part of promotional management in the sport industry. Includes APA formatted references.