Which of the Following Best Practices for Managing Legal Risk

question 62

Multiple Choice

Which of the following best practices for managing legal risk may also result if a producer establishes an informed and properly responsive customer relations process?

• A) early warning system regarding flawed design and production techniques
• B) directives targeted at providing a maximum selling price
• C) insurance coverage to address the majority of expected risks
• D) employees will understand the implications of contractual terms

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Definitions:

Mnemonic Device

A technique that aids in remembering information, such as a pattern of letters, ideas, or associations.

Business Environment

The combination of external and internal factors that influence a company's operating situation, including economic, legal, technological, and competitive elements.

Marketing Strategy

The overall plan a business follows to reach potential consumers and turn them into customers of their product or service, focusing on what to sell, who to sell to and how to reach them.

Scenario Analysis

A process of analyzing possible future events by considering alternative possible outcomes or scenarios.