The Three Steps in Risk Management Are

question 13

Multiple Choice

The three steps in risk management are

• A)realization, response, and reaction.
• B)recognition, evaluation, and insurance.
• C)identification, evaluation, and response.
• D)evaluation, qualification, and litigation.
• E)assessment, formulation, and implementation.

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Definitions:

Complementary Merchandising

A retail strategy that involves the sale of products or services that complement each other, aimed at increasing customer satisfaction and sales.

Sensory-based Stimuli

Elements or triggers that influence behavior or perception through the five senses: sight, sound, smell, taste, and touch.

Atmospherics

The strategic use of lighting, scent, music, and layout in a retail environment to influence consumers' buying behavior.

Lifestyle

The way in which a person or group lives, including their behaviors, attitudes, values, and consumption habits.