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Can you help me to find the risk of the recommended strategies for Richmond football club, also the mitigation ( how to minimise those risks)? The recommended strategies are 1. Diversifying...

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Can you help me to find the risk of the recommended strategies for Richmond football club, also the mitigation ( how to minimise those risks)?
The recommended strategies are
1. Diversifying sponsorships2. Social media campaign3. Creating value and incentives
Answered Same Day Oct 09, 2020

Solution

Sourav Kumar answered on Oct 10 2020
147 Votes
Risk of the recommended strategies and its mitigation
6.1.1. Diversifying sponsorship
Risk
The strategy of diversifying the sponsorship is a great lead if being managed well. There are many gaps that professional face challenges to address and often ignore the balance of maintaining every sponsorship with credibility. The most common risk that is expected to arise in Richmond Football Club is ending up having too much sponsorship. An overflow of diversified sponsorship is as unwanted as an undiversified or zero sponsorship (Ilmanen & Rauseo, 2018). Secondly sponsoring
ands that does not match with the ideology of Richmond Football Club may result in gaining negative effects over its popularity. The management needs to be highly critical while opting for diversified sponsorship. On the other hand, if they keep focusing on similar kind of
and characteristics and image, they are most probably going to fail in diversifying their sponsorship.
Mitigation
The authorities of the sponsorship management have to be careful and acquire enough exposure to well-performing sponsors so that while diversifying the sponsorship they are aware of the value and
and image they are presenting to their fan and audience. To cope up with the second challenge the club needs to invest for advisory services and cooperate with an adviser manager during sponsorship.

6.1.2. Social Media Campaigning
Risk
When moving over to a social media campaign to seek attention from the public and increase their fan base, Rich Football Club may produce negative influence towards their popularity. There are several...
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