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Asked by Kassy Lazcano on Jun 05, 2024

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An impact/likelihood matrix helps a marketer manage risk and develop a contingency plan.

Impact/Likelihood Matrix

A tool used in risk management to evaluate risks based on the likelihood of their occurrence and the impact if they do occur.

Manage Risk

The systematic process of identifying, analyzing, and responding to potential risks to minimize their impact on an organization.

Contingency Plan

A strategy designed to take into account future events or circumstances that could affect the operation of a business, ensuring preparedness for unexpected challenges.

  • Learn the use and purpose of impact/likelihood matrices in managing marketing risks and developing contingency plans.
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GM
Georgia MorrinJun 10, 2024
Final Answer :
True
Explanation :
An impact/likelihood matrix is a tool used in risk management to assess the level of risk associated with a particular situation. It helps a marketer to identify the potential impact of a risk and the likelihood of it occurring. Based on this information, the marketer can then develop a contingency plan to mitigate the risk and minimize its impact on the business. Therefore, the statement is true.

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