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Marketing 3.3 & 3.4 Marketing 3.3 and 3.4
Term Definition
Risk the possibility of financial gain or loss or personal injury
Natural Risk weather conditions
Human Risk results from customer dishonesty, employee theft, and employee incompetence
Economic Risk due to changes in the business environment.
Speculative risk outcome is not known
Pure loss risk no possibility of gain from an incident
Controllable risk When a loss can be prevented or the likelihood of its occurrence reduced
Uncontrollable risk cannot be controlled
Insurable Risk when the chances of a loss are predictable and the amount of the loss can be estimated.
Uninsurable risk when there is a chance that the loss could occur, but the dollar amount of the loss cannot be estimated.
Risk Management involves preventing, reducing, or lessening the negative impact of risk.
Risk avoidance some risks are available through careful planning, attention to detail and adherence to legal safety standards.
Liable the business is legally responsible for damages and possibly medical costs and other losses suffered by the injured person.
Risk transfer some risks can be transferred to another company or even to the consumer.
Risk Retention when a business faces uninsurable risks that they have to assume the cost of the risk.
Contingency planning the preparation for an unexpected emergency.
The Event Safety Alliance (ESA) a nonprofit organization that promotes safety within the event industry.
Risk assessment a step-by-step process by which knowledgeable safety and security staff identify and prepare to manage risks.
Ethics a system for deciding between right and wrong in a reasoned and impartial manner.
Ethical dilemma when an individual has to choose between two equal moral principles.
Principles the rules and codes of conduct on which ethical behavior is based
Integrity a strong, voluntary adherence to honesty and morality.
Character development stages in which people advance from childish behavior to mature behavior and responsible behavior based on principles.

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