Risk Assessment and Mitigation Plans
Evaluating Risks in Entering a New Market
This prompt assists teams in identifying and assessing potential risks associated with entering a new market. By analyzing regulatory, cultural, operational, and competitive factors, it provides actionable insights for risk mitigation and informed decision-making.
Responsible:
Product Management
Accountable, Informed or Consulted:
Strategy, Product, Marketing, Operations
THE PREP
Creating effective prompts involves tailoring them with detailed, relevant information and uploading documents that provide the best context. Prompts act as a framework to guide the response, but specificity and customization ensure the most accurate and helpful results. Use these prep tips to get the most out of this prompt:
Gather market-specific reports and data on the target region.
Consult legal and regulatory teams for compliance requirements.
Review case studies or historical data on market entries in similar industries.
THE PROMPT
Evaluate the risks associated with entering [specific market or region] with [product/service name]. Address the following:
Regulatory risks, such as compliance with local laws or industry standards.
Cultural or market fit risks, including potential mismatches with user needs or preferences.
Operational risks, such as supply chain challenges, resource allocation, or scalability issues.
Competitive risks, including market saturation or dominant players.
For each risk, assess its likelihood and potential impact, and propose specific mitigation strategies or contingency plans. Use insights from:
Market research reports and government data on [specific region].
Case studies of similar market entries by competitors or other industries.
Surveys or feedback from potential users in the target market.
Consultations with legal, regulatory, and operational experts.
If additional context about the market, product, or competitive landscape is needed, ask clarifying questions to refine the assessment.
Bonus Add-On Prompts
Propose strategies to address cultural or market fit risks identified for [specific region].
Highlight regulatory hurdles and recommend steps to ensure compliance in [target market].
Identify operational risks unique to international markets and suggest mitigation measures.
Use AI responsibly by verifying its outputs, as it may occasionally generate inaccurate or incomplete information. Treat AI as a tool to support your decision-making, ensuring human oversight and professional judgment for critical or sensitive use cases.
SUGGESTIONS TO IMPROVE
Focus on a specific category of risk, such as regulatory or operational risks.
Tailor recommendations for different market entry strategies, such as partnerships or acquisitions.
Include geographic-specific challenges, such as infrastructure or logistics limitations.
Highlight risks tied to currency fluctuations or economic instability.
Provide a risk heatmap to prioritize the most critical risks for mitigation.
WHEN TO USE
During planning phases for entering a new market or region.
To align cross-functional teams on potential risks and mitigation strategies.
When evaluating feasibility and readiness for market expansion.
WHEN NOT TO USE
If no specific market entry is being considered.
When focusing solely on internal product risks without market context.