Fun Toys is a manufacturing company that produces toys for kids. It sells the toys in the local market and in global markets through global retailing partners. Fun Toys are wellknown toys in the world with the high cost and sales prices compared to local toys. Martin is the CEO of Fun Toys and an executive director on the board of directors that was successful in targeting European markets. In 2022, Martin proposed a five-year three-stage strategy to enter the Asian markets. The first stage depends on local or global retailers to distribute their toys. The second stage is to open a packaging facility in the Asian markets that will pack the toys shipped to these markets. The shipment will take four to seven weeks. The last stage will be to build a factory in one of the Asian markets. According to market research reports Asian toy markets are growing fast. Consequently, more regulations related to toy safety are imposed in these markets due to the expected rapid growth in the toy market. Moreover, Research firms noted that there is a preference for educational toys by parents.

a. Identify and explain various risks associated with the proposed strategy.

b. List the risk recognition and assessment approaches.

c. In your opinion, what is the best approach(s) to be conducted by the management team to formulate the proposed strategy? Explain why?