Risk Review for Launching 5G Technology in Virgin Mobile Handsets
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Added on 2023/06/18
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This report analyzes the risk associated with the launch of 5G technology in Virgin Mobile handsets. It includes micro and macro environmental factors, summary of strongest risk factors, and proposals to mitigate those risks.
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Table of Contents INTRODUCTION...........................................................................................................................2 MAIN BODY..................................................................................................................................2 Microeconomic factors - industry level evaluation.....................................................................2 Macroeconomic factors...............................................................................................................3 Summary of strongest risk factors and proposals to mitigate those risks....................................5 CONCLUSION................................................................................................................................6 REFERENCES................................................................................................................................7 Books and Journal........................................................................................................................7
INTRODUCTION Risk analysis or review refers to the identification of risk in any business operation before implementation of the project(Ding, Ji and Khan, 2020). It is essential for any business to analyze the risk associate with any new innovation and business they are going to launch in the market. Virgin mobiles is a brand of wireless communications services and famous for providing their services in the United Kingdom, Ireland, Canada, Russia, India, Saudi, UAE and Mexico. This is the mobile brand company wants to bring new innovation in their handsets to provide effective services to their customers. In this time period of good and fast connectivity Virgin Mobile wants to launch new 5G services in their handsets to provide effective services of internet connectivity to their customers. This launch will be associated with the great risk which can affect the businessof virgin mobiles.This reportcontainsmicro aswell as macro environmental factors in order to have in depth analysis of risk associated with these factors of business.Further,thisreportalsocontainssummaryoftheoverallriskandvarious recommendations in order to mitigate all the risk associated with the proposal. MAIN BODY Microeconomic factors - industry level evaluation Microeconomics studies deals with individuals as well as business decisions and focuses on demand and supply of products in the market. In an industry, it is essential for every business organization to identify these microeconomic factors so that the internal risk of the business can be analyzed by the business in effective manner. In order to analyze the microeconomic factors of Virgin mobiles it is essential to evaluate the microeconomic factors of the industry which are related to introduction of new innovation in their mobile handset that is 5G technology support in the handsets. The microeconomic factors of the industry in which virgin mobile operates is given below: Customers: First most important factor which affect the industry and it is the customer due to which company decide to bring innovation. Increased use of internet every customer in the market requires fast speed data from their operators. In order to provide 5G services to be used by the customers Virgin mobile requires to update their handset so that their handset supports 5G networks(Ding, Khan and Ji, 2020). Introduction of 5G support Virgin mobile can create a risk
for the company the software installed in the handset. Introduction of 5G network to the mobile network operators and if mobile network operators does not introduce 5G network then it will be a great risk for the company. Employees: Introduce this innovation in the company Virgin mobile is required to motivate their employees so that they can work with full dedication and provide effective products to their customers. The industry will require expert employees for the organization in order to introduce reservation in their mobiles. It is risky for the organization if they don't get such expert employees and their organization. Competitors: Competitors are another microeconomic factor which affects business of any organization. Virgin mobile has several competitors in the market which affects their business in several manner. If the company does not decide to launch 5G technology in their handsets and this innovation is adopted by another company then the company will not able to get competitive advantage. The company has decided to bring this innovation in their handsets of 5G technology to gain the competitive advantage in the market and if competitors get this technology first then the company will not be able to establish their image in their customers. As seen in the industry the customers are demanding more speed data which has increased the risk of competitors to adopt this 5G technology(Issa, Mosaad, and Hassan, 2020). Shareholders: Shareholders are the part of an organization who are getting benefits from the operations of an organization. It is essential for the Virgin mobile to keep their shareholders satisfied with their new launch as the investment requires in the launch is coming from the shareholders only. The company is required to analyze that whether the shareholders are ready to invest in the organization or not because if the company will not get required amount of investment then they will not be able to introduce this technologyin their products. If shareholders disapprove the innovation in the product then it can create a great loss to the organization.It is essentialfor every organizationin this industry to take careof their shareholders for that the company can give benefits from their customers by providing time innovative ideas. Macroeconomic factors Macroeconomic factors are those factors which are connected with the industry or country as a whole. These factors are not in the control of business and the business is required to take
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decisions in accordance with these macro environment factors. In order to identify micro environmental factors with which a risk as an associated for Virgin mobile to launch 5G technology is in their handsets are given below: Political risk The company's operating their business in the markets of United Kingdom which provides them a good political stability of the market(Kuipers, Kok, and Vermeulen, 2020). All the there are several risk related to the political factors such as approval of Government and many more but the organization already as a plan to cope up with the risk of political factors in the environment. The recent Brexit agreement in the market of UK also causes political instability which is a greater risk for the company to launch a new product as they will get their raw materials at higher prices due to the violation of trade agreement between Europe and United Kingdom and the company will require to launch their products in low prices. It is because of the untrusted companies and based in 5G technology is which can be risky for the political environment of the country the government is not providing the permission of the 5G networks to untrusted companies and it is required for Virgin mobile to with get a certificate of the trusted companies in order to adapt 5G technology in the handsets. Security – consider physical security, digital security and sustainable security Another major threat for the company version mobile is there security in their organization due to the increasing theft and cyber-crime cases reported every day. The company should also make several security system to consider their digital physical and sustainable security so that they can provide effective services to their customers. The company is involved in an expensive business which requires a lot of investment and it is compulsory for the company to make several strategies regarding the security of their products and the plan they have created to launch innovative 5G technology in their products. The company has also registered for patent of their invention so that their formula of implementing 5G technology in the handset cannot be stolen by their competitors. Environmental factors As there is a high concern among the society regarding the environmental impact of any new product launch in the market the company should take it as their priority. Hence, in order to
launch new technology in the market Virgin mobile should consider that the technology has a very less or nearly no impact on the environment in order to be successful in the market. As 5g technology has not much impacted on the environment then there is less risk for the company regarding the environmental factors(Mazumder, Salman, and Li, 2021). The company should ensure that I am not using any material that can be harmful to the environment and should be renewable and also reduces the carbon emission in the environment. Not only this in order to a greatimpactonthecustomersthecompanyshouldalsoinvolvethemselvesinseveral environmental efforts so that they can attract more and more customers towards their product. Social factors Social factors refers to the societal trends followed by an organization for adapting the culture of their employees and their customers in their organization. It is essential for the organization to adapt the culture of society and consider the trends of society to understand the needs and demands of their customers. It is the effect of social factors that the companies able to understand the demand of their customers that they want high speed internet and finds out to launch 5G technology in their handsets. There is a risk associated with this launch in the social factors that either the societies ready to adopt this technology or not. In order to cope up with this risk the company has conduct a proper research regarding the needs and wants of their customers and finds out that the consumers wants 5G technology in their handsets so that they can adopt 5G networks as they launch in the market. Summary of strongest risk factors and proposals to mitigate those risks In the above discussion helps to analyze that the strongest risk factor are associated with the adaptation of 5G technology in cell phones. Some of the major risk associated with the introduction of 5G technology in virgin mobiles handsets with the ways to mitigate that risks are given below: Themajorriskofusing5Gtechnologybyanyuntrustedcompanyinthe telecommunication industry can result in risk of intussusception manipulation disruption and destruction in the country. It is essential for any organization to consider that the 5G components are used by trusted companies in their software hardware and service providers. In order to manage this government of UK can provide a license to the trusted
manufacture companies so that 5G technology can be use by customers as soon as possible(Mesa-Gómez, , Casal, and Muñoz, 2020). Fifth generation is an advanced generation than the previous generation of this wireless networks and to create an infrastructure for 5G network can provide malicious actors a more attacking vectors. And to take care of the effectiveness of the security of 5G it is completely depend on the appropriate implementation and configuration of the network. This should also be insured by Virgin mobile before implementing 5G network then there have properly implemented and configured in the mobile handsets. in order to mitigate this risk Virgin mobile should take care of implementation and configuration in their mobile phones which is an internal risk to the organization. In order to mitigate the risk of entrusted companies manufacturing 5G components in the industry of telecommunicationthe governmentof UnitedKingdom canencourage international standard and processes by promoting them and making it open transparent and consensus(Wang, He, and Weng, 2020). CONCLUSION The above discussion helps to conclude that it is essential for every business to a certain the risk which are associated with their business in the internal as well as external factors. The micro as well as micro economic factors helps a company to analyses their industry in such a manner that they are able to analyze the factors which can create a greater risk for the business of the organization. In order to launch 5G technology in the mobiles of Virgin mobile they are required to analyze the whole industries microeconomic as well as macroeconomic factors so that we can analyze the risk and the strategies to overcome the risk for the successful launch of new innovation in the market. The summary provided for the strongest risk factor of the market helps to identify the several risk which are present in the market for version mobiles for their 5G handsets and it also helps to identify the proposals so that those risks can be mitigated by the company.
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REFERENCES Books and Journal Ding, L., Ji, J. and Khan, F., 2020. Combining uncertainty reasoning and deterministic modeling for risk analysis of fire-induced domino effects.Safety science,129, p.104802. Ding, L., Khan, F. and Ji, J., 2020. A novel approach for domino effects modeling and risk analysis based on synergistic effect and accident evidence.Reliability Engineering & System Safety,203, p.107109. Issa, U.H., Mosaad, S.A. and Hassan, M.S., 2020, October. Evaluationand selectionof constructionprojectsbasedonriskanalysis.InStructures(Vol.27,pp.361-370). Elsevier. Kuipers, F., Kok, M. and Vermeulen, C.J.M., 2020. Modelling of extreme precipitation events in risk analysis of water systems. InStochastic Hydraulics 2000(pp. 445-452). CRC Press. Mazumder, R.K., Salman, A.M. and Li, Y., 2021. Failure risk analysis of pipelines using data- driven machine learning algorithms.Structural Safety,89, p.102047. Mesa-Gómez, A., Casal, J. and Muñoz, F., 2020. Risk analysis in Natech events: State of the art.Journal of Loss Prevention in the Process Industries,64, p.104071. Wang, J., He, Z. and Weng, W., 2020. A review of the research into the relations between hazards in multi-hazard risk analysis.Natural Hazards,104(3), pp.2003-2026.