Part C - Case studyRead the case study, then answer the questions that follow.In early 2013, Lily Hi, a clothing retail company from NSW, launched into the Queensland and Victorian markets simultaneously. Before the launch, the company conducted a minimal risk management process: it determined a very limited scope that included only the financial aspects of competition. Only management was involved. Their stated goal was to 'be successful'.The company struggled against competition and local government issues in Victoria, which led to the store closing and Lily Hi withdrawing from the market in that state.The case highlights a lack of understanding of the risk context faced in Victoria, but may have also been a case of over-exuberance on behalf of the management - where perhaps the risks of moving into two markets simultaneously were too great when combined.Question 1What mistakes did the management of Lily Hi make?

Question 2 List at least three strategies the management of Lily Hi could put in place to ensure this doesn't happen again. Suggested response Question 3 How would knowing about AS/NZS ISO 31000:2009 Risk Management - Principles and Guidelines have helped the management at Lily Hi? Suggested response