Provide risk management on the following case below, includes the Identify, Analyze, Treat, Monitor, and Control. and the following question at the end of the case.

Marivic Sandra is the CEO of Excelsia, a fashion forward boutique store that carries men and women sportswear. Excelsia carries fashion forward sportswear with designer labels that are unknown to the common shopper but have a virtual cult status in certain social circles.

Back in $2010,$ Marivic started a boutique store in one of the Metro Manila high end malls. She then opened three other stores in $2014,2015$ and $2016$ respectively. In her mind, she wanted to duplicate her success with the first store. Unfortunately, her loyal clients have slowly disappeared and with the current economic crisis, she feels even more threatened. She has hired you to be her consultant for strategic HR$.$

$$I don$$t understand it$.$ The original store was a success and we wanted to expand our operations so that we can take advantage of a larger economic scale by offering more products.$$ she explains. $$We started our business with a very simple concept. Offer the best and hard to get designer sports wear for the very elite. We carry just a few items per design because it$$s really hard to purchase more of the same thing. Although some clients would complain why we don$$t have any in their size or that a particular outfit has been sold, all our customers are very loyal because we carry designer sports wear that they can$$t find anywhere else. You would think that our designer brands are not well known, but in fact, our ultra rich clients will not be caught dead wearing anything other than what we have.$$

$$When you walk into the store you can immediately see the difference. Very few people shop in our store because very few people can afford it$.$ Our prices are quadruple that of Nike, Adidas or any of the so called $$pop$$ brands. In fact, we don$$t even place price tags on our clothes. Frankly, some of our regular customers don$$t even ask the price. Most of our customers literally travel to our store. Some would even fly in from Davao or Cebu. There are even others coming from different countries in Asia. You will also notice that our customers don$$t buy single pieces or even an outfit; they will come to the store to buy an entire set of wardrobe for the month. Some would even buy the other pieces to make sure no one else will appear in the gym wearing the same outfit. They are the very elite my dear. They will die if someone else is wearing the same outfit.$$

$$We serve our customers like royalty. Our sales executives know them by their first name and know the little things that make them happy. They can tell you the birthdates of their customer$$s children. Our sales executives are like our customer$$s friends away from home. We have been able to establish really good personal relationships with our loyal customers. We created a boutique where the very elite can shop at their leisure, point to what they want and are directed to a small lounge at the back. The room has a small sofa set and a coffee table. This way they can fit the clothes in a stress free environment. Once they made their choice, customers leave their credit card with us and they can go off to shop in the mall while we pack their purchases. The sales executive will then call them up to ask them where they are in the mall or arrange for a specific meeting place to finish the transaction and help them carry the purchased clothes to their car.$$

$$In $2013,$ we made a decision to expand our business. We knew what we needed to do amidst a tightening economic condition across the globe. We expanded our designer lineup and ordered more sizes. We priced our clothes lower to be more competitive with

the popular consumer brands. We let go of the fitting lounge but made sure that the fitting room has a little bit more space than your usual clothing store. That allowed us to pack more clothes and brands into the store. Since we projected there will be more customers with the increased clothing choices, we placed price tags and little cards on the side to know how many more items we have on stock. We didn$$t allow the sales executives to leave the store so that they can attend to more customers. To make sure we don$$t lose touch with our customers, sales executives are instructed to continue developing personal relationships. They are very friendly and can still name most repeat customers by their first name. It was going well for a while then things started to dip.$$

$$We lost our loyal customers. They said our stores became like a usual clothing store. One customer said $$There were too many people just loitering about the store.$$ They feel that the sales executives are not sincere and try too hard. Another loyal customer said $$I am a unique person with unique sense of style. Your store became a commoner$$s market and lost its uniqueness.$$

$$What do I need to do$?$ I want to expand my business so that we can ear