Question

Answer the following questions:

1) Why Do Some Business Plans Fail?
Conduct research to explain your answer.

2) Why is the marketing mix so important?
Why do you think this is so? Support your argument with research.

3) Why is ratio analysis so important?
Why? Support your answer.

4) What items of information are required to estimate the quantities of inventories to order?
Support your answer.

5) What are some policies which should be included in the policy manual?
Support your answer.

6) What concepts can help the owner-manager deal effectively with growth problems?
Support your answer.

7) Describe the key steps in succession planning.
Support your answer.

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Answer 1:
A business plan provides a roadmap about how the organization would be achieving its goals through the leveraging of its competitive advantage. One of the primary reasons behind their failure is the inability to raise funds needed to finance the plan. The plan may not win the support of financial institutions and due to lack of funds, it may not be implemented. Another reason is that the plan fails to capture the essence of the business and is too vague. Every business should have some competitive edge that would help it to differentiate itself in the minds of the consumers. If the business plan does not consist of a unique competitive advantage, it would be difficult to market the products and capture market share. The third factor is that the entrepreneur may not possess the managerial skills needed to start and run a venture and this can also lead to failure of the business. For example, a researcher may come up with a good idea...

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