Businesses fail when they occur significant financial loss. This may be caused by several factors ranging from I turned down in the market for the product or service, an increase in costs the copy pounced on to the customer, bad decision making, political or economic external environment, or several other factors.
It is the function of management to deal with business failures, to anticipate when businesses may get into trouble and to take remedial action to address the situation. It is important that management identify the causes of problems and deals with them in a timely fashion.
Unfortunately, sometimes management fails to act in time to save the business, alternatively management does not possess the skills to identify the cause of the failure, or even the possibility that management does not understand the market for the product, the customer needs the competitiveness of the market or some external codes.
This class will examine some of these issues in more detail.
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