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Achieving Best Business Performance - Assignment Example

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This assignment "Achieving Best Business Performance" presents the objectives of the marketing( Etzel, 2001) planning that exercise to energetically boost the forecasted high demand for Barclays Platinum credit cards through advertising and word of mouth advertising of its current clients…
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THE MARKETING PLAN - A TEMPLATE CONTENTS Introduction: Using the Marketing Planning Framework Terms of Reference 1 The objectives of themarketing( Etzel, 2001) planning exercise to energetically boost the forecasted high demand for Barclays Platinum credit card through advertising and the word of mouth advertising of its current clients. The company aims to protect and also increase its current twenty percent United Kingdom credit card market share against the continuous day to day onslaught of the competing credit card companies like Lloyds TSb card, HSBC CARD, MBNA CARD and others which was started by the 1972 credit card invasion of Access credit cards. 2.2 The coverage of the marketing planning exercise is to start the advertising(Still, 1988) offensive in the year 2007 with a barrage of advertisements the three advertising media. The marketing planning exercise will only cater to the news clients within the London area of credit card battle for a portion of the London credit card market. 2. Executive Summary 2.1 Business Mission Barclays' business mission is geared towards delivering top quarterly total shareholder returns as compared to its competitors(Kinnear, 1996) consistently over time and it seeks to manage marketing its products for value. 2.2 Marketing Audit The Macroenvironment has been very favourable to the implementation of the Barclays bank Platinum credit card launch in 2007. Its 20% share in the market has kept the encroaching competitors(Drucker, 1980) at bay. The Marketing mix of product, price, place and promotion have aided each other in the accomplishment of the company's ultimate goal of getting a big chunk of the new credit card clients starting in 2007. 2.3 SWOT Analysis The strengths of the company like the well established Barclays bank as well as the opportunities to service new clients have helped in the forecast of getting a large share of Platinum credit card market. The weaknesses and the threats to the Barclays credit card has only a very minor miniscule effect on the forecasted sales of Platinum credit cards in 2007. 2.4 Marketing Objectives The marketing objectives(Thompson, 1999) are to get a big chunk of the credit card market with the introduction of Barclays Platinum credit card. The company will target its current clients and also look for new clients. 2.5 Budget, Marketing Mix The budget of 80,000 a month will be used for advertising in the radio, newspapers and television. This is a small budget because the company is banking on their satisfied clients' word of mouth advertising to help increase the sales(Irwin, 2000) of Barclays Platinum credit card. 3. Business Mission. Barclays' business mission1 is geared towards delivering top quarterly total shareholder returns as compared to its competitors consistently over time and it seeks to manage marketing its products for value. Recently Barclays integrated its Barclaycard credit card business with its personal lending businesses to create a single entity focused on meeting customer needs for credit according to UK Consumer finance. Barclaycard's strategy is to leverage the assets and capabilities of the new combined business to increase "share of wallet" through cross-selling to the larger customer base. The card issuer is also pushing into new markets internationally and forming partnerships and alliances to extend the brand appeal. Barclaycard is already the largest single credit card brand in the UK, with 10.8 million customers. 4. External Marketing Audit 4.1 Macroenvironment. 4.11 Economic. The business performance of Barclaycard is very outstanding, economically. It is currently one of the leading credit card businesses in Europe. Also, In addition to its operations in the UK, Barclaycard is has profitably entered the active booming credit card market in Germany, Spain, Greece, France, Italy and across Africa. Barclaycard has been offering the same full range of credit card services to individual and corporate customers it has been well known for in the United Kingdom, together with card payment facilities to retailers and other businesses in the four locations stated in the prior paragraph. Barclaycard continued to grow in both its domestic and international businesses through organic and non-organic activity in 2003. In April, Barclaycard purchased the global rights (excluding UK and Singapore) to use the Manchester United credit card brand. Barclaycard has since launched a Manchester United branded credit card in five countries. To increase its economic growth more, Barclaycard has acquired Clydesdale Financial Services. It is a retailer of point of sale finance business. Further, Barclaycard entered into a strategic alliance with the Standard Bank of South Africa in May 2003 and in August 2003. Barclaycard has been economically sound with its strong foothold in Spain. Barclaycard, at present, is currently working with Banco Zaragozano to accelerate growth in this market. 4.12 Socio-Cultural. The Soccerwise journal2 is the continuous hard work of over ten years of work by the Youth Charter with football clubs involved at all levels of social and grass root development in the community. Soccerwise is adaptable as a curriculum based/ extra curricular social development and learning experience. This journal has been specifically designed to address low educational attainment and social, personal and cultural development. The Youth Charter is continuing to develop a variety of social inclusion programmes and regeneration projects in communities both in the United Kingdom and other countries. The Youth Charter Soccerwise School Pack has been developed in conjunction with Manchester United/ UNICEF, Barclaycard Free Kicks and a specially convened schools forum as part of the Youth Charter's Soccerwise "Citizenship in Action" initiative. The major themes identified in the Soccerwise pack are; education, health, social order and the environment. This Barclaycard sponsored programme is running for a school term with a project developed as part of a citizenship forum. Also, this specific schools forum provides a continued experience for young Soccerwise participants as well as educating them where the public and private sector and wider community multi agency are working hand in hand to develop their project proposals and translate their plans into reality. Soccerwise helps students towards a greater sense of rights, responsibilities and more importantly, how they can translate them into real life experiences. Soccerwise will help them develop improved educational attainment, social skills and vocational opportunities benefiting both the individual and the wider community. 4.13 Technological. Barclays Bank PLC London and Barclaycard has acquired the services of Cyota's FraudAction. Barclays Bank PLC London is one of the largest retail banks and Barclaycard in one of the largest credit card issuer in Europe. , Cyota's FraudAction will help to pro-actively battle the growing problem of email fraud, also known as "phishing". After careful due diligence that different technologies help in the market, the bank has launched a pilot of Cyota's FraudAction service earlier this year. With the success of the pilot project, the Barclaysbank PLC has decided to extend the program and move into full production mode. Cyota's service basically encompasses online and on time detection and destruction of phishing attacks. This technology shuts down fraudulent sites and also conducting forensic work on behalf of the bank, patent-pending counter-measures and more. Stuart Mackenzie Fraud Senior Portfolio Manager stated that "Barclays is committed to protecting its customers' information, and sense of trust in their financial institution. The bank decided to take pro-active measures against the phishing problem by partnering with experts in this field with the leading technologies in the market. We found that Cyota's service was a comprehensive approach, and it has been extremely helpful in our efforts against phishing." 4.14 Political/legal. 'Drivel' charge in travel insurance war of words The Independent journal story entitled "Round Two in the war of words between Barclaycard and the travel insurance company WorldCover Direct" stated that the latter yesterday is accusing Barclays of talking "absolute drivel" while Barclays retorted that WorldCover's tactics were "fairly cheap. I've nothing more to say. . .there's not much to be gained from it." The dispute between the two companies Barclay and Worldcover. It was cause by that Barclaycard's famous TV ads starring Rowan Atkinson of MR. Bean. The Ad shows that sorts of scrapes are solved by the card's various forms of free insurance. As a result, on Tuesday WorldCover launched a press offensive against Barclaycard, labelling the ads "a complete con," and claiming the card did not deliver travel cover in the way implied by the ads. Barclays replied that it always made it clear travellers should buy separate travel insurance as well as take the card. Yesterday Jonathan Biles, a director of WorldCover, poured petrol on the bonfire: "To assert at this stage that they've always said one should get separate travel insurance is absolute drivel. The very essence of their advertisements intimate that with a Barclaycard, all sorts of disasters are automatically fully covered. This is simply not true." Further, Barclays did not feel like standing to the bait again yesterday. Barclays is currently pondering on the idea, Barclays can easily take any kind of legal action against WorldCover has not been decided. 4.15 Ecological. The Evening Standard (London), stated that the SCHOOLCHILDREN are being invited to take part in a nationwide environmental award scheme and to try to win a trip of a lifetime. The Barclaycard LivingLand Awards took place in conjunction with the Young People's Trust for the Environment, aim to change the way the future generations see the world. Also, Budding David Bellamys have been encouraged to create class projects based on environmental, wildlife, conservation or ecology themes. The winner in Britain's school contest will win a pounds 40,000 environmental trip of its choice. Five runners-up will win a weeklong residential course in Dorset or the Lake District. NEW figures out today show a dramatic rise in the number of vacancies in further-education colleges, with more than 3,000 teaching posts remaining unfilled - up 25 per cent on last year. The survey, carried out by the Association of Colleges, shows that the percentage of vacancies in colleges now stands at double that of schools (2.4 per cent compared with 1.2 per cent). There is the 44 per cent increase in support staff and management vacancies, with almost 5,000 positions vacant across the sector. Nine out of 10 colleges have teaching vacancies, with most citing low pay as a key issue. 4.2 The Market. The main company Barclays has made good progress in executing its second strategic priority through its three distinctive global businesses. The Barclays global business are Barclaycard, Barclays Capital and Barclays Global Investors. Each of these three companies are well placed for further rapid expansion and the Barclays chief executive, Matthew W. Barrett stated. The Barclays 2003 income statement showed that the bosses of the company have invested substantially over the last few years to develop differentiated business models and superior offerings for Barclay customers and clients. In fact, Barclaycard has delivered another record year of results in 2003. The Barclays business demonstrated attractive growth prospects in the UK market and in countries outside the United Kingdom. Its strong focus on execution, innovation, and customer service, combined with a prudent approach to risk, provides competitive advantage. Barclaycard International achieved a full year profit for the first time. We plan to accelerate the rate of expansion in the international business. The strategic alliance with the Standard Bank of South Africa, announced in August 2003, and the launches into the Republic of Ireland and Portugal in January 2004, represent first steps. Also in January 2004 we brought together all Barclays UK consumer credit business and Barclaycard UK into a single management grouping for the first time. Barclaycard is led by Gary Hoffman. Table 1 Table 1 above shows the cumulative growth of Barclays from the year 1999 to 2003. 4.3 Competition3. Barclays was the dominant UK credit card from the seventies to the mid-nineties, Barclaycard's market share started to come under attack from new Credit Card market entrants. Barclay monopolized the credit card industry in the United Kingdom until the introduction of the Access card in 9724. Barclaycards hired the services of SAS Customer Intelligence, Barclays UK Consumer Finance to successful reversed the trend that its competitors were slowly eating away portion by portion of the United Kingdom market. The reversal delivered a 15 percent compound annual growth rate in profits from 2000-2004 and its acquiring 1.7 million worth of new customers in the year 2003 alone. Barclaycard overwhelmed the competitors' pressures by implementing a successful marketing strategy using customer insight to maintain and improve its market position which resulted to significant improvements in the customer volumes of Barclaycard, the credit card business of Barclays Bank. During the year 2003, Barclays enjoyed a remarkably profitable financial result of operations with profits before tax of 3.8 billion (US$7.2 billion). Currently, it oversees its 20 percent market share of the United Kingdom consumer market and its has a growing international presence, with 2,918 branches and 74,800 staff in many countries around the world. For years, Barclaycard monopolized the UK market being the SOLE issuer of VISA cards in the United Kingdom. Having a strong foothold through many years of proven quality service, it faced limited competition and delivered very high returns. Some years ago, the market competition started to increase. "Many commentators doubted our ability to remain competitive, let alone dominant," says Keith Coulter, Managing Director, Barclays UK Consumer Cards and Loans. The strongest competitors arrived from as far away as the United States who predicted they could cut up a big share into a highly lucrative United Kingdom market. They forecasted that the United Kingdom is the easiest market in which to entrench themselves in their vision to conquer the European horizon. Their biggest competitors were Lloyds TSb card, HSBC CARD, MBNA CARD. Barclaycard's dominance had been built up over many years based on the strength of the brand and the portfolio is the key to its current market position. Its technological innovation is the continuous implementation starting in 2000 of its information-based customer management (IBCM). "We had a couple of big advantages. First, the data we held on customers was unmatched by any of the competition. Second, we could customize U.S. techniques, for example by building on our brand strengths." says Coulter. 5. Internal Marketing Audit 5.1 Operating Results. Barclaycard Performance Highlights 2004 m 2003 m Operating income 2,364 2,228 Goodwill amortisation (41 ) (38 ) Other operating expenses (806 ) (761 ) Operating expenses (847 ) (799 ) Provisions for bad and doubtful debts (761 ) (708 ) Operating profit 756 721 Profit from joint ventures 4 2 Profit on ordinary activities before tax 760 723 Table 2 Barclaycard's operating results and balance sheet. The results of its operations for the year 2003 above shows that Barclaycard generated 2,228,000 operating income which has increased in the year 2004 to 2,364,000 the following year 2004. The company generated an operating profit of 721,000 in the year 2003 which also increased to 756,000 in the following year 2004. This increase is proof enough that Barclaycard has been invading competitors' market shares. 5.2 Strategic Issues Analysis. The company has successfully defeated the competitors in its own territory, United Kingdom, because it has firmly implanted itself for many years in home territory. It has proven itself to its current and prospective credit card clients that it can give high quality no nonsense platinum service by pampering each unique client with its before and after sales shower of services. 5.3 Marketing Mix Effectiveness. The marketing mix composed of product, price, promotion and place below in section 9.0 is well balanced because all four factors contribute to the company's main goal of generating sales and increase net income through advertising and customer word of mouth campaigns. 5.4 Marketing Structures and Systems. The marketing structure of marketing department will be headed by Simon Gulliford who is the Group Marketing Director of Barclays Bank PLC. A separate marketing department under will him will be at the forefront or core of the marketing structure. They will be the think tanks on the intricately detailed marketing plan from the drawing boards to the launching of the Platinum credit card to the after sales services to Barclays bank Platinum credit cards. All Barclays line and staff will support the marketing department in the implementation of the marketing plan because they will be the front line persons when new and existing Platinum credit card prospects inquire. The marketing department can easily get the data on the data number of credit card applicants just by clicking their internet connected office computers. 6. SWOT Analysis. 6.1 STRENGTHS The strengths of the Barclaycard's Platinum credit card and its marketing plan are many. One strength is that it represents Barclays Bank Plc which is third largest bank in the United Kingdom. Another strength is that the company has been in existence 1735 yet which shows that the bank has proven time and again that its name Barclays represents high quality service and trust5. Barclays credit cards had monopolized the United Kingdom market until 1972 with the entrance of many competitors like Access card. 6.2 WEAKNESSES The bank offers the zero percent interest only for the first period from the time of approval of the loan. The Platinum card is offered only to people who have reached the minimum required monthly take home pay. There are so many credit card applications that have disapproved because of the stringent requirements for a new Barclay Platinum credit card to be approved. 6.3 OPPORTUNITIES At present only around four percent of the United Kingdom household have Barclay credit cards. There is a big opportunity to increase the percentage to around twenty percent when the budgeted marketing plan here is put into place. At present, Barclays Bank Plc has a firm hold on only twenty percent of the market. There is an untapped additional thirty percent that has to be given the opportunity to get hold of a Barclays Platinum credit card. 6.4 THREATS The constant jostling, elbowing and manoeuvring of the many credit card companies in the London arena is a daily threat to Barclay Bank to continue to provide excellent before and after sales services to the current clients and prospective customers of the Barclays Platinum credit card. 7. Marketing Objectives. 7.1 Strategic Thrust. The strategic thrust of Barclaycard is to launch with Barclays Plc bank its new Barclaycard Platinum credit card in January of 2007 with advertising cost reaching a maximum amount of only 80,000 per month which will be used to advertise in newspapers, radio and television stations starting January, 2007. It is forecasted that there will be a big deluge of new Barclaycard platinum credit cards the company's marketing strategy includes offering its clients a zero percent interest for the customer's first credit card period. Another strategy is the company's fearless forecast that its current customers will be the first to avail of the newly launched card and it they who will spread by word of mouth the advantages of getting the Barclay Platinum credit card. 7.2 Strategic Objectives. The Strategic objectives of the Barclaycard Platinum credit card is to generate sales of its credit card to its current credit card clients and its current Barclay bank clients. Another strategic objective is generate new Barclay Platinum credit card sales to new clients with the use of advertising in the ratio, television and newspapers where a budget has been allocated as shown "10. Budget" below. 8. Core Strategy. 8.1 Target Market(s). Barclay Plc will launch its Barclaycard Platinum credit card within the boundaries of London. The target market is all its current credit card clients as well as its bank clients. Advertisements will be used in radio, television and newspapers to persuade its current and new clients within the self imposed boundaries of London. 8.2 Competitor Targets. Coulter 6stated that there is still more than 4% of UK households already have Barclaycards in 2003 and the factor that Barclays bank is the third largest bank in the United Kingdom plus Barclay's holding onto twenty percent of the Credit card market in the United Kingdom and its more than thirty years in the credit card business (prior to 1972) and the company's use of the very helpful its confidential customer databases, like the SAS software, and the continuous all out face to face advertising endorsements by satisfied customers, of our new approach and our new products clinching a big chunk of the credit card market in the very tough London market is a cinch. It is like pitting a 300 lb heavyweight boxer (Barclaycard) against a 200 lb boxer that represents each competitor like Lloyds TSb card, HSBC CARD, MBNA CARD and others who are still new to the London stage. 8.3 Competitive Advantage. The competitive advantage of Barclaycard Platinum credit cards is that the company it represents has already made a name, a pedestal, an unprootable territory and large database of customers collected through the years. The first competitor only arrived in 1972. Barclay bank is the third largest bank in the United Kingdom thereby finishing the knock out punches on the competitors. The loyalty to United Kingdom Barclay bank runs deep in the blood of the Londoners as proven by the increasing sales from 2003 to 2004 as shown in table 2 above. 9. Marketing Mix Decisions7 9.1 Product. The product is the Barclaycard Platinum credit card which will sold in the year 2007. Table 3. Baclaycard Platinum credit card 9.2 Promotion. The Barclay Platinum card will be promoted with its offers of a wide range of great benefits. Some of its benefits are flexible balance transfer, there will be an attractive 0% interest period at the end of which, the purchases and balance transfer rates will revert to the standard rates applicable. 9.3 Price. The card will be priced with the attractive 0% interest period. The platinum credit card charges are 15.2% APR with a balance transfer APR 17.6%. To keep its credit card charges low, the company recommends to its regular clients that the most essential thing for them to do is to maintain the minimum repayment schedule each month and not to exceed your credit limit. As a customer you are entitled to the entire range of Barclaycard benefits 9.4 Place. The Platinum card will initially launch with its test market, the very populous busy business market which is London. It is forecasted that the Platinum credit card plan will have a very fruitful first year results of operations starting in the year 2007. 10. Budget. Barclay Plc will have a budget low at 80,000 per month which will be used to advertise in newspapers, radio and television stations starting January, 2007. It is forecasted that the big deluge of new Barclaycard platinum credit cards will be more than enough to reimburse the marketing expenses of Barclays Platinum credit cards. 11. Organization and Implementation Since Barclaycard is the official credit card product of Barclay Plc, Barclay Plc which is the third largest bank in the United Kingdom will be the front organization to implement the marketing mix for the unveiling and marketing of the Barclaycard platinum card starting in January, next year (2007). Coulter 8stated that "More than four percent of UK households signed up for a new Barclaycard in 2003, while we kept our recruitment cost per new account relatively low. That's a tremendous endorsement by customers of our new approach and our new products, You can be successful in a tough market if you use SAS to gain insights into customer behaviour, and take the appropriate actions," concludes Coulter. "Barclaycard proves that." Coulter has been banking on its formidable market position in the banking and credit card industry in London to boost its very optimistic project of generating new Barclaycard Platinum cards. It plans to offer the new credit cards to its current database of bank and credit customer and its client's word of mouth advertising. 12. Control The control and administration of the marketing Barclay platinum card will be the sole responsibility and authority of Barclay Plc bank. Barclay Plc will foresee the blue printing, feasibility study, marketing aspect and the budgeting and actual accounting of the marketing of this new product in the year 2007. REFERENCES: No Author, Cyota FraudAction Helps Fight Fraud at Barclays and Barclaycard; New Technology Fights the Growing Problem of Email Fraud and Phishing Attacks on Financial Institutions, Business Wire, Oct 4, 2004 Etzel et al., Marketing, McGraw-Hill, N.Y. & London, 2001 Still et al., Sales Management, Prentice Hall, N.J. & London, 1988 Kinnear T., Taylor J., Marketing Research, McGraw-Hill, London, 1996 Drucker, P., Managing in Turbulent Times, Harper & Row, London, 1980 Thompson, A., Strickland A., Strategic Management, McGraw-Hill, London, 1999 Campbell, A., Luchs, K., Strategic Synergy, Thompson Press, London, 1998 Irwin, D., On Target, Achieving Best Business Performance, Thompson, London, 2000 Barclacard's Income Statement http://www.investorrelations.barclays.co.uk/INV/A/Content/Files/Trading_Update_Final.pdf Youth Center Executive Summary http://www.investor.barclays.co.uk/results/2004results/annual_report/website/performance/barclaycard.htm Willcock, J., Round Two in the war of words between Barclaycard and the travel insurance company WorldCover Direct , Independent, The (London), Feb 2, 1996 No author, Notice Board, Evening Standard (London), Oct 8, 2002 SAS.com http://www.sas.com/success/barclaysuk.html Xeoncreditcards.co.uk Barclay card Barclays Bank Plc Read More
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