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Business strategy
Major causes of business failure
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[QUOTE="Holicent, post: 268434, member: 76163"] Major causes of business failure 1. Lack of Market Research:The most important step in the growth of any business is to conduct market research and analyze the needs of your customers. The only way to do this is by talking to potential customers. However, if you have not done your market research properly, you might end up selling products or services that are not suitable for your target audience. 2. Poor Marketing Strategy:Good marketing strategy is essential for a successful business. If you have a good marketing strategy, then it will help you create a positive brand image and attract more customers towards your business. In order to create an effective marketing strategy, you need to know what your target audience wants and how they want it delivered. 3. Poor Product Design:A well-designed product will always be more attractive than one that is poorly designed or manufactured because it makes the customer feel good about purchasing it in the first place. The design process should begin with understanding customer needs and preferences before designing a product that can meet all those requirements effectively while ensuring its comfort levels as well being able to withstand any kind of wear and tear during use by consumers over time without compromising on quality. [/QUOTE]
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