An electronic company is facing a problem of decling market share due to increased competition from other new and existing players in the market. Its competitors are introducing lower price models for mass consumers. Who are price sensitive? For quality conscious consumers company is introducing new model with added features and new technological advancements.
(i) Prepare a model business plan for this company. Specify which type of plan you are preparing.
(ii) Identify the limitations of such plans.
(iii) How will you remove these limitations?

Explanation

The given limitations can be overcome by:
(i) Arranging funds in advance
(ii) Effective methods of recruitment should be adopted to ensure availability of effective staff in all departments
(iii) Middle level should be encouraged to propose plans in the form of suggestions. After considering all these, a strategy should be planned
(iv) The company should be able to assess the moves of the competitors