In the 21st century it is hard for anyone to imagine big businesses failing, such as Walmart, BestBuy, or Microsoft. This is not so much the case today huge corporate companies, and small businesses are experiencing failures. A business is a risk, not all risk are successful, thus not every business will succeed. Think at how many Mom and Pop shops that seem to vanish in mere months, or how many businesses that are filing for bankruptcy. This has become far to common, it makes someone wonder how a business is supposed to succeed at all. Just because this is more common with small businesses does not mean big businesses are not affected. One of the most infamous business that was affected was block buster. Forbes.com goes on to state “Blockbuster thought it was in the entertainment distribution business, but it was really all about retail customer experience”(Jonathan Salem Baskin).Failure to adjust to consumers’ needs caused movie streaming such as Hulu, Netflix, and Amazon take over the movie selling business. The reasons these businesses big or small seem to fail is that many do not target a certain audience, have poor management, and fail to plan accordingly. If a company cannot comply with these 3 major modules they can never expect to succeed.
Companies failing to target the right audience is one of the main reasons businesses fail. If someone was to put a meat shop in a largely vegetarian community, the owner could not except it to succeed. This may sound like a very elementary reason, but proper placement and correct advertising is huge. In this new day and age millennials make up most off the working class; small and big businesses such as coca cola, tic tac, and banana republic have failed ...
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...h no chance of survival. Dell which was renowned for the hardware lost a huge market of people when times were changing to smart phones and lap tops, dell did not prepare for this change like Microsoft and Apple did. These abilities to change their ideas, and products in changing times led to growth in both companies in hardware, and personal items. Leading dell to a near obsolete company, unable to catch up.
If a business is to flourish it must target the right market, have good management, and be prepared to fail, without these 3 factors a company cannot expect to have any success. Today’s most successful businesses employ these 3 strategies to make sure their company can compete during such a competitive economic time. Just to name a few Microsoft, McDonalds, and Barnes & Noble have all faced hardships and have utilized these 3 strategies to succeed as a company.
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