closed on and eventually sold. Mike moved Il trailer on a started drinking and g
ID: 368919 • Letter: C
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closed on and eventually sold. Mike moved Il trailer on a started drinking and going to the casinos. He chapter 18.CS2 21CSAY told everyone he met that starting your own business was a hormble idea, that bankers were all jerks, that people just wantel to rip you off, and that his customers were a bunch of cheap, whiny idiots that he never should have done business with Step-by-step solution There is no solution to this problem yet Get help froma Chegg subject expert Case Study Analys 18-18. List 10 mistakes that Mike made with respect to customer rela- tions and the management of his business. 18-19. For each business error, identify why it was a mistake. For example, poor customer relations, lack of plan- ning, or poor cash-flow management could be some identifiable errors. 18-20. If you could turn back the clock and work with Mike from the start, what would you suggest he use as his one-minute sales pitch? 18-21. If you were a consultant, what advice would you have given Mike and why? Identify at least three short rec- ommendations. Explain why you made each. ASK AN EXPERT 558Explanation / Answer
For an entrepreneur like Mike , one has to undertake single use plan or strategy which involves Programmes, Budget and Schdule. There are three recoomendation on basis of which we can achieve these single use plans.
1). Management by objectives: In a small business or startup, it is important to formulate the planning action but Management by objective on the other hand helps in achieve complete managerial system which coordinate different activities in proper manner.so I recommend Mike to first formulate the objectives or goals of organisation, then set up the employees or workers goal with the help of time to time meetings and allow them to give sugestion for the betterment of company and also evaluate and rewarded their performance at the end of the project.
2). Financial decision making: This decision making are such that it helps to achieve effective utilisation of financial resources . There should be no lack of fund or cash flow management. It starts while making the planning of fund, purchase of funds from sources whether from capital market or money market, Than estimate the revenue and profit, staff sallary, investment, expenditure, etc .All these factors helps in achiving the set target without wastage of funds.
3). Customer Relationship:By giving them good quality of product, no false promises for the usage of product. selling the product not more than marked price., provide proper satisfaction by providing after services , In service organisation, the main role to maintain the good relationship by welcoming the customer as a guest, friendly and warm welcome is required. quick services, Fairly wide distribution of product to different types of customers, product prototype testing is required to know the demand & taste of customers.
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