How do the viability profitability and consumer requirements effect in the field of business?
A company's viability means that it is (or has the potential to be) profitable. A viable firm is good, which indicates that it generates more income than it spends on operating expenses. It isn't easy to recover a business that isn't profitable. The company would have to either raise revenue, cut costs, or both. Profit, as well as solvency and liquidity, are all directly tied to viability. It takes two steps to turn an idea into a sustainable business. First, you must understand who you are, who you are selling to, and who else is selling to them to develop a marketing strategy. Second, it implies that you have your financial affairs in order. You'll need the following information to build a marketing strategy on selling that will keep your firm afloat: Unique selling proposition: Having a viable business relies heavily on this. Being one-of-a-kind keeps your company ahead of the competition. Stable client base: If you want to be successful, you need to know who will buy your product or service. This entails researching to determine who these individuals are. Even if your product is one-of-a-kind and you know who you're selling to, you must always think about the competition. Learn about your rivals and keep them in mind while developing your marketing plan.
Why business plan is in important in the business? https://brainly.ph/question/18367361
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