Tom was a financial consultant who liked to work with his hands, especially in making furniture. He quit his rat race financial job to start a small custom furniture business
After struggling for several years, he closed it and went back to financial services. Tom discovered that there was a big difference between making furniture for himself and running a customer furniture manufacturing business. Tom's business failed because of:
A) uncontrolled growth.
B) poor financial control.
C) his lack of experience.
D) an inability to access start-up capital.
Answer: C
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A SWOT analysis would most likely be used during which component of the marketing planning process?
A) establishing marketing objectives B) finalizing the business plan C) conducting a marketing audit D) creating the marketing mix E) monitoring performance