• The business must have a product or service for which there is a need, either actual or potential, that is not already being satisfactorily met. The procedure by which such a product or service is selected and perfected is known as product analysis or product research and is described in a later chapter on sales.
• The business manager must know where the actual or potential market for his product or service is, and how to reach the market, as well as the the probable cost of reaching it and the effectiveness of competition, if any, that he will have to meet.
• Employees must be selected, hired, trained, and supervised. The chapter on personnel describes the techniques involved.
• Finance of business must be carefully managed, planned, and administered.

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