solution

Case Application; Issac & Johan

Read the passage below and the following 3 questions;
Isaac has just completed his A-Level from Methodist College Kuala Lumpur. After the result had been published his father asked him what he would like to do in the future. Isaac was undecided and did not answer. His father advised him to start his own business and to pursue his studies through distance learning mode. Isaac reluctantly agreed. He entered into a partnership agreement with one of his school friends, Johan. They decide to start a business of cold drinks with traditional Malaysian flavors in a fashionable crowded street of Bukit Bintang. Isaac and Johan each invested RM30, 000 as their respective capitals. They wanted to earn good profits. As they were new to the business they did not finalize deadlines for different activities as well as the number of different types of flavored drinks. Because of the novelty of their product, their sales increased on daily basis. Ultimately a stage arose when they were required to expand their business. For this, they did not take any timely action. Johan advised opening another branch in a remote area without looking at the relevance of the place regarding the approach to the branch. Isaac was undecided. They approached Issac’s father for advice. He advised them that their activities ought to be specific, measurable, attainable, relevant, and time-based.
(a) Identify the concept about which Issac’s father advised them
(b) State the importance of the concept identified in (a) above
(c) Also state the three rules that may be followed in the implementation of the concept.