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It is during this process that the organization develops a business plan, determines its services, objectives, identifies key markets and defines its mission and purpose or vision. It is important that an organization clearly defines its goals to avoid strain on the business in the later stages. The organization will focus on developing its infrastructure and the creation of long-term goals. One of the biggest challenges during this phase is a limited budget, staffing and determining how to allocate resources. The company must determine how best to distribute its funds by deciding how much to spend on personnel, products or services and marketing...
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