Janice was thrilled with the first two years of operations.Her new company-specializing in manufacturing and distributing yoga mats,props,and yoga wear-had been growing steadily and was on track to make a 14 percent profit at the end of this,her second year.Then she started to notice sales slipping in the 11th month of the year.This is a month that normally starts to see sales increases.She had just hired a key employee to work on business development,and she wondered if this downturn would trend into the 12th month and then into her third year of business.Thankfully Janice had some good advice when she launched her venture because she knew exactly how to handle the situation.Along with her business plan,she had created a(n)________.

Question

Quizplus · Accepted Answer

A contingency plan is a backup plan that outlines specific actions to be taken in the event of unforeseen circumstances or unexpected changes in the market. Janice's notice of slipping sales and the uncertainty of whether this trend would continue into the next year is precisely the kind of situation a contingency plan can help address. It's possible that other plans like employee management, downsizing or strategic may have been helpful, but the scenario presented in the passage aligns most closely with contingency planning.

Janice Was Thrilled with the First Two Years of Operations