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The Role of Financial Planning

What role does financial planning play for a competitive firm?

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Financial planning plays an integral role for a competitive firm.

In order for the firm to remain competitive, they must strategically plan how and when to allocate their money. Advertising and other areas that will allow the firm to remain competitive must be taken into consideration. If the competitor develops a new technology, the competitive firm must have the resources and means available to either invest in the same technology, or ...

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The solution explains the role of financial planning in a competitive firm in 280 words.