Analysis of Marketing Consulting Partnership using IRAC Format – Essay Example
The paper "Analysis of Marketing Consulting Partnership using IRAC Format" is a marvelous example of a marketing essay.
Five marketing professionals together with Clarkson, Lemon, and Boysen want to come up with a marketing consultancy. Their idea is to have a joint business partnership. The partners are expecting the business to bring forth more partners with time, and they are sure of the fact that one of their founders, who is an original member will retire before the end of the partnership. Therefore, they are undecided on what to do.
The partners are willing to ensure that no other partner who will enter shall be liable for any obligations pertaining to what was incurred prior in the business as he or she enters the business. In addition, they are willing to ensure that no member, after leaving the partnership, shall be liable for any obligation pertaining to the business partnership.
In the most straightforward reasons, the partnership makes sense when combined business is in a good position to compete in the market than each creating his or her firm. Even though merging is seen to be the best option in a competitive market, it has to involve contracts and legal issues to avoid any future misunderstanding and the collapse of the business. It is, therefore, important for the founders of the marketing consultancy partnership to come up with guidelines, rules, and contacts that they will all bind to. The rules and guidelines will help in directing the obligations of the founders and any other individual who will join them with time. It should indicate what is to happen when one of the founders retires. On the other hand, the contact should bind them, to the company.
Most probably when the partners merge, they are going to give synergy to the establishment of the marketing consultancy. It is important for them to involve legal issues to ensure every member is satisfied and ready to be part of the business.