What do shortcomings (in business) mean? And an example please.
I would think that business shortcomings can refer to a variety of conditions. In my experience, the usage of the term has been most closely associated with not meeting expectations. For example, if a company has invested a great deal in a product, complete with publicity, expansive production logistics, and helped to create a certain amount of high expectations accompanying the product, and then it simply fails to meet these aspirations, the shortcomings of it could be traced to a variety of "shortcomings." Discussion of technical, marketing, and overall production elements can help to bring about a fuller understanding of shortcomings, reference points that help to explain why something did not meet what was previously believed of felt. Comprehension of shortcomings is a vital component of understanding the differentiation between success and failure in business, or any endeavor for that matter.
The term shortcoming does not have any special meaning in the field of business or management. It can be used in business and management to mean any fault or shortcoming in nature or conduct of a person, organisational unit, an organizational function, a process, a complete organization, or any such entity.
For example. lack of product knowledge may be considered a shortcoming in a sales person, and an inability to maintain consistent quality of product may be considered as a shortcoming of a manufacturing company. Shortcoming may also be elated to a product. For example, poor safety standards may be considered a shortcoming of a particular model of an automobile. We can use the term shortcoming also to denote the short coming of a management tool or technique. For example we may say that shortcoming of the classical economic order quantity formula is that it does not take into consideration the effect of quantity discount.