A market research survey conducted by Company-Check was looking at the reason why
small businesses fail. From a group of 84 businesses that failed they discovered the
following: 41 failed because of a lack of funds; 36 failed because of a lack of marketing
skills; and 30 failed because of a lack of financial control; 16 of them failed because of a lack
of marketing skills and financial control; 6 failed because of a lack of funds and marketing
skills; Seventeen failed because of lack of marketing skills only; 8 because of a lack of
financial control only; and 5 failed because of other reasons.
(a) Draw a Venn diagram to illustrate this information.
Cannot draw on these posts.
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Choose one of these that might fit your needs.
To draw a Venn diagram to illustrate this information, we first need to identify the main categories and their overlaps.
Based on the given information, we have three main categories: lack of funds, lack of marketing skills, and lack of financial control.
Now, let's organize the information in the Venn diagram:
1. Start by drawing three intersecting circles. Label them as "Lack of Funds," "Lack of Marketing Skills," and "Lack of Financial Control."
2. In the "Lack of Funds" circle, write the number 41, which represents the businesses that failed due to a lack of funds.
3. In the "Lack of Marketing Skills" circle, write the number 36, which represents the businesses that failed due to a lack of marketing skills.
4. In the "Lack of Financial Control" circle, write the number 30, which represents the businesses that failed due to a lack of financial control.
5. Now, we are given additional information about the overlaps between these categories.
- Six businesses failed due to a lack of funds and marketing skills. Place this number in the intersection between the "Lack of Funds" and "Lack of Marketing Skills" circles.
- Sixteen businesses failed due to a lack of marketing skills and financial control. Place this number in the intersection between the "Lack of Marketing Skills" and "Lack of Financial Control" circles.
- Seventeen businesses failed due to a lack of marketing skills only. Place this number in the area of the "Lack of Marketing Skills" circle that does not overlap with the other categories.
- Eight businesses failed due to a lack of financial control only. Place this number in the area of the "Lack of Financial Control" circle that does not overlap with the other categories.
- Finally, we are told that five businesses failed due to other reasons. Place this number outside of all the circles.
6. After placing all the given values in the appropriate locations, your Venn diagram should be complete, and you can visually see the relationships between different categories and their intersections.
Remember that the numbers mentioned in the given information should add up correctly as we place them in the diagram.