Kumar has completed his senior secondary examination from Central Board of Secondary Education. After the report had been declared his father asked him what he would like to do in the future. Kumar was undecided and did not answer. His father adviced him to start his own business and to pursue his studies through distance learning mode. Kumar reluctantly agreed. He entered into a partnership agreement with one of his school friends, Gurmeet. They decide to start a business of cold drinks with traditional mughlai aroma in a fashionable crowded street of Bengaluru. Kumar and Gurmeet each invested Rs.10,00,000 as their respective capitals. They wanted to earn good profits. As they were new to the business they did not finalise deadlines for different activities as well as the quantity of different types of drinks aroma wise. Because of the novelty of their product their sales increased on daily basis. Ultimately a stage arose when they required to expand their business. For this they did not take any timely action. Gurmeet advised to open another branch in a remote area without looking at the relevance of the place regarding the approach to the branch. Kumar was undecided. They approached Kumar’s father for advice. He adviced them that their activities ought to be specific, measurable, attainable, relevant and time based. (a) Identify the concept about which kumar’s father adviced them (b) State the importance of the concept identified in (a) above (c) Also state the three rules that may be followed in the implementation of the concept