How would you determine what is causing the decline in profits and what should be done to address it?

To answer this question, propose a systematic approach to identifying the underlying issues causing the decline in profits. Start by suggesting an analysis of various financial and operational data to pinpoint areas where the company is losing money. Discuss potential strategies such as cost reduction, process optimization, or revisiting pricing strategies. Additionally, you might consider suggesting a market analysis to identify external factors affecting profits. Once the issues are identified, develop a comprehensive plan to address them, which might include operational improvements, market expansions, or product innovations. Be sure to highlight how you would track the effectiveness of implemented strategies over time.