A firm will work with a customer to design the product, and then make it from purchased materials, parts, and components. this firm is called <u>a make order firm.</u>
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A firm is a for-profit business, generally formed as a partnership that provides professional services, along with criminal or accounting offerings. The theory of the firm posits that firms exist to maximize profits. The term firm is synonymous with enterprise or organization. firms can operate beneath several distinct structures, including sole proprietorships and corporations.
In income, commerce, and economics, a customer is a recipient of a good, service, product, or idea - obtained from a seller, vendor, or supplier via a monetary transaction or change for money or some other valuable consideration.
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Explanation:
Vision and mission statements are extremely important for a company to convey its core values to its employees, suppliers and customers. They help communicate the company's identity and provide direction and set goals that are fundamental to organizational success. They are considered the basis of an organization, <u>so it is not recommended that changes in vision and mission are frequent</u>, the reasons that justify the change <u>would be the change of the organizational focus and the evolution of the organizational objectives and expansion of the target audience.</u>
The key is efficiency. Ford and his business were captains of efficiency, from mass manufacturing via the factory line to economical individual effort. Ford Motor Company produced cars swiftly assembly line.
<h3>How a business becomes successful?</h3>
The most prosperous organizations place a high priority on providing excellent customer service and a great client experience. Making goods and services that consumers demand is the first step. However, concentrating on your clients goes beyond you products.
<h3>What does a successful business look like?</h3>
Instead of focusing on earning short-term benefits, successful businesses are focused with establishing long - term profits and creating sustainable growth. By creating new goods or services that satisfy customers, successful businesses are able to effectively address the changing wants of their clients.
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