What are the three basic function of a firm? Do all firms/organizations (Private, Government, Not-for-profit) perform these three functions?
What are the three basic function of a firm?
Three basic functions of any firm should include:
1. Creating a product and ensuring that said product is produced. It will be important for any firm to create a product that they can mass produce for the entire firm. This area of a business function is the function that deals with customers on a direct or indirect basis, from the production of the production through the sale of the product to the customer. In this function, a firm is "responsible for turning inputs into finished outputs through a series of production processes". Source: Read more: http://www.thetimes100.co.uk/theory/theory--aims-functions-production-department--206.php#ixzz1LOp3dGED
2. The next basic function would be marketing any product that is produced by a company. In this process of the business ...
The basic functions of a firm are discussed in 526 words with references.