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Foundations of Business - Standalo...

4th Edition
William M. Pride + 2 others
ISBN: 9781285193946

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BuyFindarrow_forward

Foundations of Business - Standalo...

4th Edition
William M. Pride + 2 others
ISBN: 9781285193946
Textbook Problem

Explain the relationship among profit, business risk, and the satisfaction of customers’ needs.

Summary Introduction

To determine: The relationship among profit, business risk and satisfying the customers’ needs.

Introduction: The term business is defined as the planned exertion of people to manufacture and trade, for revenues, the goods and services that fulfill the requirements of the people. A business must be designed in such a way that it is managed efficiently, gratify the needs and should make profits.

Explanation

The relationship among profit, business risk and satisfying the customers’ needs are as follows:

The business that can effectively fulfil clients' needs is said to be the business that will understand the best profit prospective...

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