To achieve their financial goals, firms must develop products that consumers want, produce the products efficiently, sell them at prices, and observe laws relating to corporate behavior.

Question

Social Studies

Brodie Vang

16 June, 03:26

To achieve their financial goals, firms must develop products that consumers want, produce the products efficiently, sell them at prices, and observe laws relating to corporate behavior.

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Regina · Answer 1

The core function of firms is to fulfill the demand of the consumer. They either create a need/demand and then provide a solution to cater to that.

In the process of doing so, the firm needs to study the market carefully and define their target market. Then they must build their products exactly to the customers taste and price it according to the target class they have decided.

Last but the least, market it effectively so people become aware of the existence of the product and it starts selling. The more the sales, the more the profits earned by the firm.