What are the characteristics of a successful firm?
A)The firm places appropriate emphasis on profit,is aware of economic and environmental trends outside the company,and measures impact on the community and employees.
B)The firm values numeric profit and encourage employees to do what is in their power to increase profits.
C)The firm ensures there are always monthly,quarterly,and annual profit and loss statements as the sole measure of success so that all employees are aware of the success or failure of a period.
D)The firm allows only top management to make decisions based on profit.

Question

Quizplus · Accepted Answer

A successful firm is one that not only prioritizes profit but also takes into consideration the impact of its actions on the environment, the community, and its employees. It is important for firms to be aware of economic and environmental trends outside the company as well. Simply valuing numeric profit (B) or making profit and loss statements the sole measure of success (C) does not necessarily lead to overall success. Allowing only top management to make profit-based decisions (D) may lead to disengaged employees and a lack of innovation.

What Are the Characteristics of a Successful Firm