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Explain Production in terms of management.
Production is any procedure or process developed to transform a set of input elements as men, capital, materials, energy and information in a specified set of output element as finished products and services in proper quantity and quality, therefore achieving objectives of an enterprise. The production essence is the creation of goods and services. Here four recognized factors of production, as:
* Nature (Land and other material resources)
* Labour (Human efforts)
* Capital (Factory tools, machinery and building)
* Enterprise (activity which organizes many factors of production)
Why do successful firms conduct marketing research for their product and services?
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Industrial Production The output of U.S. factories is mines, and utilities. This output constitutes the production of things like the goods, portion of goods, and the services.
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