The four core processes in a firm PDF

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The four core processes in a firm are: supplier relationship process, new service/product development process, order fulfillment process, and customer relationship processes.

The supplier relationship process will serve as the foundation of a firm in terms of its production. Consistency and good negotiation that will benefit the firm and the supplier as well, will help them to establish a good and smooth transaction that may also lead to having a strong and good relationship. Another good thing about this core process is, the firm or business will have a stable and trusted supplier with the confidence of receiving a good and quality materials from their supplier.

The new services/product development process will help the firm or business in terms of the demand in the market. Because of the fast changes in the demands of the customers, they need to develop and update their products to fulfill the demands. This process required research in different types of products that will help the firm to follow and fulfill their customer needs.

The Order fulfillment process is the receiving goods, then processing and delivering orders to the customers. In this process, the customer starts to place an order and ends once they received the product. Although, if the customer wants a refund or return the product because of some circumstances, the order fulfillment manages the transaction as well. and;

The customer relationship process. In this process, it helps the business build a good relationship with their customers that, in turn, creates loyalty and customer retention. Since customer loyalty and revenue are both qualities that affect a firm revenue, it may result in increased profits for the business....