List and Explain the Six Rules for an Innovative Corporate

question 74

Essay

List and explain the six rules for an innovative corporate culture as developed by 3M.

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Definitions:

Revenues

The total income generated by a company from its business activities, such as the sale of goods or provision of services, before any expenses are deducted.

Profit Margin

A financial ratio that shows the percentage of revenue that exceeds the cost of goods sold, indicating the efficiency at which a company generates profit.

Activity Base

A measure used to allocate costs to products or services, based on the amount of activity or volume of services or products that incur those costs.

Service Departments

Units within an organization that support the main production or operational departments but do not directly generate revenue.