ABSTRACT
Profit may be called a measure of public demand for a service or a commodity, it is also a measure of the efficiency of management. In the clothing industry fashions change rapidly, particularly in women’s clothing. Fashions change also in motor cars, furniture, house design, aircraft, household utensils, and packaging. The good businessman or manager does not wait for fashions to change before he makes a new move; he anticipates changes and even, if he can, contributes to them through new and commercially useful ideas. The businessman has to be continually asking questions not only about his own product or service but about those of others. In large firms considerable sums are spent in the establishment of research and development departments, whose main function is to contribute new ideas for innovation and improvement of a product or a service. The main components were of wood, but the parts required careful machining which would have involved a considerable outlay in equipment.
