Final answer:
Rules that firms utilize include best practices, standard operating procedures, industry norms, and corporate policies, each with its own specific application and role within an organization.
Step-by-step explanation:
Rules of thumb that firms have found that work for them can often be categorized into different types of organizational norms and procedures. These include best practices, standard operating procedures, industry norms, and corporate policies. Distinguishing between these terms, 'best practices' generally refer to the most efficient and effective way of accomplishing a task, recognized within the industry. 'Standard operating procedures' are detailed, written instructions to achieve uniformity of the performance of a specific function. 'Industry norms' are behaviors and codes of practice that are considered standard in the industry. Lastly, 'corporate policies' are the principles and rules that guide an organization's internal activities as well as its interactions with customers, partners, and shareholders.