To Reduce Inventory Management Costs,many Companies Use a System Called

question 63

Multiple Choice

To reduce inventory management costs,many companies use a system called ________,which involves carrying only small inventories of parts or merchandise,often only enough for a few days of operation.

• A)just in time (JIT)
• B)supply chain management
• C)value chain management
• D)logistics management
• E)enterprise resource planning (ERP)

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Definitions:

Predatory Pricing

A competitive strategy where a firm sets very low prices with the intent to drive competitors out of the market or hinder their ability to compete.

Showrooming

The practice of examining merchandise in a traditional brick and mortar retail store without purchasing it, then shopping online to find a better deal on the same item.

Price Discrimination

A pricing strategy where identical or similar products or services are sold at different prices to different customers.

Price Fixing

An illegal agreement between parties to set prices at a certain level, preventing fair competition and manipulating the market.