Webmax Inc

question 147

Multiple Choice

Webmax Inc. produced and marketed cameras. After considerable research and development, they developed a new digital camera that had an array of new features. Webmax was so sure about the new offering that they even reduced their marketing budget. What sort of orientation does Webmax have toward the marketplace?

• A) production orientation
• B) product orientation
• C) selling orientation
• D) marketing orientation
• E) holistic marketing orientation

Recognize the importance of integration and automation in enterprise resource planning (ERP) systems.

Understand the role of ERP systems in business process integration and the challenges involved in their implementation.

Distinguish between dependent and independent demand techniques in inventory and production planning.

Know the importance of accurate documentation and scheduling in production management systems.

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Definitions:

Present Consumption

The act of using goods and services to satisfy current needs and desires rather than saving for future use.

Self-Control Problems

Refers to the difficulty people have in sticking with earlier plans and avoiding suboptimal decisions when finally confronted with a particular decision-making situation. A manifestation of time inconsistency and potentially avoidable by using precommitments.

Time Inconsistency

The human tendency to systematically misjudge at the present time what will actually end up being desired at a future time.

Behavioral Economists

Economists who study the psychological, cognitive, emotional, cultural, and social factors on the economic decisions of individuals and institutions.