Convenience Products Are Less Frequently Purchased Consumer Products and Services

question 57

True/False

Convenience products are less frequently purchased consumer products and services that customers compare carefully on suitability, quality, price, and style.

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Definitions:

Seasonal Inventory

Inventory that is purchased or produced in anticipation of season-based demand increases, such as holiday merchandise.

Strategic Fit

The alignment between an organization's strategies, resources, and capabilities with its external environment to achieve long-term objectives.

Responsiveness

The ability of a company or system to quickly and effectively respond to changes, customer demands, or market conditions.

Efficiency

Relates to achieving maximum productivity with minimum wasted effort or expense, often critical in business processes and operations.