______ Is the Approach That Aims to Meet Customer Needs

question 74

Short Answer

______ is the approach that aims to meet customer needs at exactly the time that shipments are needed.

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Definitions:

Processing Costs

Expenses directly associated with the transformation of raw materials into finished goods.

Sunk Cost

Costs that have already been incurred and cannot be recovered, and therefore should not affect future business decisions.

Obsolete Desk Calculators

Desk calculators that have become outdated due to technological advancements or changes in user preferences, rendering them less useful or unwanted.

Contribution Margin

The amount remaining from sales revenue after variable costs have been deducted, indicating how much contributes to covering fixed costs and profit.