'Lean' Is a Methodology That Concentrates On

question 15

Multiple Choice

'Lean' is a methodology that concentrates on:

• A) upskilling and multiskilling workers.
• B) instilling quality into all operations.
• C) reducing waste and improving cycle times.
• D) improving supply-chain efficiency.
• E) All of the above responses are correct.

Understand the complexities and considerations in pricing strategies and decisions.

Understanding the goals and benefits of relationship marketing.

Recognizing the influencing factors of consumer behavior.

Identifying cost-reduction strategies through supplier relationships.

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Definitions:

Economies Of Scale

The cost advantage that arises with increased output of a product, where the cost per unit decreases as production expands.

Financial Resources

Funds available to a business or individual for spending in the form of cash, liquid securities, and credit lines.

High Capital Costs

Expenses incurred in acquiring or upgrading physical assets such as buildings and machinery, which can be a barrier to entry for new companies.

Maximizing Profits

A strategy or goal of increasing the difference between the total revenue and the total cost as much as possible.