Which of the Following Is the Purpose of a Company's

question 33

Multiple Choice

Which of the following is the purpose of a company's value proposition?

• A)to exceed customers' expectations
• B)to force competitors into a price war
• C)to identify consumers for whom the company creates products
• D)to explain why a consumer should buy the company's products

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Definitions:

Reduced Inventory

Reduced inventory involves minimizing the amount of goods or materials held in stock to lower costs, reduce waste, and increase efficiency in production and distribution processes.

JIT

Just-In-Time, an inventory management strategy to increase efficiency and decrease waste by receiving goods only as they are needed in the production process.

TPS

Toyota Production System, a manufacturing methodology focused on reducing waste and improving efficiency and quality.

Lean Systems

Lean systems are management philosophies that focus on minimizing waste within manufacturing systems while simultaneously maximizing productivity.