Customers View New Products Much Differently Than Companies View Them

question 38

Multiple Choice

Customers view new products much differently than companies view them. Customers care only if a product is ________.

• A) new to their retail store
• B) new to them
• C) offered through a new outlet
• D) offered online instead of at a brick-and-mortar store
• E) repositioned to target new markets

Recognize the significance of information technology in inventory management through the exchange of "information for inventory."

Understand the concepts of purchase and transportation economies and how they interact with inventory management.

Grasp the essence of inventory classification techniques like ABC analysis and how they prioritize SKUs based on importance.

Comprehend the implications of inventory models on storage space, ordering costs, and the overall cost structure of inventory.

---

Definitions:

Human Capital

The collective skills, knowledge, or other intangible assets of individuals that can be used to create economic value for the individuals, their employers, or their community.

Compensating Differential

A difference in wages that arises to compensate workers for non-monetary differences in different jobs, such as risk or undesirable location.

Hazard Pay

Hazard Pay is additional compensation provided to employees for performing work that is dangerous or involves risk.

Wealth

The abundance of valuable financial assets or physical possessions which can be converted into forms that can be used for transactions.