According to the Text,a Market Is Defined as

question 59

Multiple Choice

According to the text,a market is defined as

• A)a place to buy products.
• B)the buyers of the products that a company develops,promotes,prices,and distributes.
• C)the specific group of customers on whom an organization focuses its marketing efforts.
• D)a group of individuals and/or organizations that have needs for products in a product class and have the ability,willingness,and authority to purchase these products.
• E)the percentage of a group of customers that actually buys a specific product from a specific company.

---

Definitions:

Safety Stock

Additional inventory kept on hand to mitigate the risk of stockouts due to unpredictable demand.

Lead Time

The amount of time it takes for an order to be fulfilled from the moment it is placed until it is received by the customer.

Kanban Size

The quantity of work or materials specified by a Kanban card, used in a pull system to control inventory and workflow.

Setup Cost

The expenses incurred to prepare equipment or processes for manufacturing an order or a batch of goods, including costs for adjusting machines, cleaning, and changing tooling.