What Is Enterprise Resource Planning

question 281

Multiple Choice

What is enterprise resource planning?

• A)The analysis and redesign of workflow within and between enterprises
• B)A standardized set of activities that accomplish as specific task, such as processing a customer's order
• C)Integrates all departments and functions throughout an organization into a single IT system so that employees can make decisions by viewing enterprisewide information on all business operations
• D)Involves managing all aspects of a customer's relationship with an organization to increase customer loyalty and retention and an organization's profitability

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Definitions:

Price Sensitivity

The degree to which the demand for a product changes in response to a change in its price.

Marketing Mix

The combination of factors that can be controlled by a company to influence consumers to purchase its products, typically including product, price, place, and promotion.

Variable Costs

Expenses that vary directly with the level of production or output, such as materials and labor.

Fixed Costs

Expenses that do not change in proportion to the activity of a business, such as rent, salaries, and equipment maintenance costs.