A Management Concept That Encourages All Managers and Employees to Be

question 81

Multiple Choice

A management concept that encourages all managers and employees to be in tune with the wants and needs of customers, and which leads to flexible product designs and production processes, is called:

• A) Continuous improvement.
• B) Customer orientation.
• C) Just-in-time.
• D) Theory of constraints.
• E) Total quality management.

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Definitions:

Price Elasticity

A measure of how the quantity demanded or supplied of a good changes in response to a change in its price.

Substitutes

Goods or services that can be used in place of each other, fulfilling similar needs or desires.

Price Elasticity

An indication of the extent to which the demand or supply of a product alters following a variation in its price.