An Efficient Consumer Response System Refers to

question 83

Multiple Choice

An efficient consumer response system refers to

• A) an order replenishment system that maintains a 10 percent inventory rate at all times in order to guarantee there will never be stockouts.
• B) an online virtual inventory storage program that allows firms to enter in minute-by-minute information in order to avoid stockouts due to unforeseen environmental forces.
• C) a computer program that allows even the smallest manufacturer to manage its inventory system.
• D) an inventory management system that is designed to make the process of reordering and receiving products as simple as possible.
• E) an exclusive contractual agreement between delivery services such as FedEx or UPS to deliver expedited orders at a special low rate, regardless of the day and time.

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Definitions:

Hindsight Bias

The inclination to feel, after something has happened, that one would have foreseen or anticipated the result.

Humility

Humility is the quality of having a modest or low view of one's importance, often allowing individuals to be open, teachable, and appreciative of others.

Operational Definitions

Specific descriptions of concepts involving observable conditions and the procedures used to measure them, making research replicable.

Religious Beliefs

The faith-based principles and convictions held by individuals or groups, typically involving belief in a higher power or spiritual doctrines.