When Estimating Demand, Price Is Not the Only Factor to Be

question 230

Multiple Choice

When estimating demand, price is not the only factor to be considered.Three other elements include consumer tastes, price and availability of similar products, and

• A)consumer income.
• B)consumer psychographics.
• C)current economic stressors.
• D)current political agendas.
• E)green substitutes.

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Definitions:

Kanbans

A scheduling system for lean manufacturing and just-in-time (JIT) production that signals the need to move materials within a production facility.

Push Production

A manufacturing system where production is based on forecasted demand and items are produced and pushed to the next stage of the process regardless of actual demand.

Kaizen

A Japanese term for 'continuous improvement', focusing on small, incremental changes in processes to improve efficiency and quality.

Small Lot Sizes

Manufacturing or purchasing strategy characterized by producing or acquiring goods in small quantities, which can reduce inventory costs and improve flexibility.