Efficient Consumer Response System Refers to

question 222

Multiple Choice

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 reduce the retailer's lead time for receiving merchandise, which then lowers its inventory investment, improves customer service levels, and reduces logistics expense.
• 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:

Selling Price

The amount of money for which an item is sold, determining the revenue generated from its sale.

International Financial Reporting Standards (IFRS)

A set of global accounting standards developed by the International Accounting Standards Board (IASB) that aims to bring transparency, accountability, and efficiency to financial markets around the world.

International Accounting Standards Board

An independent organization that establishes accounting standards known as International Financial Reporting Standards (IFRS) used globally.

Double Taxation

A taxation principle referring to income taxes paid twice on the same source of earned income, occurring typically with corporate dividends taxed at both the corporate and individual level.