Which of the Following Is a Philosophy of Providing Customers

question 109

Multiple Choice

Which of the following is a philosophy of providing customers with superior products and services?

• A) Just-in-time (JIT) inventory management
• B) Enterprise resource planning (ERP)
• C) Supply chain management
• D) Total quality management

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Definitions:

Perfect Competition

A market structure characterized by a large number of small firms, a homogeneous product, and freedom of entry and exit, leading to price taking behavior.

Price Makers

Firms or entities that have the power to influence the price of a good or service in the market, typically due to a lack of competition.

Differentiated Products

Products that are similar but distinguished from each other by variations in quality, features, branding, or some other aspect valued by consumers.

Short Run

A period in which at least one input (e.g., capital) is fixed and cannot be changed.