In a Just-In-Time Inventory System, Suppliers

question 217

Multiple Choice

In a just-in-time inventory system, suppliers:

• A) deliver materials and parts in large quantities only a few times a year.
• B) enjoy much lower delivery costs.
• C) have a great deal of flexibility in determining when to make deliveries.
• D) become more like a department in the producing firm rather than a separate business.

Appreciate the role of strategic leadership in redirecting a company.

Understand various business strategies like cost-leadership, focus strategy, and differentiation for competitive positioning.

Understand the concept of organizational foundation, including core values, mission or vision, and organizational culture.

Identify the role of marketing departments and how they listen to customers to inform decisions.

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Definitions:

Valid Assignment

Legally effective transfer of rights, property, or obligations from one party to another.

Consideration

Something of value that is exchanged between parties in a contract, a critical element for the contract to be legally binding.

Implied Warranties

Guarantees that are not written down or explicitly stated but are understood to exist in a transaction, providing assurance that a product or service will meet certain standards.

Assignor

The party in a contract who transfers their rights or interests to another party, known as the assignee.