Choosing the Most Appropriate System of Inventory Control Eliminates the Need

question 121

True/False

Choosing the most appropriate system of inventory control eliminates the need for the small business owner to conduct a periodic physical inventory count.

---

Definitions:

Product

Any item or service offered for sale, capable of satisfying a customer's need or want.

Product Differentiation

A marketing process that showcases the differences between products. Differences may be real or perceived and are often used to compete in the market.

Buyer's Mind

Buyer's mind refers to the perceptions, options considered by and motivations of a consumer when making purchasing decisions.

Price Discrimination

The practice of selling the same product to different buyers at different prices based on willingness to pay, not differences in cost.