Refer to IT's About Business 11

question 81

Short Answer

Refer to IT's About Business 11.6: By creating manufacturing super centers, 3M was able to make its supply chain more efficient and achieve the following benefits:
A. Reduce currency risk
B. Reduce shipping costs
C. Easier product customization
D. Reduced cycle time
E. All of the above
Answer. C

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Definitions:

Patents

Legal documents granted by the government giving an inventor exclusive rights to manufacture, use, or sell an invention for a certain number of years.

Innovation Incentives

Mechanisms or policies designed to encourage the development and implementation of new ideas, products, or methodologies.

Monopoly Power

The degree of control a company has over a market, enabling it to set prices or exclude competition.

Production Costs

The total expenses incurred in the manufacturing of a product or the providing of a service, including raw materials, labor, and overheads.