Have you ever responded to a loss-leader advertisement? Did youbuy a lot of other products besides the loss-leader product?Describe the product and your shopping behavior in the store.
Answers
Many companies in the personal care industry sell razors with replaceable blades.
The initial purchase of the razor handle and a replacement blade is often the loss leader because the company will make their money when the consumer has to return to buy the very expensive replacement blades.
What's loss-leader advertisementA loss-leader advertisement is a marketing strategy where a retailer offers a product at a significantly lower price or below its cost, with the intention of attracting customers into the store. The primary goal is to entice customers to purchase other, more profitable items, making up for the loss on the discounted product.
When a consumer responds to a loss-leader advertisement, they may enter the store with the intention of buying only the advertised product. However, once in the store, they could be exposed to a variety of other products, promotional offers, and well-organized displays that encourage additional purchases.
This shopping behavior is influenced by the store's layout, product placement, and various marketing techniques that are designed to maximize sales.
Learn more about pricing at
https://brainly.com/question/31123197
#SPJ11
Related Questions
The adjusted trial balance for Yondel Company at December 31, 2018 is presented below: Accounts Debit Credit Cash $ 8,000 Prepaid rent 23,000 Land 445,000 Accounts payable $ 12,000 Salaries payable 20,000 Common stock 230,000 Retained earnings 109,000 Dividends 14,000 Service revenue 340,000 Salaries expense 160,000 Rent expense 29,000 Utilities expense 32,000 Totals $ 711,000 $ 711,000 Prepare the closing entries for Yondel Company for the year ended December 31, 2018.
Answers
Answer:
Explanation:
Cash =8000
Prepaid rent = 23,000
Land = 445000
Accounts payable = 12,000
Salaries payable = 20,000
Retained earnings = 109,000
Dividends = 14,000
Service revenue = 340,000
Salaries expenses = 160,0000
Rent expenses = 29,000
Utilities expenses = 32,000
Net income = Service revenue - Salaries-Rent-Utilities-
=340,000-160,000-29,000-32,000 = 119,000
Journal
1. Debit Service revenue - 340,000
Credit income summary - 340,000
2, Debit Income summary - 221,000
Credit Salaries expenses 160,000
Credit Rent expenses 29,000
Credit Utilities expenses 32,000
3 Debit Income summary 119,000
Credit retained earnings 119,000
4 Debit retained earnings 14,000
Credit retained earnings 14,000
Patrice is working with a team of coworkers trying to brainstorm a new product line. Jonathan thinks they should come up with a new candy. Mateo thinks they should create a new toy. Cynthia thinks they should sell a new clothing item. How can Patrice BEST help solve this debate and help the team make a decision?
Answers
Patrice could help resolve the debate in brainstorming by guiding your team to consider all available options to create a new product line and identify the best option that will lead a company to be well positioned in the market.
What is brainstorming?It corresponds to a technique that helps in the emergence of creative solutions. It is carried out through a team meeting where each member must contribute with ideas and insights for new organizational strategies.
Therefore, it is essential that, in order to be effective, a brainstorming session must be led by a leader who has the role of mediating the meeting by promoting integration and cooperation to generate greater focus on the needs of the company.
Find out more about brainstorming here:
https://brainly.com/question/797047
Which of the following conclusions is compatible with this graph?
o
A. The United States has an oversupply of petroleum
B. The United States has a scarcity of petroleum
C. The United States exports more oil today than it did in the past.
D. The United States imports more oil today than it did in the past
Answers
Answer:
I hope this helps
Explanation:
The answer is A
The conclusion that is compatible with this graph is that the United States has an oversupply of petroleum. The correct option is a.
What is a graph?A graph is a structure amounting to a set of objects in which some pairs of the objects are in some sense related. The objects correspond to mathematical abstractions called vertices and each of the related pairs of vertices is called an edge. Typically, a graph is depicted in diagrammatic form as a set of dots or circles for the vertices, joined by lines or curves for the edges. Graphs are one of the objects of study in discrete mathematics.
The edges may be directed or undirected. For example, if the vertices represent people at a party, and there is an edge between two people if they shake hands, then this graph is undirected because any person A can shake hands with a person B only if B also shakes hands with A.
In contrast, if an edge from a person A to a person B means that A owes money to B, then this graph is directed, because owing money is not necessarily reciprocated.
Learn more about graph, here:
https://brainly.com/question/17267403
#SPJ2
Which term describes a situation where the quantity of output rises, but the average cost of production falls?.
Answers
Economies of scale describe a situation where the quantity of output rises, but the average cost of production falls.
What do economies of scale result in a fall in?Economies of scale additionally result in a fall in common variable fees (average non-constant fees) with growth in output. this is brought about by means of operational efficiencies and synergies because of a boom within the scale of production.
Examples of economies of scale consist of accelerated purchasing power, community economies, and technical, economic, and infrastructural. While a firm grows too large, it may be afflicted by the alternative diseconomies of scale. that is wherein unit expenses start to grow to be extra high priced, due to increasing size.
Learn more about economies of scale here: https://brainly.com/question/780900
#SPJ2
Can you think of a bad decision from your own school or work experience, or from recent business or political news stories, that was made in an effort to correct or justify a past decision?
Answers
Answer:
Explanation:
Personal Experience:
One time I had to turn in an assignment for the company that I worked for which needed to be done and turned in by the end of the workday. I failed to do so due to family issues. This assignment was incredibly important and failure to turn it in would have cost the company a lot of money. So I stayed up all night and finished the assignment. I ended up breaking into the office in the middle of the night to turn it in before the boss found out. It was a bad decision since I could have gotten arrested or fired.
How do taxes influence responsible financial planning?
Answers
Answer:
Proper tax planning makes it easier to build your personal finances and afford the things you want. Additionally, by anticipating taxes when you create your financial plan, it's possible to significantly boost how much money you will have in retirement.
Explanation:
examples of frictional force
Answers
Explanation:
I hope this would be the right answer....
In Towneville, the average persons earns $15,000, and the CPI is 125. In Gutenberg, the average person earns $25,00 and the CPI is 225. Where would you choose to live, and why?
Answers
Answer:
I would choose to live in Townville. This is because the real wage of $12,000 in Townville is greater than the real wage of $11,111 in Gutenberg.
Explanation:
Note: The correct amount which average persons earns in Gutenberg is $25,000, not $25,00 that is mistakenly written in the question.
The explanation to the answer is now provided as follows:
Where to live and why can be determined by comparing the real wages in Towneville and Gutenberg.
Real wage refers to the nominal wage that has been adjusted for inflation. The real wage can be calculated using the following formula:
Real wage = (Nominal wage / CPI) * 100 ……………. (1)
Where;
For Towneville:
Nominal wage = $15,000
CPI = Consumer price index, an inflation measure = 125
Substituting the values into equation (1), we have:
Real wage in Townville = ($15,000 / 125) * 100 = $120 * 100 = $12,000
For Gutenberg:
Nominal wage = $25,000
CPI = Consumer price index, an inflation measure = 225
Substituting the values into equation (1), we have:
Real wage in Gutenberg = ($25,000 / 225) * 100 = $111.11 * 100 = $11,111
Based on the calculations above, I would choose to live in Townville. This is because the real wage of $12,000 in Townville is greater than the real wage of $11,111 in Gutenberg.
An unsecured loan...
typically has lower interest rates than a secured loan
is less difficult to qualify for than a secured loan
is connected to collateral, which can be taken by the lender if the loan is not paid
is not connected to collateral and, therefore, a higher risk for lenders
Answers
Answer:
is not connected to collateral and, therefore, a higher risk for lenders
Explanation:
Unsecured loans are the loans issued without any securities attached to them. The lender relies on the borrower's creditworthiness as the basis for granting the loan. Unsecured loans are mostly available to salaried workers whose pay is processed by the lending institutions.
Unsecured loans pose a higher risk to the lender because they are not backed by any collateral. For this reason, they attract a higher interest rate than secured loans.
Answer:
D
Explanation:
took the test
In order to leverage social media ads, where you choose to advertise your product/service should also be based on your target audience and what is __________ amongst that audience.
Answers
In order to leverage social media ads, where you choose to advertise your product/service should also be based on your target audience and what is relevant and engaging to them.
By analyzing their demographics, interests, and online behaviors, you can identify the social media platforms or channels that align with their preferences. This ensures that your ads are seen by the right people, in the right context, maximizing their relevance and impact.
Additionally, staying attuned to trending topics, popular hashtags, and viral content within your target audience's online communities allows you to tap into what is currently captivating their attention.
By combining audience insights with relevant content, you can create compelling ad campaigns that drive engagement, increase brand visibility, and ultimately yield positive results.
Learn more about social media ads here:
https://brainly.com/question/30194441
#SPJ1
What is the author's main claim or argument?
Pizza is the best
Answers
If I were journalizing a prepaid expense, prepaid rent to be specific, what journal would I journalize the transaction in?
I know I have to debit prepaid rent and credit cash in bank, I just don't know which journals to use.
Answers
The journal entry for prepaid rent would be a debit to Prepaid Rent and a credit to Cash or Bank Account.
If you are journalizing a prepaid expense for prepaid rent, the journal entry would be
Debit - Prepaid Rent
Credit - Cash or Bank Account
The debit to Prepaid Rent account will increase the balance of the prepaid rent asset account, which represents the portion of rent that has been paid in advance but has not yet been used or consumed. The credit to Cash or Bank Account will decrease the balance of the cash or bank account, reflecting the payment made for the prepaid rent.
The journal entry records the payment of rent in advance as a prepaid expense, which will be recognized as an expense over the period for which the rent has been paid. As time passes, a portion of the prepaid rent will be recognized as an expense in the income statement, and the balance in the prepaid rent account will be reduced accordingly.
Learn more about Prepaid Rent here
brainly.com/question/28481564
#SPJ1
Turn to Part C of the Systems Analyst's Toolkit and review the concept of net present value (NPV). Determine the NPV for the following: An information system will cost $175,000 as an initial investment to implemented over a six month period and will produce no savings during the last six months of first year once it has gone online. When the system goes online, the company will save $27,750 during the second year of operation. For the next four years, the savings will be $39,250,$45,500,$48,500, and $40,250, respectively per year. Assuming a 4.25% discount rate, what is the NPV of the system? Explain in detail whether.or.not this a good investment (one four sentence paragraph at a minimum).
Answers
The NPV of the system is the sum of the present values of the cash flows minus the initial investment, which needs to be calculated based on the given data.
To calculate the NPV, we need to discount the future cash flows to their present values and subtract the initial investment. Using a discount rate of 4.25%, we can calculate the present value of each cash flow and sum them up. The present value of each cash flow is calculated by dividing the cash flow by (1 + discount rate) raised to the corresponding period. After calculating the present values, we subtract the initial investment of $175,000. If the resulting NPV is positive, it indicates that the project is a good investment. If the NPV is negative, it suggests that the project may not be worthwhile.
Learn more about NPV here :
https://brainly.com/question/29423457
#SPJ11
the two categories of cost comprising conversion costs are
Answers
Answer:
Explanation:
Direct labor and factory overhead
when preparing printed materials and visuals, a salesperson should remember ____.
A. Printed materials and visuals should be relatively complex
B. To read the presentation directly from the visual
C. To make sure each visual presents only one idea
D. To avoid bullet points
E. Use a lot of color, especially to decorate the visual aid
Answers
A salesperson should remember Option C to make sure each visual presents only one idea.
When preparing printed materials and visuals for sales presentations, it is crucial for a salesperson to remember to make sure each visual presents only one idea. This helps in maintaining clarity and avoiding confusion for the audience. When a visual focuses on a single idea, it allows for better comprehension and retention of information.
By keeping visuals simple and focused, the salesperson can effectively convey key messages and engage the audience. This approach enables the audience to grasp the intended information easily and enhances the overall effectiveness of the sales presentation. Therefore, option C, "To make sure each visual presents only one idea," is the most appropriate consideration for a salesperson when preparing printed materials and visuals.
To know more about sales presentations, click here: brainly.com/question/31056332
#SPJ11
Discuss the role of the father in attachment theory
Answers
Explanation:
Both parents are considered attachment figures in attachment theory, and the child-father attachment is autonomous from the child-mother attachment. Whereas mothers are commonly involved in caregiving and providing emotional refuge, fathers are particularly involved in play and exploratory undertakings.
explain the process that economists use to conduct a Cost-Benefit Analysis (CBA) for a high-speed rail
Answers
Answer:
A cost-benefit analysis is a systematic process that businesses use to analyze which decisions to make and which to forgo. The cost-benefit analyst sums the potential rewards expected from a situation or action and then subtracts the total costs associated with taking that action. Some consultants or analysts also build models to assign a dollar value on intangible items, such as the benefits and costs associated with living in a certain town.
KEY TAKEAWAYS
A cost-benefit analysis (CBA) is the process used to measure the benefits of a decision or taking action minus the costs associated with taking that action.
A CBA involves measurable financial metrics such as revenue earned or costs saved as a result of the decision to pursue a project.
A CBA can also include intangible benefits and costs or effects from a decision such as employees morale and customer satisfaction.
Cost-Benefit Analysis (CBA)
Understanding Cost-Benefit Analysis (CBA)
Before building a new plant or taking on a new project, prudent managers conduct a cost-benefit analysis to evaluate all the potential costs and revenues that a company might generate from the project. The outcome of the analysis will determine whether the project is financially feasible or if the company should pursue another project.
In many models, a cost-benefit analysis will also factor the opportunity cost into the decision-making process. Opportunity costs are alternative benefits that could have been realized when choosing one alternative over another. In other words, the opportunity cost is the forgone or missed opportunity as a result of a choice or decision. Factoring in opportunity costs allows project managers to weigh the benefits from alternative courses of action and not merely the current path or choice being considered in the cost-benefit analysis.
By considering all options and the potential missed opportunities, the cost-benefit analysis is more thorough and allows for better decision-making.
The Cost-Benefit Analysis Process
A cost-benefit analysis should begin with compiling a comprehensive list of all the costs and benefits associated with the project or decision.
The costs involved in a CBA might include the following:
Direct costs would be direct labor involved in manufacturing, inventory, raw materials, manufacturing expenses.
Indirect costs might include electricity, overhead costs from management, rent, utilities.
Intangible costs of a decision, such as the impact on customers, employees, or delivery times.
Opportunity costs such as alternative investments, or buying a plant versus building one.
Cost of potential risks such as regulatory risks, competition, and environmental impacts.
Benefits might include the following:
Higher revenue and sales from increased production or new product.
Intangible benefits, such as improved employee safety and morale, as well as customer satisfaction due to enhanced product offerings or faster delivery.
Competitive advantage or market share gained as a result of the decision.
An analyst or project manager should apply a monetary measurement to all of the items on the cost-benefit list, taking special care not to underestimate costs or overestimate benefits. A conservative approach with a conscious effort to avoid any subjective tendencies when calculating estimates is best suited when assigning a value to both costs and benefits for a cost-benefit analysis.
Finally, the results of the aggregate costs and benefits should be compared quantitatively to determine if the benefits outweigh the costs. If so, then the rational decision is to go forward with the project. If not, the business should review the project to see if it can make adjustments to either increase benefits or decrease costs to make the project viable. Otherwise, the company should likely avoid the project.
With cost-benefit analysis, there are a number of forecasts built into the process, and if any of the forecasts are inaccurate, the results may be called into question.
Limitations of the Cost-Benefit Analysis
For projects that involve small- to mid-level capital expenditures and are short to intermediate in terms of time to completion, an in-depth cost-benefit analysis may be sufficient enough to make a well-informed, rational decision. For very large projects with a long-term time horizon, a cost-benefit analysis might fail to account for important financial concerns such as inflation, interest rates, varying cash flows, and the present value of money.
g how much of the vacation rental real estate taxes were deducted on schedule e, supplemental income and loss? $0 $1,205 $2,036 $3,575
Answers
supplemental income will be $2,036 and lose will be $0. Report the rental revenue on Schedule E if you rent out the house for 15 days or more. With just a few restrictions, property taxes can really be written off as a business expenditure.
Vacation homeowners may decide to rent out their homes to cover ownership costs or to make money. Holiday homeowners may thus be qualified for certain tax advantages that might lower the cost of their vacation property. The number of days the property is rented out annually is one of the conditions that must be met in order to qualify for the tax benefits. Vacation property owners may benefit from tax benefits and prevent expensive surprises at tax time by being aware of the laws in advance. The Internal Revenue Service will impose taxes on a homeowner's rental revenue (IRS).
Learn more about taxes here:
https://brainly.com/question/15857217
#SPJ4
What is another term for liability?
A. asset
B. notes
C. debt
D. accounts
Answers
Answer:
Another term for liability is debt, because both of these terms are accountable for money charges and assist needed :3
Explanation:
:3
Which of the following is not a law which provides protection against discrimination in the workplace?
A. The Civil Rights Act
B. Fair Labor Standards Act
C. The Equal Pay Act
D. Americans with Disabilities Act
Answers
The following is not law that provides protection against discrimination in the workplace is the Civil Rights Act. The correct option is
An important piece of legislation that protects against job discrimination is the Civil Rights Act. It is essential for establishing fairness and equitable chances for everyone in workplace environments. An important piece of American law that outlaws discrimination on the basis of race, color, religion, sex, and national origin is the Civil Rights Act of 1964. It is a thorough piece of legislation that addresses all facets of discrimination, including employment. Employment discrimination is expressly addressed in Title VII of the Civil Rights Act.
Employers are not allowed to treat workers or job seekers unfairly because of certain protected characteristics, which include race, color, religion, sex, and national origin. This implies that these criteria cannot be used by employers to determine who is hired, fired, or promoted.\
Learn more about Act, here:
https://brainly.com/question/31130140
#SPJ4
A few notes/tips:
You can prepare your answers in almost any program/app - e.g., Microsoft word, powerpoint, etc. Just make sure to save your file as a pdf at the end, and upload the pdf file.
You may want to use boxes for each of the four sections of the balanced scorecard to organize your balanced scorecard.
Question 1 asks you to use arrows to show links, however that may be difficult to do. Feel free to describe the links in notes above or below your balanced scorecard, instead of using arrows in the scorecard itself. However you choose to present it, make sure you do not skip this step. Make sure to explain or show the links.
Remember that you do not have to use all of the measures listed in the case. Use only the ones that you think are most relevant given Haglund's strategy. (Part of creating a good balanced scorecard is choosing which measures NOT to use.)
There are no right answers for this case. The key is to think carefully about each question, and to provide a thoughtful answer and clear explanations of your reasoning. You will be graded on the completeness of your answers.
Discussing this question in small groups, and comparing your individual answers, can be very helpful.
Make sure to answer each question/question part
Answers
The balanced scorecard is typically divided into four sections: Financial, Customer, Internal Processes, and Learning and Growth. Each section represents a different perspective of the organization's performance.
Here's a general framework for a balanced scorecard:
Financial Perspective:
Key financial objectives: Identify the financial goals that align with Haglund's strategy. These could include revenue growth, profitability, cost reduction, or return on investment.
Financial measures: Select specific financial measures that reflect the identified objectives. These may include revenue, profit margin, cash flow, or return on assets.
Customer Perspective:
Key customer objectives: Determine the key areas where Haglund wants to excel in terms of customer satisfaction and loyalty. For example, it could be product quality, customer service, or market share.
Customer measures: Choose metrics that will help assess customer satisfaction and loyalty. This could involve customer retention rate, customer complaints, market share, or net promoter score (NPS).
Internal Processes Perspective:
Key internal process objectives: Identify the critical internal processes that drive Haglund's success. These could include product development, operational efficiency, or supply chain management.
Internal process measures: Define metrics that reflect the effectiveness and efficiency of these processes. Examples may include product development cycle time, defect rate, on-time delivery, or process cost.
Learning and Growth Perspective:
Key learning and growth objectives: Determine the areas in which Haglund needs to invest to support its long-term success. This could include employee skills, innovation, or technology.
Learning and growth measures: Choose metrics that indicate progress in these areas. This may involve employee training hours, employee satisfaction, innovation rate, or technology adoption.
Remember to tailor these sections to your specific case by aligning them with Haglund's strategy and objectives. Additionally, make sure to establish clear links between the objectives and measures within each section, as well as across the different perspectives.
Once you have identified the appropriate objectives and measures, you can create a visual representation of your balanced scorecard using boxes or tables for each section, and describe the links between them in accompanying notes.
I hope this framework helps you in creating your balanced scorecard. If you have any specific information or measures from the case that you'd like me to incorporate, please provide them, and I'll be happy to assist you further.
https://brainly.com/question/28167376
Identify and explain two advantages and two disadvantages to Amin of running his own business rather than working for the computer manufacturer
Answers
Explanation:
Advantages & Disadvantages of Owning Your Own Company
Advantage: Financial Rewards. ...
Advantage: Lifestyle Independence. ...
Advantage: Personal Satisfaction and Growth. ...
Disadvantage: Financial Risk. ...
Disadvantage: Stress and Health Issues. ...
Disadvantage: Time Commitment. ...
Try a Side Hustle.
How many bushels of wheat are wholesalers willing to buy at $18 per bushel?
a. 18
b. 26
c. 38
d. 42
e. 52
Answers
Answer:
D. 42 is the correct answer.
Explanation:
PLEASE HELP ME (ECONOMICS ASSIGNMENT)!!! ASAPPP
Answers
Answer:
1. Classical Economics
2. Keynesian Economics
3. Demand-Side Economics
4. Supply-Side Economics
Explanation:
The annual report for Jackson Farms disclosed that 1 billion shares of common stock have been authorized. At the beginning of 2017, 810 million shares had been issued and the number of shares in treasury stock was 111 million. During 2017, the only common share transactions were that 19 million common shares were reissued from treasury and 30 million common shares were purchased and held as treasury stock.
Required: Determine the number of common shares (a) issued, (b) in treasury, and (c) outstanding at the end of 2017.
Answers
Answer:
a: 810 (million)
b: 111-19(issued)+30(purchased)= 122 (million)
c: 810 (issued)-122 (treasury)=688 million
What are the 2 types of credit?
Answers
Open credit score, additionally called open-quit credit score, and Closed credit score, additionally called closed-quit credit score, are the 2 main types of credit.
Credit is the ability to obtain goods or services or to borrow money with the intention of paying for them later. A credit is a transaction that demonstrates a decrease in assets or a rise in liabilities along with a decrease in expenses or an increase in income.
When you have open credit, also known as open-end credit, such as on credit cards and personal loans, you can keep using it as long as you make interest payments. When you seek a specific amount of money, receive it, and then pay it back over time in clearly specified increments, that is closed credit, also known as closed-end credit.
To learn more about credit, visit the link below:
brainly.com/question/29049585
#SPJ4
The top five cities where venture capitalists are investing their money represent 10% of the global total.
True
False
Answers
it is false statement that the top five cities where venture capitalists are investing their money represent 10% of the global total.
What is a Venture capital?
This refers to the managerial expertise provided by investors to startup firms with long-term growth potential.
However, it is false that the top five cities where venture capitalists are investing their money represent 10% of the global total.
Therefore, the statement is a false statement.
Read more about Venture capital
brainly.com/question/18776651
#SPJ1
State two ways in which trade unions could assist workers in addressing non compliance with working conditions
Answers
Ways in which change unions should assist workers in addressing noncompliance with operating conditions are the standard sports of alternate unions consist of supplying assistance and services to their contributors, collectively bargaining for better pay and conditions for all people, and running to enhance the excellent of public offerings, political campaigning, and commercial movement.
The definition of a worker is someone or animal that performs a particular or essential project or who completes duties in a certain way. someone who works in a store is an instance a retail employee. someone who works diligently on his homework for hours a day is an instance of a tough employee.
A person is normally classed as a 'worker' if: they have a contract or other association to do work or offerings personally for praise (a contract may be written or unwritten) their reward is for money or an advantage in type, for example the promise of a settlement or future paintings.
Workers are the people employed by using a selected organization or company. Manpower is all the employees available to paint for a business enterprise or USA. A colleague or co-employee is a person you figure with, mainly in the workplace.
Learn more about Workers here:brainly.com/question/12831236
#SPJ9
If you are promised $100 in one year, $200 in two years, and $300 in 3 years, then those promises combined equal ______ $600 today.
Answers
To determine the present value of future promises, we need to discount them back to the present using an appropriate discount rate. Assuming a discount rate of 10% per year, we can calculate the present value of each promise and then sum them up to find the total present value.
The present value (PV) of $100 in one year would be $100 / (1 + 0.10)^1 = $90.91.
The present value of $200 in two years would be $200 / (1 + 0.10)^2 = $165.29.
The present value of $300 in three years would be $300 / (1 + 0.10)^3 = $225.76.
Adding up these present values, we get $90.91 + $165.29 + $225.76 = $482.96.
Therefore, the combined present value of the promises is approximately $482.96. This means that the value of receiving $100 in one year, $200 in two years, and $300 in three years is equivalent to approximately $482.96 in today's dollars.
learn more about promises here :
https://brainly.com/question/30755371
#SPJ11
What do you undentand by the term supply chain management? Why has SCM become more important today than in previous years? What are the enabling factors that have made the practice of SCM possible?
Answers
Supply chain management (SCM) refers to the coordination and integration of all activities involved in the procurement, production, and distribution of goods and services.
SCM has become increasingly important today due to factors such as globalization, heightened customer expectations, technological advancements, and the need for efficient operations.
Enabling factors that have made the practice of SCM possible include improved communication and information technology, supply chain visibility, collaboration among stakeholders, data analytics, and the adoption of lean principles.
Supply chain management involves the strategic coordination and optimization of various processes, from sourcing raw materials to delivering the final product to customers. It aims to enhance efficiency, reduce costs, and improve customer satisfaction by effectively managing the entire supply chain network.
SCM has become more important today than in previous years due to several factors. Firstly, globalization has increased the complexity of supply chains, with companies sourcing materials and components from different regions and serving customers worldwide. This necessitates effective coordination and synchronization of activities across geographically dispersed locations.
Technological advancements have also played a significant role in the growing importance of SCM. Improved communication and information technology have facilitated better collaboration among supply chain partners, enabling real-time data sharing, forecasting accuracy, and inventory optimization.
Furthermore, the adoption of lean principles, data analytics, and supply chain visibility tools has enhanced efficiency and decision-making in SCM.
Learn more about Supply chain management here:
https://brainly.com/question/31978808
#SPJ11