Answer to Question #271714 in Management for Grace

Question

In four-five sentences, explain your understanding of the following terms. Provide examples to support your answer.

Q.1.1 Quality. (4)

Q.1.2 Job Description. (4)

Q.1.3 Consumer Behaviour. (4)

Q.1.4 Costs. (4)

Q.1.5 Just-in-time system.

Answer 1

Quality: Quality refers to how beneficial something is in relation to other similar items. To put it another way, its level of excellence. It refers to a distinguishing feature or attributes that a person possesses when used to describe them. For instance good quality means someone possess desirable skills. Or if it is a product then it is of high value.

Job Description: correctly reflects the position's tasks and responsibilities. It creates a realistic picture of a job and clarifies, "What does the person in this role truly do?" It encopasses job tittle, purpose and duties. For instance, chief finance officer role will be described with responsibilities like accounting or supervising junior staffs etc

Consumer Behavior: The analysis of individual, groups, or organizations, as well as all behaviors involved with the buying, consumption, and disposal of products and services, is known as consumer behavior. Generally, it refers to how a person's emotions, attitudes, and preferences influence their purchasing decisions. It is critical to comprehending consumer behavior, as a consumer's culture influences the overall priorities they places on various activities and items. For example, some individuals prefer online shoping to in person or vice versa.

Cost: The monetary amount that a corporation has spent in order to manufacture something is referred to as cost. As a result, the price is the cost of a thing from the buyer's perspective. It can also be the expense assigned to acquisition of a particular product. For example, if the price of bread is 2 dollars, it means the cost of production was roughly less than 2 dollars.

Just-in-time system: Just-in-time systems entail creating, storing, and tracking only enough orders to meet the company's actual demand for its products. This strategy is used by the organization to efficiently manage production and fulfill orders. Supply chain competitiveness depends on effective inventory management. For instance, every business believes inventory to be an asset that provides a long-term competitive edge in the marketplace. Inventory management has become more important as the business environment has changed.