Answer to Question #271715 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

Q.1.1 Quality.  (4)

Quality can be defined as a basic tool for a natural property of any good or service that allows it to be compared with any other good or service of its kind. Basically, it refers to the set of inherent properties of an object that allows satisfying stated or implied needs. An example of quality is a product that won't break easily, a well-made product.

Q.1.2 Job Description.  (4)

A job description is a written narrative that describes the general tasks, or other related duties, and responsibilities of a position. The description typically includes the person’s main duties, responsibilities, and working conditions. It also includes the job title and to whom the person holding that job has to report. For example, HR is the department within an organization that administers, hires, and trains employees.

Q.1.3 Consumer Behaviour.  (4)

This is the study of how individual customers, groups or organizations select, buy, use, and dispose ideas, goods, and services to satisfy their needs and wants. It refers to the actions of the consumers in the marketplace and the underlying motives for those actions. For example, a customer who decides they need a cookware after watching a cooking show that featured a new technology.

Q.1.4 Costs.  (4)

Cost is the price paid or required for acquiring, producing, or maintaining something, usually measured in money, time, or energy; expense or expenditure; outlay. For example, costs incurred to sell products like employing sales staff, renting selling space, and purchasing display ranks for products are recorded as selling expenses and presented on a multi-step income statement.

Q.1.5 Just-in-time system. 

It is a form of inventory management that requires working closely with suppliers so that raw materials arrive as production is scheduled to begin, but no sooner. The goal is to have the minimum amount of inventory on hand to meet demand. For example, a company that markets office furniture but does not manufacture it may order the furniture from the manufacturer only when a customer makes a purchase. The manufacturer delivers it directly to the customer.