GK
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Total Quality Management (TQM)
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Lean operations
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Just-in-Time (JIT)
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Supply chain
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Detailed explanation-1: -The just-in-time (JIT) inventory system is a management strategy that minimizes inventory and increases efficiency. Kanban is a scheduling system often used in conjunction with JIT to avoid overcapacity of work in process.
Detailed explanation-2: -Just in time (JIT) inventory management, also known as lean inventory management, is a resource management strategy that only requires a producer to buy raw materials as they are needed for production.
Detailed explanation-3: -The philosophy of zero inventories follows nearly the same principle as just-in-time (JIT manufacturing is when the company has an inventory only when the consumer needs the goods. There is no inventory or supplies when consumers don’t need the products).
Detailed explanation-4: -Instead of stockpiling products and raw materials, you order small shipments to replace inventory as you forecast and fulfill orders. JIT is designed to reduce costs from the production process while ensuring the highest quality products.