What is MRP? Identify four benefits from its use
What will be an ideal response?
MRP or material requirements planning is a dependent demand technique that uses a bill of material, inventory, expected receipts, and a master production schedule to determine material requirements. The benefits of MRP include 1. better response to customer orders, 2. faster response to market changes, 3 . improved utilization of facilities and labor, and 4. reduced inventory levels.
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An arrangement where a bank receives customer payments through the postal system, scans the remittance advices, and transmits payment data to the business electronically is known as
A) e-commerce. B) an electronic lockbox. C) electronic funds transfer (EFT). D) electronic data interchange (EDI).
Which of the following demonstrates the real value of a company's marketing research and information system?
A) the amount of data it generates B) the variety of contact methods it uses C) the tools it uses to gather information D) the quality of customer insights it provides E) the type of sampling plan it follows