Stock management quiz

What is stock management?

• The process of overseeing and controlling the inventory of goods in a business.
• The process of managing financial investments in the stock market.
• The process of organizing and arranging stock items on shelves.
• The process of tracking the movement of livestock in a farm.

What does customer demand mean?

• The number of customers a business has.
• The desire or need for a particular product or service expressed by customers.
• The amount of money a customer is willing to pay for a product or service.
• The satisfaction level of customers with a product or service.

True or False: The purchase order is prepared by the supplier and given to the buyer

• True
• False

What are the internal factors when it comes to stock management?

• Employee training, equipment maintenance, and cost control.
• Demand forecasting, supplier relationships, and pricing strategies.
• Marketing campaigns, customer feedback, and competitor analysis.
• Production capacity, inventory levels, theft, and quality control.

What can happen if we don't have enough stock to meet customer demands?

• Our reputation may be negatively impacted and we may lose customer trust.
• We may lose potential sales and revenue.
• Customers may become dissatisfied and choose to shop elsewhere.
• Several negative consequences can occur if we don't have enough stock to meet customer demands.

What are fluctuations in supply or demand?

• Variations in the price of a product or service.
• Changes in the quality of a product or service.
• Fluctuations in the advertising of a product or service.
• Changes in the quantity of a product or service that is available or desired by consumers over a period of time.

What is a product line ?

• A group of products offered by different companies.
• A group of related products offered by a company.
• A single product offered by a company.
• A group of unrelated products offered by a company.

What are economies of scale ?

• Decreased production costs due to increased competition
• Cost advantages achieved when purchasing products on a larger scale

• Increased production costs due to higher demand
• Cost disadvantages achieved when producing on a larger scale