Vocab I
The availability of an item
Supply
The ability and willingness of consumers to purchase products
Demand
Name a strategy for increasing the supply of a product
Manufacturing, diverting resources to create more of the product
Unprocessed, natural substances that can be utilized by themselves or can go into making products
Raw materials
Global supply chain
Name a strategy for increasing demand for a product
Lowering the price, using promotions, increased marketing efforts
To create products on a large-scale (often using machinery)
Manufacture
The inventory strategy that doesn't keep much safety stock, utilizing the approach of order-as-bought
Just-in-time inventory
____ manufacturing is the inventory strategy of maximizing efficiency and minimizing waste of products
Lean manufacturing
The process of assembling similar, individual items into a single unit
Kitting
A technique used to improve the process of bringing a product or service from concept to reality
Value stream mapping
What field of study (subject/topic) is supply and demand most closely associated with?
Economics