TQM: TQM stands for total quality management. TQM focuses on the overall quality of the product. It focuses on providing high product to the customers with the least defect possible. So that the confidence of the customers over the company and the product can be gained, that will overall benefit the business. E-Commerce: E-Commerce can be defined as the business done through internet i.e. goods are purchased and sold, services are provided through internet all over the world. Triple Bottom Line: Triple Bottom Line can be defined as the concept which focuses on including social and environmental factors to be considered along with the economic factors of the business, thus, it is termed as triple bottom line. ERP (Enterprise Resource Planning): ERPs are the software programmes designed as per the needs and the requirements of the business. It can be defined as a programme that combines all the operational activities and coordinate all of them together. JIT (Just In Time): JIT can be defined as the concept which focuses on the keeping only required amount of inventory as per the current demand. To match: Definitions: 1. A philosophy designed to integrate all organizational areas in order to provide customers with superior products and services while meeting organizational objectives. Require improving quality and eliminating defects and waste. 2. Use of the internet for business functions such as sales and customers service. Enables companies to reach customers around the world. 3. Evaluating a company’s performance by its economic, social and environmental impact. 4. Software System that integrates all of a company’s functions, departments, and data into a single system. 5. A System in which a company produces products just when they are needed to satisfy needs. Suppliers deliver materials when they are needed to begin production, and finished units are completed at the right time for delivery to customers. With terms: a. ERP b. JIT c. E-commerce d. TQM e. Triple Bottom Line.

Question

Want to see the full answer?

Answer 1

Question

Chapter 18, Problem S18.3SE

To determine

Concept Introduction:

TQM:

TQM stands for total quality management. TQM focuses on the overall quality of the product. It focuses on providing high product to the customers with the least defect possible. So that the confidence of the customers over the company and the product can be gained, that will overall benefit the business.

E-Commerce:

E-Commerce can be defined as the business done through internet i.e. goods are purchased and sold, services are provided through internet all over the world.

Triple Bottom Line:

Triple Bottom Line can be defined as the concept which focuses on including social and environmental factors to be considered along with the economic factors of the business, thus, it is termed as triple bottom line.

ERP (Enterprise Resource Planning):

ERPs are the software programmes designed as per the needs and the requirements of the business. It can be defined as a programme that combines all the operational activities and coordinate all of them together.

JIT (Just In Time):

JIT can be defined as the concept which focuses on the keeping only required amount of inventory as per the current demand.

To match:

Definitions:

1. A philosophy designed to integrate all organizational areas in order to provide customers with superior products and services while meeting organizational objectives. Require improving quality and eliminating defects and waste.

2. Use of the internet for business functions such as sales and customers service. Enables companies to reach customers around the world.

3. Evaluating a company’s performance by its economic, social and environmental impact.

4. Software System that integrates all of a company’s functions, departments, and data into a single system.

5. A System in which a company produces products just when they are needed to satisfy needs. Suppliers deliver materials when they are needed to begin production, and finished units are completed at the right time for delivery to customers.

With terms:

a. ERP

b. JIT

c. E-commerce

d. TQM

e. Triple Bottom Line.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Write down as many descriptions describing rock and roll that you can. From these descriptions can you come up with s denition of rock and roll? What performers do you recognize? What performers don’t you recognize? What can you say about musical inuence on these current rock musicians? Try to break these inuences into genres and relate them to the rock musicians. What does Mick Jagger say about country artists? What does pioneering mean? What kind of ensembles w

Recently, Abercrombie & Fitch has been implementing a turnaround strategy since its sales had been falling for the past few years (11% decrease in 2014, 8% in 2015, and just 3% in 2016.) One part of Abercrombie's new strategy has been to abandon its logo-adorned merchandise, replacing it with a subtler look. Abercrombie wrote down $20.6 million of inventory, including logo-adorned merchandise, during the year ending January 30, 2016. Some of this inventory dated back to late 2013. The write-down was net of the amount it would be able to recover selling the inventory at a discount. The write-down is significant; Abercrombie's reported net income after this write-down was $35.6 million. Interestingly, Abercrombie excluded the inventory write-down from its non-GAAP income measures presented to investors; GAAP earnings were also included in the same report. Question: What impact would the write-down of inventory have had on Abercrombie's expenses, Gross margin, and Net income?

Recently, Abercrombie & Fitch has been implementing a turnaround strategy since its sales had been falling for the past few years (11% decrease in 2014, 8% in 2015, and just 3% in 2016.) One part of Abercrombie's new strategy has been to abandon its logo-adorned merchandise, replacing it with a subtler look. Abercrombie wrote down $20.6 million of inventory, including logo-adorned merchandise, during the year ending January 30, 2016. Some of this inventory dated back to late 2013. The write-down was net of the amount it would be able to recover selling the inventory at a discount. The write-down is significant; Abercrombie's reported net income after this write-down was $35.6 million. Interestingly, Abercrombie excluded the inventory write-down from its non-GAAP income measures presented to investors; GAAP earnings were also included in the same report. Question: What impact would the write-down of inventory have had on Abercrombie's assets, Liabilities, and Equity?