Business Awareness Questions

Smoke alarms are also necessary in public places like banks, theaters, rest rooms, aeroplanes,...

The purpose of safety stock is to control the likelihood of a stockout due to the variability of demand during lead time. Stockouts contribute to the direct loss of any type of business.

The term 'degrees of newness' is associated with degree of design change. How much the design changes that much newness comes in it.

Sales promotion uses both media and non-media marketing communications for a pre-determined, limited time to increase consumer demand, stimulate market demand or improve product availability.

Sales promotions include Coupons, Rebates, Free Samples, etc... Online Ads come under advertising form.

An improvement in production technology will shift the supply curve to the right.

SOP means Standard Operating Procedure.

A standard operating procedure is a set of step-by-step instructions compiled by an organization to help workers carry out complex routine operations. SOPs aim to achieve efficiency, quality output and uniformity of performance, while reducing miscommunication and failure to comply with industry regulations.

Every SOP must have the signature of the approving authority within your chain of command before it is a legal document.