Define the following concepts. Consumer behaviour. Fixed cost. Inventory carrying costs transformation process. Job analysis. .
Define the following concepts.
Consumer behaviour.
Fixed cost.
Inventory carrying costs
transformation process.
Job analysis.
.
A business organization deals in buying and selling goods and services nationally and internationally. Factors that should be considered while carrying on the business tasks are cost, profit, customers, employees, and resources.
1) Consumer behavior:
Consumer behavior refers to the analysis of a customer's needs and preferences while selecting, consuming, and disposing of the good. It refers to the full analysis of the customer's behavior regarding the product's consumption and acceptance.
2) Fixed cost:
Fixed cost refers to the type of cost that is constant i.e. it remains the same. Fixed cost is the indirect cost or overhead that does not change with the change in output/final goods.
3) Inventory carrying cost: Inventory carrying cost refers to the cost that includes all the expenses involved or incurred in the goods that remain unsold for a specified period of time.
4) Transformation process: This refers to the process of accepting the inputs like raw materials and convert them into output as finished goods that can be consumed by the customers or consumers.
5) Job analysis: Job analysis refers to the assessment of the requirements, roles, and technicalities of the job. It refers to the identification of the job contents for the hiring process. It involves making a list of job specifications and tasks that a candidate is supposed to perform.
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