Vendor-Managed Inventory is:

1. an approach in which the wholesaler is responsible for replacing inventory to meet retailers' needs.
2. an approach in which the manufacturer is responsible for replacing inventory to meet retailers' needs.
3. an approach in which the manufacturer trains retailers' salespeople to sell more.
4. an approach in which the wholesalers train retailers' salespeople to sell more.
5. an approach in which all marketing intermediaries share their inventory information.