What is lead time?

Question $67$ options:

$1)$

The amount of time it takes for a vendor to negotiate price with buyers

$2)$

The time it takes for a new product to progress through the life cycle

$3)$

The time from recognizing that an order needs to be placed and the point it arrives in the store ready for sale

$4)$

The amount of time it takes to develop product assortment in the assortment planning process

$5)$

The time it takes retailers to gain customer loyalty