Final answer:
Inventory Management is the process of buying sufficient product quantities to meet buyer demand while ensuring optimal profit by controlling inventory size.
Step-by-step explanation:
The term defined as "a procedure whereby products are purchased in sufficient quantity to meet the anticipated demands of purchasers while controlling inventory size to generate optimal profits" is Inventory Management. This involves analyzing the demand relationship, which signifies how much of a product or service is desired by buyers at various prices, and then procuring the right amount of inventory to meet demand without incurring excess costs or shortages. Effective inventory management is crucial for maintaining the balance between too much and too little stock, thereby maximizing company profits.