Question 1

The importance of time, dependability, communication, and convenience are all important concepts of _________.

Accepted Answer

The concepts of time, dependability, communication, and convenience all relate to factors that contribute to good customer service. These factors are important in meeting the needs and expectations of consumers, and ultimately contribute to customer satisfaction and loyalty.

Question 2

A two-way link between buyer and seller that helps in monitoring service and anticipating future needs is referred to as

Accepted Answer

A two-way link between buyer and seller that helps in monitoring service and anticipating future needs is referred to as communication. The other options (honesty, reliability, well-informed, and accountability) are important elements in a business transaction, but they do not specifically refer to the concept of a two-way link that enables monitoring and anticipation of needs.

Question 3

Dependability is the consistency of replenishment.This is important to all firms in a supply chain and to consumers.It can be broken into three elements: consistent lead time, complete delivery, and _________.

Accepted Answer

The answer of Dependability is the consistency of replenishment.This is...

Question 4

Another name for efficient consumer response is _________.

Accepted Answer

Efficient consumer response (ECR) is also commonly known as quick response (QR). The term "quick response" reflects the main goal of ECR, which is to enable retailers to quickly respond to customer demand by streamlining the supply chain process.

Question 5

Dependability is the consistency of replenishment.This is important to all firms in a supply chain and to consumers.It can be broken into three elements: safe delivery, complete delivery, and

Accepted Answer

Dependability is the consistency of replenishment, which includes consistent lead time. Safe delivery, complete delivery, and consistent lead time are the three elements of dependability. Honesty and accurate pricing, quality products, well-informed delivery staff, and product warranties are also important in a supply chain, but they are not directly related to the consistency of replenishment.

Question 6

Convenience refers to

Accepted Answer

Convenience refers to the idea that the buying process should require minimal effort on the part of the buyer. This can include things like easy access to the product, simple and efficient transaction processes, and customer support availability. Therefore, choice A is the best answer.

Question 7

Another name for order cycle time is

Accepted Answer

Order cycle time is also known as replenishment time, as it refers to the time it takes to replenish inventory after an order is placed. The other options listed are either not synonymous with order cycle time or are not commonly used terms in this context.

Question 8

Saks Fifth Avenue has a point-of-sale scanner system to record each sale.When stock of fashion merchandise, such as a Donna Karan jacket, falls below a minimum level, the system automatically generates a replenishment order.When the Donna Karan vendor receives it, the electronic order is processed within 48 hours.This is an example of a(n)

Accepted Answer

The described system is an example of an Efficient Consumer Response (ECR) delivery system, where point-of-sale data triggers automatic replenishment orders, reducing inventory costs and improving customer satisfaction.

Question 9

Inventory management systems that are designed to reduce the retailer's lead time for receiving merchandise which then lowers a retailer's inventory investment, improves customer service levels, and reduces logistic expenses is referred to as _________.

Accepted Answer

Efficient consumer response (ECR) is a strategy that aims to reduce lead times and inventory levels while improving customer service and reducing logistics costs.

Question 10

The lag from ordering an item until it is received and ready for use or sale is referred to as

Accepted Answer

Order cycle time refers to the total time elapsed from the moment when an order is placed until the product is delivered and ready for use or sale. It includes order processing time, manufacturing/production time, shipping time, and any other delays that may occur during the process. Therefore, option A is the most appropriate answer.

Question 11

Another name for quick response systems is _________.

Accepted Answer

Quick response systems are also known as efficient consumer response systems, which aim to improve the supply chain efficiency by responding quickly to consumer demand.

Question 12

The limited employs a quick response system to order fast-moving fashion items.The limited's point-of-sale scanner records each sale.When stock falls below a minimum level, the system automatically sends an electronic order to the manufacturer, which processes the order immediately.This system has effectively reduced

Accepted Answer

The system used by The Limited has effectively reduced the time taken for replenishment of stock. When the stock falls below a minimum level, the system sends an electronic order to the manufacturer, which processes the order immediately. Hence, there is no delay in replenishing the stock, and the time taken for replenishment is reduced.

Question 13

Inventory management systems that are designed to reduce the retailer's lead time for receiving merchandise which then lowers a retailer's inventory investment, improves customer service levels, and reduces logistics expense Is referred to as

Accepted Answer

Quick response systems are designed to reduce lead time for merchandise, lower inventory investment, improve customer service, and reduce logistics expenses. This is achieved by using advanced technology and communication between retailers and suppliers to quickly respond to changes in customer demand and adjust inventory levels accordingly.

Question 14

Dependability is the consistency of replenishment.This is important to all firms in a supply chain and to consumers.It can be broken into three elements: consistent lead time, safe delivery, and

Accepted Answer

The three elements of dependability are consistent lead time, safe delivery, and complete delivery. While honesty, product quality, warranties, and well-informed staff are important factors for a supply chain, they do not fall under the category of dependability.

Question 15

Saks Fifth Avenue has employed a quick response delivery system since the mid-1990s.When stock falls below a minimums level, the system

Accepted Answer

Saks Fifth Avenue's quick response delivery system automatically generates a replenishment order when stock falls below a minimum level.

Question 16

In a supply chain setting, replenishment time refers to lead time for an item, which means the lag from ordering an item until it is

Accepted Answer

Replenishment time refers to the time lag between ordering an item and the item being received and ready for use or sale. It is the lead time required for the supplier to deliver an item to the customer or to stock the item in a warehouse. Options A, B, C, and D are either not related to or do not fully describe replenishment time in a supply chain setting.

Question 17

Figure 13-12 
-Figure 13-12 above, indicates that supply chain managers must balance total logistics cost factors against customer service factors.The four customer service factors (a, b, c, and d) include all of the following except _________.

Accepted Answer

The four customer service factors typically include communication, dependability, convenience, and time. "Place" is not considered one of these customer service factors.

Question 18

Replenishment time refers to

Accepted Answer

Replenishment time refers to the time it takes for an ordered item to be received and made available for use or sale.

Question 19

Order cycle time refers to

Accepted Answer

Order cycle time refers to the time between when an order is placed and when it is received and ready for use or sale. This includes the lag from ordering an item until it is received, inspected, processed, and made available for use or sale.

Question 20

Efficient consumer response systems refer to

Accepted Answer

Efficient Consumer Response (ECR) systems are inventory management systems that seek to reduce the time between when a product is ordered by a retailer or wholesaler and when it is received. By reducing this "lead time," inventory investment can be minimized, customer service levels improved, and logistics expenses reduced. These systems rely on the sharing of information between suppliers, retailers, and wholesalers to coordinate production and distribution activities. Option A is incorrect because maintaining a fixed level of inventory does not necessarily guarantee that stockouts will never occur. Option B is not a common feature of ECR systems. Option C is a broad statement that may refer to any number of inventory management systems, and Option E describes a specific type of delivery service agreement, not an inventory management system.

Quiz 13: Managing Marketing Channels and Supply Chains