Question 1

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

Accepted Answer

This two-way link between buyer and seller requires effective communication in order to monitor service and anticipate future needs. Inventory management, dependability, reverse logistics, and accountability are all important aspects of logistics, but they are not specifically related to this type of communication between buyer and seller.

Question 2

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 other choices may also be important for dependability, but consistent lead time and safe delivery are already mentioned as elements of dependability in the question, so the third element must be complete delivery to provide a complete definition of the term.

Question 3

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 it takes for an item to be received and ready for use or sale. It is the time between placing an order for an item and that item being available for use or sale. Therefore, option E is the correct answer.

Question 4

Inventory management systems that are designed to make the process of reordering and receiving products as simple as possible are referred to as

Accepted Answer

The answer of Inventory management systems that are designed to...

Question 5

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 duration from the placement of an order until the receipt of the goods. This includes the processing time, manufacturing time (if applicable), shipping time, and any other necessary factors to complete the order.

Question 6

Order cycle time refers to

Accepted Answer

Order cycle time refers to the time elapsed between placing an order and receiving the product or service, and it includes the lag from ordering an item until it is received and ready for use or sale. Option A refers only to payment, while option B refers to the production cycle, not the order cycle. Option C focuses on warehouse shipments rather than individual orders. Option E refers to the average time between reorders rather than the entire order cycle.

Question 7

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

The three elements of dependability are safe delivery, complete delivery, and consistent lead time. The other options listed are important factors in supply chain management, but they do not specifically pertain to dependability.

Question 8

Replenishment time refers to

Accepted Answer

Replenishment time refers to the time it takes for an item to be ordered, shipped, received, and made available for use or sale. It involves the logistics and supply chain management processes that help maintain appropriate inventory levels to meet customer demand.

Question 9

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 quick response system used by The Limited has reduced the replenishment time required for fast-moving items. When stock falls below a minimum level, the system automatically orders new stock from the manufacturer, which processes the order immediately. This system has made the replenishment process faster and more efficient.

Question 10

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 11

Another name for order cycle time is

Accepted Answer

Order cycle time refers to the time it takes to process an order from the time it is received to the time it is delivered to the customer. It includes all the activities involved in the process, such as order processing, picking, packing, shipping, and delivery. Replenishment time is another term used to describe order cycle time, which focuses specifically on the time it takes to restock inventory after it has been depleted by customer orders.

Question 12

Which of the following statements is an example of good communication in logistics?

Accepted Answer

Order status reports provide timely and accurate information regarding the location and status of goods in transit. This enables all parties involved in the logistics process to make informed decisions and take necessary actions. Good communication is crucial in logistics to ensure the smooth flow of goods and minimize delays or errors.

Question 13

Convenience refers to the concept that

Accepted Answer

Convenience refers to making the buying process as easy and effortless for the buyer as possible. This means that the seller is responsible for minimizing the effort required by the buyer to make a purchase or exchange. Option A best embodies this concept.

Question 14

Another name for quick response systems is __________.

Accepted Answer

Efficient consumer response systems (ECR) are another name for quick response systems. ECR aims to improve supply chain efficiency by reducing inventory levels, lowering costs, and improving customer satisfaction through collaboration between suppliers and retailers.

Question 15

An efficient consumer response system refers to

Accepted Answer

An efficient consumer response system is an inventory management system that streamlines the process of reordering and receiving products. It allows firms to respond quickly to changes in demand and avoid stockouts, which can result in lost sales and dissatisfied customers. Therefore, option D is the best choice.

Question 16

Another name for efficient consumer response systems is __________.

Accepted Answer

Efficient consumer response systems are also known as quick response systems. These systems are designed to streamline the supply chain and reduce inventory costs by allowing for faster communication and replenishment of products.

Question 17

A vendor-managed inventory system refers to an

Accepted Answer

A vendor-managed inventory system refers to a system where the supplier determines the product amount and assortment a retailer needs and automatically delivers the appropriate items. The supplier manages the inventory level, and the retailer does not have to worry about stock levels. This system helps increase efficiency, lower inventory costs, and improve customer service levels.

Question 18

An inventory-management system whereby the supplier determines the product amount and assortment a retailer needs and automatically delivers the appropriate items is referred to as __________.

Accepted Answer

This system is known as vendor-managed inventory (VMI), where the supplier is responsible for managing and replenishing the retailer's inventory.

Question 19

Inventory management systems that are designed to make the process of reordering and receiving products as simple as possible are referred to as __________.

Accepted Answer

Key term definition-quick response or efficient consumer response delivery systems.

Question 20

The typical order cycle include all of the following elements EXCEPT:

Accepted Answer

The typical order cycle includes order processing, transportation, documentation, and order transmittal. However, stockout reports are usually a component of inventory management rather than the order cycle itself.

Quiz 12: Managing Marketing Channels and Supply Chains