Question 1

The ____ concept suggests that the customer desires a product offering that is highly tailored to the customer's exact preferences.
A) market demassification
B) relationship marketing
C) customized customer
D) niche marketing

Accepted Answer

The concept described best by the question is that of customized customer, which is the idea that customers want offerings that are highly personalized to their unique preferences and needs. Market demassification refers to the trend towards catering to smaller, more specific segments of the market, while relationship marketing involves building long-term relationships with customers. Niche marketing focuses on targeting a narrow, specialized group of customers.

Question 2

____ refers to the removal of intermediaries between producer and consumer.
A) direct channels
B) market demassification
C) consolidation
D) disintermediation

Accepted Answer

Disintermediation refers to the removal of intermediaries in the supply chain, allowing producers to sell directly to consumers.

Question 3

Which of the following is not a reason for the increased importance of logistics?
A) growing power of manufacturers
B) reduction in economic regulation
C) globalization of trade
D) technological advances
E) all of the above are reasons

Accepted Answer

The growing power of manufacturers is not typically cited as a reason for the increased importance of logistics. Instead, factors like reduction in economic regulation, globalization of trade, and technological advances are more directly related to the rising significance of logistics.

Question 4

Approximately ____ percent of US adult women are currently in the workforce.
A) 70
B) 60
C) 50
D) 40

Accepted Answer

Approximately 60 percent of US adult women are currently in the workforce, reflecting labor force participation rates.

Question 5

The ____ approach indicates that a company's objectives can be realized by recognizing the mutual interdependence of major functional areas.
A) supply chain
B) systems
C) interfunctionality
D) rhochrematics

Accepted Answer

The systems approach emphasizes the interdependence of different functional areas within a company, suggesting that objectives can be achieved by recognizing and managing these interconnections.

Question 6

Every customer getting the same type and level of logistics service refers to ___________.
A) tailored logistics
B) mass logistics
C) effectiveness
D) efficiency

Accepted Answer

Mass logistics refers to providing the same type and level of logistics service to every customer, regardless of their individual needs.

Question 7

"How well a company does what it says it's going to do" represents ___________.
A) efficiency
B) productivity
C) leading edge logistics
D) effectiveness

Accepted Answer

Effectiveness refers to the degree to which a company achieves its goals and fulfills its promises, aligning with the definition provided.

Question 8

The ____ department often measures inventory in terms of its cost or value in dollars, whereas ____ tends to measure inventory in terms of units.
A) marketing; logistics
B) finance; production
C) marketing; production
D) finance; logistics

Accepted Answer

The finance department is responsible for measuring inventory in terms of its cost or value in dollars, whereas logistics tends to measure inventory in terms of units. Marketing and production departments may also deal with inventory, but they are not consistently associated with a specific method of inventory measurement.

Question 9

Logistics managers use the ____ approach to coordinate materials management and physical distribution in a cost-efficient manner.
A) total cost
B) supply chain
C) interfunctional logistics
D) intrafunctional logistics

Accepted Answer

The answer of Logistics managers use the ____ approach to...

Question 10

____ are stores with large amounts of both floor space and product for sale.
A) mass merchandisers
B) power retailers
C) big-box retailers
D) do-it-yourself (DIY) retailers

Accepted Answer

Big-box retailers are large retail establishments with extensive floor space and a wide variety of products for sale.

Question 11

Logistics clearly contributes to ___________ and ___________ utility.
A) time; place
B) form; time
C) place; form
D) possession; time
E) none of the above

Accepted Answer

Logistics contributes to time utility by ensuring products are available when needed and to place utility by ensuring products are available where needed.

Question 12

World trade grew at an average annual rate of approximately ____ percent between 1991 and 2011.
A) 5.5
B) 4.5
C) 3.5
D) 2.5

Accepted Answer

World trade grew at an average annual rate of approximately 5.5 percent between 1991 and 2011, reflecting a period of significant globalization and economic expansion.

Question 13

Widespread reductions in economic regulation of US transportation carriers occurred in ____.
A) 1960s and 1970s
B) 1970s and 1980s
C) 1980s and 1990s
D) only the 1990s

Accepted Answer

The widespread deregulation of US transportation carriers, including airlines, trucking, and railroads, primarily took place during the 1970s and 1980s, starting with the Airline Deregulation Act of 1978.

Question 14

___________ utility refers to the value or usefulness that comes from a customer being able to take possession of a product.
A) Time
B) Place
C) Form
D) Possession

Accepted Answer

Possession utility refers to the value or usefulness that comes from a customer being able to take possession of a product.

Question 15

What concept refers to "how well company resources are used to achieve what a company promises it can do?"
A) Efficiency
B) Productivity
C) Reengineering
D) Effectiveness

Accepted Answer

The answer of What concept refers to "how well company...

Question 16

All of the following are types of economic utility, except:
A) Time
B) Production
C) Place
D) Possession
E) All of the above are types of economic utility

Accepted Answer

The answer of All of the following are types of...

Question 17

___________ utility refers to having products available where they are needed by customers.
A) Possession
B) Time
C) Place
D) Form

Accepted Answer

Place utility refers to making products available where they are needed by customers, ensuring convenience and accessibility.

Question 18

Which concept refers to the storage of finished product and movement to the customer?
A) supply chain management
B) business logistics
C) physical distribution
D) materials management

Accepted Answer

Physical distribution refers to the storage of finished product and the movement of these products to the customer. Supply chain management refers to the management of the entire process, including sourcing, production, and distribution. Business logistics encompasses both inbound and outbound movement of products and materials, as well as managing inventory and transportation. Materials management refers specifically to the management of raw materials and components within the production process.

Question 19

A cost trade-off is a situation where:
A) all costs react according to their individual degrees of inflation in the economy
B) all costs are reflected as a percentage variation from standard costs
C) some costs increase and some costs decrease
D) some costs are eliminated by efficient management controls

Accepted Answer

A cost trade-off is a situation where some costs increase and some costs decrease. It is a decision-making process where a company must choose between two options, each with its own costs and benefits. In this situation, a company has to weigh the advantages and disadvantages of each option and determine the best course of action. This requires a thorough analysis of the costs and benefits associated with each option.

Question 20

The movement and storage of materials into a firm refers to:
A) physical distribution
B) materials management
C) supply chain management
D) materials handling

Accepted Answer

The movement and storage of materials into a firm is specifically related to the management of those materials, making "materials management" the best choice. "Physical distribution" refers to the movement of finished products out of a firm, "supply chain management" is a broader term that encompasses the entire network of suppliers, manufacturers, distributors, and retailers involved in getting products to consumers, and "materials handling" is more focused on the physical movement and transportation of materials within a facility.

Quiz 1: An Overview of Logistics

The ____ concept suggests that the customer desires a product offering that is highly tailored to the customer's exact preferences.

____ refers to the removal of intermediaries between producer and consumer.

Which of the following is not a reason for the increased importance of logistics?

Approximately ____ percent of US adult women are currently in the workforce.

The ____ approach indicates that a company's objectives can be realized by recognizing the mutual interdependence of major functional areas.

Every customer getting the same type and level of logistics service refers to ___________.

"How well a company does what it says it's going to do" represents ___________.

The department often measures inventory in terms of its cost or value in dollars, whereas tends to measure inventory in terms of units.

Logistics managers use the ____ approach to coordinate materials management and physical distribution in a cost-efficient manner.

____ are stores with large amounts of both floor space and product for sale.

Logistics clearly contributes to _ and _ utility.

World trade grew at an average annual rate of approximately ____ percent between 1991 and 2011.

Widespread reductions in economic regulation of US transportation carriers occurred in ____.

___________ utility refers to the value or usefulness that comes from a customer being able to take possession of a product.

What concept refers to "how well company resources are used to achieve what a company promises it can do?"

All of the following are types of economic utility, except:

___________ utility refers to having products available where they are needed by customers.

Which concept refers to the storage of finished product and movement to the customer?

A cost trade-off is a situation where:

The movement and storage of materials into a firm refers to: