Question 1

Convenience refers to the concept that

Accepted Answer

Convenience refers to the ease and simplicity of doing business with a seller, with a minimum of effort required by the buyer. This can include aspects like easy payment methods, fast shipping, and user-friendly interfaces. Choice B is incorrect as not all products need to be available around the clock, while choice C is incorrect as both the buyer and seller have responsibilities in making an exchange. Choice E is also incorrect as not all logistical services are provided by a supplier network.

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,complete delivery,and __________.

Accepted Answer

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

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: safe delivery,complete delivery,and __________.

Accepted Answer

Consistent lead time refers to the predictability and reliability of the time it takes for a supplier to deliver goods or services. This is important for firms in the supply chain to plan and manage inventory levels, as well as for consumers to rely on receiving their orders in a timely manner. Safe and complete delivery are also crucial aspects of dependability, but are already mentioned in the question. The other options, such as honest pricing and product warranties, may be important for other reasons but are not directly related to the consistency of replenishment.

Question 4

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 options are also important factors in dependability, but consistent lead time and safe delivery are already mentioned in the question. The missing element is complete delivery, meaning that all items ordered are delivered without any missing items or quantities.

Question 5

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

Accepted Answer

Efficient consumer response systems are designed to streamline inventory management by reducing lead times, lowering inventory investment, improving customer service, and reducing logistics expenses.

Question 6

Another name for efficient consumer response systems is __________.

Accepted Answer

Efficient Consumer Response (ECR) systems are also known as Quick Response Systems (QRS) as they help in quickly responding to changes in customer demand and preferences. Option A, B, C, and E are not synonyms for ECR systems.

Question 7

Another name for order cycle time is

Accepted Answer

Order cycle time refers to the time taken from when a customer places an order until they receive the product. It is also known as replenishment time as it involves replenishing inventory levels to fulfill customer orders. Physical distribution sequence, total logistics cycle, logistical support time, and billing cycle are all different from order cycle time and do not accurately describe this concept.

Question 8

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 all about effective communication. Both parties must communicate openly and honestly to ensure that the service or product meets the buyer's needs and expectations. This communication also helps the seller anticipate the buyer's future needs and make necessary adjustments to improve the service or product. Therefore, the best choice is C) communication.

Question 9

Another name for quick response systems is __________.

Accepted Answer

Quick response systems are also known as efficient consumer response systems, as they focus on improving supply chain efficiency and responsiveness to meet consumer demand. The other options do not accurately reflect the purpose of quick response systems.

Question 10

Replenishment time refers to

Accepted Answer

Replenishment time refers to the time lag from ordering an item until it is received and ready for use or sale. It is the time required for a company to restock or reorder inventory after the existing inventory has been sold or used up. This time includes the time required to place an order, receive and inspect the delivery, process the items into inventory, and make them available for use or sale.

Question 11

vendor-managed inventory system refers to an

Accepted Answer

The vendor-managed inventory system refers to an inventory management system whereby the supplier determines the product amount and assortment a retailer needs and automatically delivers the appropriate items. This helps to streamline the inventory management process and reduce the lead time for receiving merchandise.

Question 12

typical order cycle include all of the following elements EXCEPT:

Accepted Answer

The typical order cycle includes order processing (receiving and reviewing orders), transportation (shipping the orders), documentation (creating invoices and other paperwork), and order transmittal (sending orders to suppliers or manufacturers). Stockout reports, while important for inventory management, are not a standard part of the order cycle.

Question 13

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

The 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 vendor-managed inventory. Therefore, the best choice is E.

Question 14

process of reclaiming recyclable and reusable materials,returns,and reworks from the point-of-consumption or use for repair,remanufacturing,redistribution,or disposal is referred to as

Accepted Answer

The process described in the question refers to the concept of reverse logistics, which involves the handling of products and materials in the reverse supply chain from the point of consumption or use back to the point of origin or final disposition. This process includes activities such as collection, transportation, sorting, and disposition of recyclable and reusable materials, as well as repairs, remanufacturing, and redistribution of returned or defective products. Reverse logistics is an important aspect of sustainability and circular economy, as it helps reduce waste, conserve resources, and create value from discarded and unused materials.

Question 15

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 employed by The Limited has effectively reduced replenishment time as the system automatically sends an electronic order to the manufacturer when the stock falls below the minimum level, and the manufacturer processes the order immediately. This reduces the time required for replenishing the stock, increasing the speed of the product flow. It also reduces supply and logistical lag, but the primary benefit is the reduction in replenishment time. Therefore, option C is the best choice.

Question 16

efficient consumer response system refers to

Accepted Answer

Efficient consumer response system refers to an inventory management system that aims to reduce the retailer's lead time for receiving merchandise, which then lowers its inventory investment, improves customer service levels, and reduces logistics expense. It is not related to options A, B, C, or E.

Question 17

the end of a recent year,Solectron,a big Milpitas,California,electronics contractor,made half of its purchases under vendor-managed inventory programs.Solectron

Accepted Answer

Vendor-managed inventory programs involve the supplier determining the appropriate product amount and assortment to be in stock. This means that Solectron's suppliers were responsible for managing inventory levels and reordering stock as needed, allowing Solectron to focus on other aspects of their business.

Question 18

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

Accepted Answer

Quick response systems are designed to reduce lead time and improve inventory management, which ultimately benefits the retailer by lowering inventory costs and improving customer service levels. The other options (A, C, D, E) are not specifically related to this type of inventory management system.

Question 19

Which of the following statements regarding communication is most accurate?

Accepted Answer

The statement that "Improvement in transportation carrier information has improved the ability to trace information and schedule shipments" is the most accurate among the given options. This statement highlights the impact of technological advancements on communication in supply chain management, specifically with regard to transportation carriers. The other options are incorrect or incomplete in their definitions of communication as a function of customer service, or in their views of communication between manufacturers and consumers.

Question 20

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 lead time from ordering an item until it is received and ready for use or sale. This means that the lag time includes the time it takes for the item to be delivered, checked for quality, processed, and put into inventory. It does not necessarily refer to billing, payment, or customer acknowledgment.

Quiz 15: Managing Marketing Channels and Supply Chains