Question 1

At one time groceries were in the supply chain _______________,due to ECR the time is now _______________ or less.

Accepted Answer

104 days,61 days

Question 2

The benefits of this initiative includes reduced failure rate of new products and determining the profitability of a product:
A)Efficient assortment
B)Efficient product introduction
C)Efficient replenishment
D)Efficient promotions

Accepted Answer

Efficient product introduction refers to the process of introducing new products into the market in an efficient and effective way. By using data analysis tools and techniques, companies can reduce the failure rate of new products and determine their profitability before they are launched. This can lead to increased revenue and profitability and help companies stay ahead of their competition.

Question 3

This process originally meant merchandise was moved from one truck to another.
A)Advanced shipping notice
B)Cross docking
C)Direct store delivery
D)Forward buying

Accepted Answer

Cross docking refers to the process of unloading goods from incoming trucks and loading them directly onto outbound trucks, without the need for any intermediate storage or handling. This allows for the efficient movement of merchandise and reduces both time and costs associated with traditional warehousing methods.

Question 4

The purpose of this initiative was to streamline the distribution of goods all the way from the assembly line to the checkout line.
A)Efficient assortment
B)Efficient product introductions
C)Efficient replenishment
D)Efficient promotions

Accepted Answer

Efficient replenishment involves the management of inventory levels and the timely restocking of goods to ensure a smooth supply chain flow from production to retail. This initiative aims to improve the distribution process, making it more efficient and effective in meeting consumer demand.

Question 5

_______________ focuses on providing the right product at the right time to the right consumer.

Accepted Answer

The answer of _______________ focuses on providing the right product...

Question 6

This movement was developed in the 1990's to improve the supply chain in food retailing:
A)Collaboration,planning,forecasting,and replenishment model
B)Efficient consumer response
C)Quick response
D)Total quality management

Accepted Answer

Efficient consumer response (ECR) is the movement developed in the 1990s to improve the supply chain in food retailing. ECR aims to efficiently fulfill customer demand, reduce inventory levels, and improve product quality and availability. Collaboration, planning, forecasting, and replenishment model (CPFR) and quick response (QR) are also supply chain management models, but they were not specifically developed for food retailing like ECR was. Total quality management (TQM) is a management approach focused on continuous improvement of product quality and customer satisfaction, but it is not a supply chain management model. Therefore, the best choice for this question is B.

Question 7

This is purchasing large quantities of merchandise when offered at a discount by the manufacturer:
A)Advanced shipping notice
B)Cross docking
C)Forward buying
D)Slotting fees

Accepted Answer

Purchasing large quantities of merchandise when offered at a discount by the manufacturer is known as forward buying. This involves buying goods in advance and storing them until they are needed, typically to take advantage of lower prices or to avoid price increases in the future. It is a common practice among retailers, wholesalers, and distributors who want to cut costs and increase profits. Advanced shipping notice refers to the notification sent by a supplier or manufacturer to inform a customer about an upcoming delivery. Cross-docking is a process of moving goods directly from inbound to outbound transportation, without long-term storage. Slotting fees refer to payments made by manufacturers to retailers for access to prime shelf space in stores.

Question 8

A flow of processes in which a product gains value.
A)Consumer chain
B)Product chain
C)Supply chain
D)Value chain

Accepted Answer

The value chain is a process in which a product gains value through various activities such as design, production, marketing, sales, and service. The value chain is responsible for the delivery of the final product to the end customer, and it helps in improving the profitability of the business by reducing costs, increasing efficiency, and enhancing customer satisfaction. The other choices (A, B, and C) do not accurately describe the flow of processes in which a product gains value.

Question 9

In the past,__________ consisted of a combination of advertising,consumer promotion,and trade promotion.
A)Efficient assortment
B)Efficient product introductions
C)Efficient replenishment
D)Efficient promotions

Accepted Answer

The question is asking about past marketing practices, and the options provided are related to supply chain management. Efficient promotions, which include advertising, consumer promotion, and trade promotion, is the best choice and the most relevant to the question.

Question 10

The major obstacle in implementing ECR is _______________.

Accepted Answer

The answer of The major obstacle in implementing ECR is...

Question 11

A standard way soft drinks,snacks,and chips are delivered to stores is through:
A)Advanced shipping notice
B)Cross docking
C)Direct store delivery
D)Forward buying

Accepted Answer

Direct store delivery is the standard way soft drinks, snacks, and chips are delivered to stores. In this method, the manufacturer or distributor delivers the products directly to the store, bypassing the retailer's distribution center. This helps to reduce the delivery time and cost, and also ensures that the products are readily available to customers. Advanced shipping notice (A) is a notification sent by the supplier to the customer about the impending delivery of goods. Cross docking (B) is a logistics strategy where goods are directly transferred from inbound trucks to outbound trucks without being put away or stored in a warehouse. Forward buying (D) is a practice where retailers buy more products than they need in anticipation of a price increase or shortage.

Question 12

This initiative was designed to increase the success rate of new products by gathering and sharing among trading partners more accurate purchasing data on a timely basis.
A)Efficient assortment
B)Efficient product introductions
C)Efficient replenishment
D)Efficient promotions

Accepted Answer

The initiative described is focused on the success rate of new products, which is the main goal of efficient product introductions. The other choices (efficient assortment, efficient replenishment, efficient promotions) may also involve the sharing of purchasing data, but they are not specifically focused on new product success.

Question 13

This initiative in retailing offers manufacturers a competitive advantage to reduce inventory levels,improve merchandise quality,increase worker productivity,increase stock turnover,and reduce merchandise markdowns:
A)Collaboration,planning,forecasting,and replenishment model
B)Efficient consumer response
C)Quick response
D)Total quality management

Accepted Answer

Quick response is a strategy in retailing that focuses on reducing lead times, improving inventory management, and increasing stock turnover, which helps in reducing markdowns and improving overall efficiency.

Question 14

This movement began in the 1950's to improve quality in the manufacturing industry:
A)Collaboration,planning,forecasting,and replenishment model
B)Efficient consumer response
C)Quick response
D)Total quality management

Accepted Answer

Total quality management is the movement that began in the 1950s to improve quality in the manufacturing industry. It focuses on continuous improvement, customer satisfaction, and employee involvement to achieve the highest level of product or service quality. The other options, collaboration planning, forecasting and replenishment model, efficient consumer response, and quick response, are related to supply chain management and retail industry practices.

Question 15

This process enables retailers and suppliers to manage all touch points of the customer experience:
A)Collaborative customer relationship management
B)Collaborative customer assortment management
C)Collaborative vendor relationship management
D)Collaborative retailer-vendor management

Accepted Answer

Collaborative Customer Relationship Management (CCRM) is designed to enable retailers and suppliers to jointly manage all the touch points of the customer experience, ensuring a cohesive and integrated approach to customer service and support.

Question 16

The goal of efficient assortment is to:
A)Increase the success rate of new products
B)To streamline the distribution of goods
C)To optimize the product mix and space allocation
D)Reduce warehousing and distribution costs

Accepted Answer

Efficient assortment aims to optimize the product mix and space allocation, ensuring that the right products are available in the right quantity and at the right time to meet consumer demand, while also minimizing inventory and associated costs. While increasing the success rate of new products and streamlining distribution are important, their ultimate goal is to achieve an efficient assortment, making C the best choice. The reduction of warehousing and distribution costs is also a potential benefit of efficient assortment, but it is not the primary goal.

Question 17

Which of the following is NOT true in regard to the development of changes in the flow of processes:
A)Competition within the retail industry
B)Intense price competition
C)Power of global retail giants
D)Shrinking number of private label products

Accepted Answer

The shrinking number of private label products is not a factor in the development of changes in the flow of processes. Competition within the retail industry, intense price competition, and the power of global retail giants are all important factors that affect the flow of processes in the retail industry.

Question 18

Value chain analysis allows retailers to:
A)Communication between suppliers and retailers
B)Get new information about the cost structure
C)Implementing radio frequency identification
D)Optimizing product assortment

Accepted Answer

Value chain analysis helps retailers understand their cost structure by analyzing activities ranging from procurement of raw materials to the final delivery of products to consumers. This understanding can lead to more efficient operations and cost savings.

Question 19

This is a fee suppliers pay to retailers for shelf space in a store:
A)Direct store delivery fee
B)Forward buying
C)Rent
D)Slotting fees

Accepted Answer

Slotting fees are fees paid by suppliers to retailers for the right to have their products placed on the shelves of a store. It is a common practice in the retail industry and allows suppliers to gain access to valuable shelf space that can improve their sales and visibility.

Question 20

The purpose of this initiative was to optimize the product mix and space allocation and thereby increase sales productivity and inventory turnover.
A)Efficient assortment
B)Efficient product introductions
C)Efficient replenishment
D)Efficient promotions

Accepted Answer

The initiative mentioned in the statement aims to optimize the product mix and space allocation, indicating an efficient assortment strategy. The other options, such as efficient product introductions, replenishment, and promotions, may also contribute to sales productivity and inventory turnover, but they are not directly related to optimizing the product mix and space allocation.

Quiz 4: Retail Value Chain Management

At one time groceries were in the supply chain _,due to ECR the time is now _ or less.

The benefits of this initiative includes reduced failure rate of new products and determining the profitability of a product:

This process originally meant merchandise was moved from one truck to another.

The purpose of this initiative was to streamline the distribution of goods all the way from the assembly line to the checkout line.

_______________ focuses on providing the right product at the right time to the right consumer.

This movement was developed in the 1990's to improve the supply chain in food retailing:

This is purchasing large quantities of merchandise when offered at a discount by the manufacturer:

A flow of processes in which a product gains value.

In the past,__________ consisted of a combination of advertising,consumer promotion,and trade promotion.

The major obstacle in implementing ECR is _______________.

A standard way soft drinks,snacks,and chips are delivered to stores is through:

This initiative was designed to increase the success rate of new products by gathering and sharing among trading partners more accurate purchasing data on a timely basis.

This initiative in retailing offers manufacturers a competitive advantage to reduce inventory levels,improve merchandise quality,increase worker productivity,increase stock turnover,and reduce merchandise markdowns:

This movement began in the 1950's to improve quality in the manufacturing industry:

This process enables retailers and suppliers to manage all touch points of the customer experience:

The goal of efficient assortment is to:

Which of the following is NOT true in regard to the development of changes in the flow of processes:

Value chain analysis allows retailers to:

This is a fee suppliers pay to retailers for shelf space in a store:

The purpose of this initiative was to optimize the product mix and space allocation and thereby increase sales productivity and inventory turnover.