Question 1

The Limited employs a quick response system to order fast-moving fashion items.The Limited's point-of-sale scanner records each sale.When inventory 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 implemented by The Limited has effectively reduced the replenishment time, as the system automatically sends an electronic order to the manufacturer when inventory falls below a minimum level, and the manufacturer processes the order immediately. This ensures that fast-moving fashion items are constantly replenished, reducing the time it takes for these items to be restocked.

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 three elements of dependability in a supply chain are consistent lead time, safe delivery, and complete delivery. Of the options given, only A - consistent lead time - fits as the third element in this category. While the other options are important for a successful supply chain, they do not specifically relate to the concept of dependability.

Question 3

An efficient consumer response system refers to

Accepted Answer

An efficient consumer response system is an inventory management system that simplifies the process of reordering and receiving products. It focuses on reducing inventory while improving product availability to meet consumer demands. Therefore, option D is the correct answer. Options A, B, C, and E do not fully capture the meaning of an efficient consumer response system.

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

Which of the following is an example of good communication between buyer and seller?

Accepted Answer

Order status reports are an example of good communication between buyer and seller as they provide updates on the status of the order and help manage expectations of the buyer. The other options listed are not specific examples of communication between buyer and seller.

Question 6

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 not typically a part of the order cycle, as they are typically used to report inventory levels after an order has already been placed.

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 third element of dependability is consistent lead time, which ensures that deliveries are made on time and as promised. While the other options (A, B, D, E) may also contribute to dependability, they are not specifically related to the consistency of replenishment.

Question 8

Another name for quick response systems is __________.

Accepted Answer

Efficient consumer response systems, also known as quick response systems, are designed to enhance the efficiency and responsiveness of supply chains by improving coordination and communication between retailers, manufacturers, and suppliers. This approach aims to reduce lead times, improve accuracy and timeliness of demand forecasts, and minimize inventory levels while simultaneously improving customer service and satisfaction. Other choices do not accurately describe the nature or purpose of quick response systems.

Question 9

In a supply chain setting,replenishment time refers to lead time for an item,which means the time between the ordering of an item and when it is

Accepted Answer

The answer of In a supply chain setting,replenishment time refers...

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 efficient consumer response systems is __________.

Accepted Answer

Efficient consumer response systems are often referred to as quick response systems because their goal is to respond quickly and effectively to customer demand. Option A is not a common term used to describe ECR systems. Option B and C describe specific types of inventory management systems, but they do not encompass the full scope of ECR. Option E is too specific, as not all ECR systems are web-based.

Question 12

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 13

A vendor-managed inventory system refers to an

Accepted Answer

A vendor-managed inventory system is an inventory management system whereby the supplier determines the product amount and assortment a retailer needs and automatically delivers the appropriate items. This system helps to reduce the retailer's lead time for receiving merchandise, which then lowers its inventory investment, improves customer service levels, and reduces logistic expenses.

Question 14

The 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 is known as reverse logistics. It involves the collection and processing of used or returned products for various purposes such as recycling, disposal, repair, or redistribution. This process aims to maximize the value of the resources and minimize waste, making it an important aspect of sustainable business practices. Choice A refers to the marketing of salvage, which is a specific aspect of reverse logistics. Choices B and E are unrelated to the question. Choice C is similar to reverse logistics but refers specifically to the handling of materials in the opposite direction of their normal flow.

Question 15

Another name for order cycle time is

Accepted Answer

Order cycle time refers to the time between a customer placing an order and receiving the product. Replenishment time is another name for the order cycle time, as it refers to how long it takes to replace the inventory used to fulfill the customer's order. The other choices are not correct names for order cycle time.

Question 16

At 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

Solectron utilized a vendor-managed inventory program, which means its suppliers determined which products should be in stock and in what quantity. This allows for better coordination and efficiency in the supply chain as the supplier is responsible for managing inventory levels and restocking as needed.

Question 17

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

The given inventory-management system in which a supplier determines and delivers the appropriate product amount and assortment to a retailer automatically is referred to as vendor-managed inventory. Therefore, option E is the correct answer. Options A, B, C, and D do not correctly describe the given scenario.

Question 18

Replenishment time refers to

Accepted Answer

Replenishment time refers to the time period between the ordering of an item and when it is received and ready for use or sale. It is the time required to restock and maintain the inventory levels of a product. It is an important factor for retailers as it affects their cash flow and inventory management.

Question 19

Convenience refers to the concept that

Accepted Answer

Convenience refers to making it easy for the buyer to do business with the seller, with minimal effort. This can include factors such as location, hours of operation, payment options, and delivery methods.

Question 20

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

The two-way link between buyer and seller is essentially a communication channel that allows both parties to monitor service and anticipate future needs. This is crucial in logistics as it ensures that both parties are on the same page and can work together effectively to deliver goods and services on time and in good condition. The other options - inventory management, dependability, reverse logistics, and accountability - are all important concepts in logistics but are not specifically related to a two-way communication link between buyer and seller.

Quiz 15: Managing Marketing Channels and Supply Chains