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Marketing
Q:
Marketing channels help create value for consumers through four utilities. These utilities are
A. product, price, promotion, and place.
B. form, function, risk taking, and selling.
C. time, place, form, and possession.
D. transactional, logistical, facilitating, and marketing.
E. buying, selling, storing, and transporting.
Q:
Hewlett-Packard is taking a proactive role in reducing the amount of electronic merchandise dumped in landfills by using __________ to reclaim recyclable and reusable materials.
A. reverse materials handling
B. reverse logistics
C. cause-related marketing
D. vendor-managed inventory
E. materials transformation
Q:
Though uninformed consumers may not appreciate the extra markups from channel members, the four utilities each provide methods of
A. channel intermediary development.
B. relationship management between channel intermediaries themselves.
C. value creation by channel intermediaries.
D. channel intermediary promotional efforts.
E. a way to recoup cost overruns.
Q:
Butler-McDonald, an Indianapolis firm, recycles outdated computers to reclaim reusable materials such as plastics, copper, zinc, silver, and gold. Butler-McDonald is implementing
A. salvage marketing.
B. materials transformation.
C. cyclical materials handling.
D. reverse logistics.
E. cause-related marketing.
Q:
Egg distributors determine the relative quality of the product and put a rating on the packaging, such as Grade A or Grade AA. This rating system is most closely related to which facilitating function activity performed by marketing intermediaries?
A. grading
B. sorting
C. risk taking
D. marketing
E. assorting
Q:
Reverse logistics refers to
A. the collection of used goods donated from to nonprofit organizations by ultimate consumers to be restored, cleaned, repaired, and resold back to ultimate consumers.
B. deconstructing products that failed to pass quality inspection standards on the production line and reusing workable parts instead of throwing out the entire unit.
C. the process of reclaiming recyclable and reusable materials, returns, and reworks from the point-of-consumption or use for repair, remanufacturing, redistribution, or disposal.
D. organizing a cost-effective flow of raw materials, in-process inventory, finished goods, and related information from point of origin to point of consumption to satisfy customer requirements.
E. the donation of old or broken automobiles to nonprofit organizations that can be recycled or turned into scrap with the profits applied to the organization's operating expenses.
Q:
Inspecting, testing, or judging products and assigning them quality grades would be an example of a __________ function performed by channel intermediaries.
A. transactional
B. logistical
C. storing
D. facilitating
E. risk taking
Q:
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
A. salvage marketing.
B. materials transformation.
C. reverse materials handling.
D. reverse logistics.
E. cause-related marketing.
Q:
Extending credit to customers would be an example of a __________ function performed by channel intermediaries.
A. transactional
B. logistical
C. facilitating
D. buying
E. risk taking
Q:
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
A. had its suppliers perform all materials handing activities.
B. authorized its suppliers to eliminate as many wholesaling functions as possible from the supply chain.
C. used a system in which its suppliers determined the product amount and assortment that should be in stock.
D. authorized the use of distribution centers to provide quicker customer response times.
E. balanced its total logistics cost by eliminating the convenience service factor.
Q:
Intermediaries perform facilitating function activities, which assist producers in making products and services more attractive to buyers. These activities include
A. producing, assembling, and distributing.
B. transportation and distribution.
C. buying, selling, and risk taking.
D. assorting, sorting, and storing.
E. financing, grading, and providing marketing information and research.
Q:
A vendor-managed inventory system refers to an
A. inventory supply system that operates with very low inventories and requires fast on-time delivery.
B. inventory management system whereby the supplier determines the product amount and assortment a retailer needs and automatically delivers the appropriate items.
C. inventory management system that is 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.
D. inventory supply system that relies on the "judgment" of individual warehouse managers based on daily reports from its retailer customers.
E. inventory system that guarantees delivery within 48 hours, granting price reductions of 1 percent per hour if a shipment is delayed.
Q:
In terms of distribution, when marketing channel members are engaged in financing, grading, and providing marketing information and research, they are performing the __________ function.
A. logistical
B. transformational
C. implementing
D. facilitating
E. transactional
Q:
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 __________.
A. supplier-managed inventory
B. supply chain inventory
C. logistics-managed inventory
D. just-in-time inventory management
E. vendor-managed inventory
Q:
Facilitating function activities include
A. buying and selling.
B. assorting, sorting, and storing.
C. financing, grading, and providing information.
D. risk taking.
E. transportation.
Q:
Convenience refers to the concept that
A. there should be a minimum of effort on the part of the buyer in doing business with the seller.
B. all products or services should be available 24 hours a day, 7 days a week, and 365 days a year.
C. all tasks required to make an exchange are the sole responsibility of the seller.
D. an exchange requires equal effort by both the buyer and seller.
E. all logistical services are provided by a supplier network.
Q:
When Hunter went to the hardware store looking for gloves to wear while refinishing a table, he bought one pair because that was all he needed. But when the hardware store purchased the gloves, it purchased a case containing 100 pairs of identical gloves. Which logistical function did the hardware store perform for Hunter and its other customers here?
A. marketing
B. buying
C. sorting
D. assorting
E. risk taking
Q:
Which of the following is an example of good communication between buyer and seller?
A. disintermediation
B. selective distribution
C. reverse logistics
D. forward integration
E. order status reports
Q:
Physically moving a product to customers would be an example of a __________ function performed by channel intermediaries.
A. transactional
B. logistical
C. facilitating
D. selling
E. risk taking
Q:
In logistics, a two-way link between buyer and seller that helps in monitoring service and anticipating future needs is referred to as
A. inventory management.
B. dependability.
C. communication.
D. reverse logistics.
E. accountability.
Q:
Purchasing products in large quantities and breaking them into smaller amounts desired by customers would be an example of a __________ function performed by a channel intermediary.
A. logistical
B. transactional
C. facilitating
D. transporting
E. risk taking
Q:
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 __________.
A. complete delivery
B. honest and accurate pricing
C. quality products
D. product warranties
E. a well-informed delivery staff
Q:
Assembling and protecting products at a convenient location to offer better customer service would be an example of a __________ function performed by a channel intermediary.
A. transactional
B. facilitating
C. grading
D. risk taking
E. logistical
Q:
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 __________.
A. honest and accurate pricing
B. quality products
C. a well-informed delivery staff
D. product warranties
E. safe delivery
Q:
Creating product assortments from several sources to serve customers would be an example of a __________ function performed by a channel intermediary.
A. transactional
B. facilitating
C. selling
D. logistical
E. risk taking
Q:
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 __________.
A. honest and accurate pricing
B. quality products
C. consistent lead time
D. a well-informed delivery staff
E. product warranties
Q:
When marketing channel members are engaged in assorting, storing, sorting, and transporting products and services, they are performing __________ functions.
A. logistical
B. merchandising
C. facilitating
D. implementation
E. transactional
Q:
Another name for quick response systems is __________.
A. order replenishment systems
B. customer logistics factors
C. minimum-inventory systems
D. web-based response systems
E. efficient consumer response systems
Q:
Logistical function activities include __________ products and services.
A. buying and selling
B. assorting, storing, sorting, and transporting
C. financing and grading
D. risk taking
E. marketing information for and research of
Q:
Inventory management systems that are designed to make the process of reordering and receiving products as simple as possible are referred to as __________.
A. efficient consumer response systems
B. order replenishment systems
C. customer logistics factors
D. minimum-inventory systems
E. web-based response systems
Q:
Purchasing products for resale or as an agent to supply of a product would be an example of a __________ function of a marketing intermediary.
A. logistical
B. facilitating
C. risk taking
D. transactional
E. assorting
Q:
An efficient consumer response system refers toA. an order replenishment system that maintains a 10 percent inventory rate at all times in order to guarantee there will never be stockouts.B. an online virtual inventory storage program that allows firms to enter in minute-by-minute information in order to avoid stockouts due to unforeseen environmental forces.C. a computer program that allows even the smallest manufacturer to manage its inventory system.D. an inventory management system that is designed to make the process of reordering and receiving products as simple as possible.E. an exclusive contractual agreement between delivery services such as FedEx or UPS to deliver expedited orders at a special low rate, regardless of the day and time.
Q:
A marketing channel intermediary that contacts potential customers, promotes products, and seeks orders would be engaging in a(n) __________ function.
A. transactional
B. logistical
C. facilitating
D. risk taking
E. assorting
Q:
Inventory management systems that are designed to make the process of reordering and receiving products as simple as possible are referred to as
A. order replenishment systems.
B. quick response systems.
C. customer logistics factors.
D. minimum-inventory systems.
E. web-based response systems.
Q:
In terms of distribution, when marketing channel members are engaged in buying, selling, and risk taking, they are performing __________ functions.
A. logistical
B. merchandising
C. facilitating
D. implementation
E. transactional
Q:
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
A. dependability.
B. product flow.
C. replenishment time.
D. supply lag.
E. logistical lag.
Q:
Risk taking as a transactional function refers to
A. unpredictable costs of transportation because of fuel prices.
B. product liability from poorly produced products that become defective.
C. the need to stock merchandise in anticipation of sales though it may become obsolete.
D. trying new promotional campaigns that are unproven with consumers.
E. investments in new product development even when the product has a low chance of long-term success.
Q:
The typical order cycle include all of the following elements EXCEPT:
A. order processing.
B. transportation.
C. stockout reports.
D. documentation.
E. order transmittal.
Q:
Intermediaries performing a transactional function in distribution are engaged in buying, selling, and __________.
A. storing
B. financing
C. transporting
D. risk taking
E. merchandising
Q:
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
A. billed to the customer.
B. acknowledged by the customer.
C. billed and paid for by the customer.
D. promised for delivery.
E. received and ready for use or sale.
Q:
Figure 12-2
Intermediaries perform three basic functions. According to Figure 12-2 above, C represents a(n) __________.
A. transactional function
B. facilitating function
C. middleman function
D. logistical function
E. operational function
Q:
Another name for order cycle time isA. physical distribution sequence.B. total logistics cycle.C. replenishment time.D. logistical support time.E. billing cycle.
Q:
Figure 12-2
Intermediaries perform three basic functions. According to Figure 12-2 above, B represents a(n) __________.
A. logistical function
B. transactional function
C. middleman function
D. facilitating function
E. operational function
Q:
Order cycle time refers toA. the time between when an order is placed and when payment is received.B. the time between the sale of the first production batch to the sale of the next production batch.C. the cycle between one full warehouse shipment to the next full warehouse shipment.D. the time between the ordering of an item and when it is received and ready for use or sale.E. the average time between reorders by a given wholesaler or retailer in the marketing channel.
Q:
Figure 12-2
Intermediaries perform three basic functions. According to Figure 12-2 above, Box A represents a(n) __________.
A. middleman function
B. logistical function
C. facilitating function
D. operational function
E. transactional function
Q:
The three basic functions intermediaries perform are
A. planning, implementing, and evaluating functions.
B. implementation, accommodating, and contractual functions.
C. contractual, facilitating, and logistical functions.
D. transactional, logistical, and facilitating functions.
E. facilitating, accommodating, and implementation functions.
Q:
Which of the following statements regarding supply chain customer service is most accurate?
A. The output of a supply chain is measured in total units sold.
B. Customer service must be balanced against total logistics cost factors.
C. The output of a supply chain is measured either in total units sold or total number of customers served.
D. A firm's goal should be to provide superior customer service regardless of costs.
E. Customer service is the responsibility of marketing channel members and not the supplier network.
Q:
Figure 12-1
A variety of terms are used for marketing intermediaries. According to Figure 12-1 above, F represents a(n) __________.
A. dealer
B. retailer
C. middleman
D. wholesaler
E. agent or broker
Q:
The output of a supply chain is the
A. units of products delivered.
B. total generated revenue.
C. service delivered to customers.
D. total number of customers served.
E. total profits realized.
Q:
Figure 12-1
A variety of terms are used for marketing intermediaries. According to Figure 12-1 above, E represents a(n) __________.
A. retailer
B. middleman
C. wholesaler
D. distributor
E. agent or broker
Q:
Supply chain managers balance total logistics cost factors against customer service factors. Customer service factors include
A. reliability, flexibility, consistency, and dependability.
B. time, dependability, communication, and convenience.
C. consistency, responsiveness, durability, and communication.
D. time, assurance, responsiveness, and dependability.
E. convenience, flexibility, time, and value.
Q:
Figure 12-1
A variety of terms are used for marketing intermediaries. According to Figure 12-1 above, D represents a(n) __________.
A. retailer
B. wholesaler
C. distributor
D. agent or broker
E. middleman
Q:
The importance of time, dependability, communication, and convenience are all important concepts of __________, within the context of the supply chain.
A. customer service
B. supplier service
C. wholesaler service
D. retailer service
E. stakeholder service
Q:
Figure 12-1
A variety of terms are used for marketing intermediaries. According to Figure 12-1 above, C represents a(n) __________.
A. retailer
B. dealer
C. wholesaler
D. distributor
E. agent or broker
Q:
Within the context of a supply chain, __________ is the ability of a logistics system to satisfy users in terms of time, dependability, communication, and convenience.
A. quick response
B. customer service
C. distribution management
D. efficient consumer response
E. lead time
Q:
Figure 12-1
A variety of terms are used for marketing intermediaries. According to Figure 12-1 above, B represents a(n) __________.
A. retailer
B. middleman
C. wholesaler
D. distributor
E. agent or broker
Q:
In the context of a supply chain, customer service refers toA. adhering to the belief that the customer is always right.B. satisfying the customers' needs no matter what the price.C. accepting full liability if a product fails to meet a customer's expectations.D. the ability of logistics management to satisfy users in terms of time, dependability, communication, and convenience.E. the ability of logistics management to satisfy users in terms of product, price, promotion, and place.
Q:
Figure 12-1
A variety of terms are used for marketing intermediaries. According to Figure 12-1 above, Box A represents a(n) __________.
A. retailer
B. middleman
C. wholesaler
D. distributor
E. agent or broker
Q:
For logistics, the customer service concept suggests that firms should
A. automate interactions with customers.
B. maximize customer service levels.
C. minimize customer service levels.
D. minimize total logistics costs and let customer service follow.
E. satisfy users in terms of time, dependability, communication, and convenience.
Q:
Automakers such as Chrysler, Ford, and General Motors utilize a __________ network to sell cars to consumers.
A. dealer
B. broker
C. supplier
D. agent
E. wholesaler
Q:
Which of the following best describes the goal for a firm's inventory and transportation costs?
A. focus more on minimizing required inventory costs
B. focus more on minimizing required transportation costs
C. minimize the sum of inventory and transportation costs
D. maximize the difference between required inventory and transportation costs
E. set a level of transportation costs and minimize the required inventory costs
Q:
An even more imprecise term than distributor, __________ can mean the same as retailer, wholesaler and more.
A. broker
B. buying committee
C. agent
D. dealer
E. supplier
Q:
Which of the following is an element of total logistics cost?
A. new product development
B. inventory
C. advertising
D. personal selling
E. market research
Q:
An imprecise terms for intermediaries who perform a variety of functions, including selling, maintaining inventories, extending credit, and so on, are referred to as __________.
A. agents
B. brokers
C. retailers
D. wholesalers
E. distributors
Q:
Figure 12-9
Figure 12-9 above indicates that supply chain managers must balance total logistics cost factors against customer service factors. The four customer service factors (W, X, Y, and Z) include all of the following EXCEPT:
A. communication.
B. dependability.
C. convenience.
D. return products handling.
E. time.
Q:
A distributor refers to
A. an imprecise term for intermediaries who perform a variety of distribution functions, including selling, maintaining inventories, extending credit, and so on.
B. an intermediary who sells only to manufacturers.
C. an intermediary who takes possession of a product, alters it in some way, and then sells it to the ultimate consumer.
D. an intermediary who sells only to consumers.
E. an intermediary who sells only to other intermediaries.
Q:
Figure 12-9
Figure 12-9 above indicates that supply chain managers must balance total logistics cost factors against customer service factors. The six total logistics cost factors (A, B, C, D, E, and F) include all of the following EXCEPT:
A. order processing.
B. materials handling and warehousing.
C. time.
D. inventory.
E. transportation.
Q:
Your best friend just bought a longboard at BC Surf & Sport. In terms of the marketing channel, BC Surf & Sport is a(n) __________.
A. ultimate consumer
B. manufacturer
C. wholesaler
D. retailer
E. distributor
Q:
Total logistics costs refer to
A. the design, installation, and maintenance of in-store displays, cabinets, and free standing promotional materials for retail outlets.
B. expenses associated with activities performed by brokers and agents to bring buyers and sellers together.
C. expenditures associated with the clerical or bookkeeping side of the procurement process, which include purchase, design, and maintenance of the EDI system.
D. expenses associated with product adaptations that are made by the manufacturer in response to the needs of a channel member closest to the consumer.
E. expenses associated with transportation, materials handling and warehousing, inventory, stockouts, order processing, and return products handling.
Q:
A retailer refers to
A. an intermediary who sells only to other intermediaries.
B. any intermediary between a manufacturer and industrial markets.
C. an intermediary who sells to other distributors.
D. an intermediary who takes possession of a product, alters it in some way, and then sells it to the ultimate consumer.
E. an intermediary who sells to consumers.
Q:
Expenses associated with transportation, materials handling and warehousing, inventory, stockouts (being out of inventory), order processing, and return products handling are referred to as __________.
A. supplier service cost
B. manufacturing cost
C. total logistics cost
D. social responsibility cost
E. total supply chain cost
Q:
An intermediary who sells to consumers is referred to as a(n) __________.
A. agent
B. broker
C. retailer
D. wholesaler
E. distributor
Q:
Establishments primarily engaged in selling grain and small farm products to retail feed stores would be classified as
A. retailers.
B. brokers.
C. ultimate consumers.
D. wholesalers.
E. agents.
Q:
Which of the following statements regarding supply chains is most accurate?
A. The most common form of supply chain is the collaborative-response efficiency strategy.
B. For an effective supply chain, key decisions should be made by a third-party logistics provider.
C. The longer the supply chain, the greater the economies of scale and the better the profit margin.
D. Supply chains should consider the needs of suppliers, provided those needs are consistent with marketing strategies.
E. Supply chain managers often need to make trade-offs between efficiency and responsiveness.
Q:
An intermediary who sells to other intermediaries, usually to retailers in consumer markets, is referred to as a(n) __________.
A. broker
B. agent
C. retailer
D. distributor
E. wholesaler
Q:
Which of the following statements regarding supply chains is most accurate?
A. The best supply chain is the one that is consistent with the needs of the customer segment being served and complements a company's marketing strategy.
B. The most common form of supply chain is the collaborative-response efficiency strategy.
C. For an effective supply chain, key decisions should be made by a third-party logistics provider.
D. The longer the supply chain, the greater the economies of scale and the better the profit margin.
E. Supply chains should consider the needs of suppliers, provided those needs are consistent with marketing strategies.
Q:
A wholesaler refers to
A. independent firms or individuals whose principal function is to bring buyers and sellers together.
B. any intermediary who takes ownership of a manufacturer's products or services and then finds multiple buyers for those products or services.
C. an intermediary who sells to other intermediaries, usually to retailers in consumer markets.
D. an intermediary who sells to consumers.
E. a manufacturing matchmaker who actively seeks out potential consumers and brings them to retailers.
Q:
Which of the following statements regarding supply chains is most accurate?
A. The most common form of supply chain is the collaborative-response efficiency strategy.
B. For an effective supply chain, key decisions should be made by a third-party logistics provider.
C. There is no one best supply chain for every company.
D. The longer the supply chain, the greater the economies of scale and the better the profit margins.
E. Supply chains should consider the needs of suppliers, provided those needs are consistent with marketing strategies.
Q:
Several artists in Charleston, South Carolina, show and sell their work in an art gallery downtown. The gallery is owned by an art lover who does not buy the paintings but displays those from other artists. She only collects a percentage on each piece sold. In terms of the marketing channel, the gallery is a(n) __________.
A. ultimate consumer
B. manufacturer
C. wholesaler
D. agent
E. dealer
Q:
Cross-docking is most closely related to __________.
A. efficient supply chains
B. intermodal transportation
C. responsive supply chains
D. reverse logistics
E. exclusive distribution