BUSM Supply Chain Fnl

Which of the following is not part of the distribution element in a supply chain management (SCM) system? CRM Supplier selection Logistics parties Transportation All of the above are part of the distribution element

Supplier selection

Which goal are airlines trying to achieve when they use frequent flyer programs, which give customers points that can be redeemed for free travel, rental cars, and other merchandise? increase the amount and frequency of use provide information create product awareness get consumers to try their product identify target market(s)

increase the amount and frequency of use

The demand schedule for a good: indicates the quantity that people will buy at the prevailing price. indicates the quantities that suppliers will sell at various market prices. is determined primarily by the cost of producing the good. market prices have plummeted and no goods will be purchased. none of the above

none of the above

Which of the following is a type of sales promotion that can be used if the organization's goal is to increase brand loyalty? frequent-buyer programs event sponsorship direct mail advertising advocacy advertising sweepstakes and contests

frequent-buyer programs

Which of the following is NOT a typical task performed by a supply chain manager? coordinating the sourcing and procuring of raw materials maintaining an inventory control system coordinating customer service activities hiring packers and drivers scheduling production

hiring packers and drivers

A supply curve is a graphical illustration of the relationship between price, shown on the vertical axis, and _________________, shown on the horizontal axis. demand quantity demanded quantity supplied quantity none of the above

quantity

_____ is the number of times an individual is exposed to an ad. Interaction Frequency Selectivity Connectivity Reach

Frequency

Carolina Garcia's job in the entertainment industry is to bring together entertainers and organizations looking to hire entertainers. Garcia is paid a commission, usually by the entertainer. Garcia is acting as a: merchant wholesaler agent distributor distribution captain marketer

agent

Enrique Rivero is a flower wholesaler. He buys fresh flowers from countries in South America, divides the large batches into small bunches, and delivers them to independent florists. This process is called: breaking bulk lot dispersal inventory separation product diffusion inventory diffusion

breaking bulk

Venezuela can grow and sell cut flowers for floral bouquets more easily and more cheaply than most other countries can produce the same flowers. When it comes to flowers, Venezuela has a(n): total advantage advantageous competency absolute advantage core strength comparative advantage

comparative advantage

Any given demand or supply curve is based on the ceteris paribus assumption that _________________________. everything is variable. what is true for the individual is not necessarily true for the whole no one knows which variables will change and which will remain constant all else is held equal all of the above

all else is held equal

Companies can face numerous tradeoffs when they outsource activities including _____. safety problems poor product quality loss of control all of the above none of the above

all of the above

A retailer would separate children's clothing purchased from Carter's into various sizes and types of clothing, such as size 6 shirts, size 2T shorts, and size 4T sun dresses. This process is called: allocating adaptive packaging accumulating sorting out accruing

sorting out

When Grand Metropolitan, a British company, purchased U.S.-based Pillsbury Co. in order to expand its product line and the market for its existing consumer products, it was an example of a(n): direct foreign investment limited partnership international corporation international cooperative cooperative cartel

direct foreign investment

A natural barrier that faces Argentina when it sells beef to Siberia is: custom regulations exchange controls government controls distance taxes

distance

A warehouse or storage facility where the emphasis is on processing and moving goods on to wholesalers, retailers, or consumers is known as a _____. cargo center inventory center distribution center long term Cylon storage and activation facility none of the above

distribution center

Manufacturers' representatives usually: do not take title to goods receive commissions on sales act as independent agents represent noncompeting manufacturers do all of the above

do all of the above

One way to achieve operational efficiency is to improve the supply chain management system by _____. investmenting in Skynet robotic self-assembly/production machines purchasing self driving vehicles for the manufacturing facility adopting lean methodologies which attempt to eliminate all forms of waste from a production or service system throwing away unused materials in order to clean up the storage units All of the above

dopting lean methodologies which attempt to eliminate all forms of waste from a production or service system

The _________ is the only price where quantity demanded is equal to quantity supplied. equilibrium price horizontal axis intercept vertical axis intercept market price none of the above

equilibrium price

The _______________ is the quantity where quantity demanded and quantity supplied are equal at a certain price. quantity demanded equilibrium quantity demand schedule supply schedule none of the above

equilibrium quantity

___________________ are enacted when discontented sellers, feeling that prices are too low, appeal to legislators to keep prices from falling. Correct! Price floors Price ceilings Rent controls Subsidies None of the above

Price floors

Which of the following is a non-zero-sum game? Prisoner's dilemma Baseball Basketball Most football games All of the above, except for prisoner's dilemma

Prisoner's dilemma

_____ is the process of purchasing goods and services. Investing Procurement Sourcing Researching None of the above

Procurement

When evaluating the supply chain of a business the following factor(s) should not be considered a necessity initially: Flexibility in handling a ramp up in production Delivery Cash-to-cash cycle time Solutions used by competitors None of the above

Solutions used by competitors

_____ is the process of evaluating and hiring individual businesses to supply goods and services to your business. Researching Investing Sourcing Procurement None of the above

Sourcing

_____ is the most flexible way of shipping goods as they can be delivered directly to the customer if access is possible. Truck Water Air Pipeline All of the above

Truck

The _____ is an agreement that dramatically lowered trade barriers worldwide and created the new World Trade Organization (WTO). Uruguay Round North American Free Trade Agreement Maastricht Treaty Mercosur International Monetary Fund

Uruguay Round

Shipping goods via _____ is inexpensive but very slow, and most markets won't have access to this method of transportation. Waterway Air Rail Pipeline All of the above

Waterway

The original purpose of the _____ was to help build infrastructure in developing countries and to help relief the debt burden of these countries. Federal Reserve Bank Central Bank World Bank International Funding Bank International Monetary Fund

World Bank

n 2018, if the country of Serbia had imports of $10.58 billion and had an unfavorable balance of trade. This means that Serbia had: less than $10.58 billion in exports exactly $10.58 billion in exports more than $10.58 billion in exports low inflation an unfavorable exchange rate

less than $10.58 billion in exports

Refer to the video: Global Supply Management The speaker states that a "lazy" executive decision to save costs by relocating manufacturing to other countries is _____. You Answered like flipping a coin in the hopes of making a lucky guess like putting regular gasoline in a jet engine like receiving a heart (only) from a world class marathoner not lazy but smart decision making none of the above

like receiving a heart (only) from a world class marathoner not lazy but smart decision making

If a firm faces _____________________, while the prices for the output the firm produces remain unchanged, a firm's profits will increase. higher demand lower costs of production equilibrium a shift in demand all of the above

lower costs of production

Refer to the video: Supply Chain Strategy In the example of a product with a complex bill of materials, a manufacturer would bring in materials from _____. UPS business services only Home Depot commerical accounts only local mom and pop shops only many suppliers None of the above

many suppliers

American Pet Pro purchases pet grooming supplies from various manufacturers, sorts them, and resells them to retailers. American Pet Pro is a(n) _____ wholesaler. merchant agent manufacturers' functional vertical

merchant

When Nike donated $25,000 to a low-income area to provide job training, it received free and positive _____ in the news media. premiums publicity samplings knowledge advertisements

publicity

In the newspaper comics, Cathy is often seen talking to a department store clerk who is trying to persuade her that she needs to buy a new wardrobe. The clerk is engaged in: market research personal selling institutional selling sales promotion services marketing

personal selling

A reduction or loss in inventory due to shoplifting, employee theft, paperwork errors, or supplier fraud is known as _____. outage a tax write-off obsolescence shrinkage none of the above

shrinkage

Refer to the video: What is Value Chain? In Porter's Value Chain model, which primary activity changes inputs into outputs? Service Outbound Logistics Inbound Logistics Operations None of the above

Operations

_____ emit radio signals that can record and track a shipment as it comes in and out of a facility. Modern beepers Cell phones Radio freqency identification tags Radioactive droids None of the above

Radio freqency identification tags

Raj views beer and pizza as complements to one another. If the price of pizza decreases, economists would expect: Raj's demand for pizza to increase. Raj's demand for pizza to decrease. Raj's quantity of pizza demanded to decrease. Raj's demand for beer to increase. None of the above

Raj's demand for beer to increase.

_____ is the number of different target consumers who are exposed to a commercial at least once during a specific period, usually four weeks. Interaction Frequency Selectivity Connectivity Reach

Reach

The major risks associated with a supply chain management system fall into two categories: Technical and managerial. Logistic and competitive. Technical and logistic. Mangerial and employee. All of the above

Technical and managerial.

Porter argued that suppliers are powerful when the following occurs: Suppliers are concentrated. The size of the suppliers is large relative to the buyers. Switching costs (to another supplier) are high. There is a heavier reliance on one customer in the supply chain. All of the above

All of the above

Abercrombie & Fitch stores are aimed at college-aged consumers. The parent company also operates retail clothing stores under the name Hollister, which are targeted to 14- to 18-year-olds and under the name Abercrombie, which sell children's wear. Abercrombie & Fitch operate: hypermarts factory outlets convenience stores specialty stores department stores

specialty stores

Green Mountain successfully shifted some of the coffee industry away from a focus on price (cost to consumers) to shared value creation providing benefits to the company and consumers in an environmentally and socially sustainable way by _____. paying the farmers less. stimulating greater demand for Fair Trade Certified coffee. roasting coffee lightly before it was fully dry. Negotiating an exclusive agreement with Starbuck Organic. All of the above

stimulating greater demand for Fair Trade Certified coffee.

All the organizations that participate in the production, promotion, and delivery of a product or service from the producer to the end consumer are jointly referred to as the _____. critical path entities crucial suppliers supply chain critical chain all of the above

supply chain

A drought decreases the supply of agricultural products, which means that at any given price a lower quantity will be supplied; conversely, especially good weather would shift the _________________________. demand curve to the right demand curve to the left supply curve to the left supply curve to the right none of the above

supply curve to the right

In economics, the demand for a good refers to the amount of the good that people: would like to have if the good were free. will buy at alternative income levels. need to achieve a minimum standard of living. will buy at various prices.

will buy at various prices.

Refer to the video: What is Supply and Demand? According to Wala'a, why would people want more blueberries than before? A local commercial farm just started growing more blueberries. California started importing lots more blueberries. A wet winter has produced many more blueberries than usual. A new report shows that blueberries are even better for your health than you thought. All of the above

A new report shows that blueberries are even better for your health than you thought.

In 1914, the United States prohibited the importation of Mexican avocados even though Mexico is the world's largest producer of the fruit. This prohibition remained in effect until 1996. The ban on importing Mexican avocados is an example of a(n): import quota embargo restrictive limit boycott tariff

embargo

An enterprise in which two or more firms or investors (including governments) share ownership of a business and its property rights is called a(n): cooperative international partnership joint venture cartel limited partnership

joint venture

The demand curve for a typical good has a(n): negative slope because some consumers switch to other goods as the price rises. negative slope because consumer incomes fall as the price of the good rises. negative slope because the good has less "snob appeal" as its price falls. inverse slope because as the price goes up, the good has more profitability. all of the above

negative slope because some consumers switch to other goods as the price rises.

_____ bring buyers and sellers together, do not title to merchandise, receive commission on sales; and have little say over company sales policies. Agents Wholesalers Cash and carry wholesalers Brokers Sales representatives

Brokers

Refer to the video: Agile Supply Chain Management & Strategies. Which of the following is true of agile supply chain management? It is an active system that anticipates future demand It tracks what you currently have in stock It can help avoid potential shortages It can reduce overstocking of inventory All of the above

All of the above

Refer to the video: What is Supply Chain Management? Which basic flow(s) connect(s) the basic supply chain entities? Flow of physical materials and services from suppliers to end customers Flow of cash from customer to the raw materials supplier Flow of information back and forth along the chain Reverse flow of product returned All of the above

All of the above

Which of the following is/are true of supply chain management (SCM): SCM integrates supply and demand management within and across companies. SCM includes coordination and collaboration with channel partners SCM includes all logistics management activities SCM encompasses the planning and management of all activities involved in sourcing and procurement All of the above

All of the above

Which of the following were the fundamental elements of a modern supply chain on The Silk Road trade route which was used to move goods across Asia? (sell) goods were sold to customers (store) goods were deposited in warehouses (make) goods were produced (buy) goods were purchased by merchants All of the above

All of the above

_____ is/are one-stop shipping solution(s) for a company that wants to focus on other aspects of its business. UPS FedEx DHL third-party logistics firm All of the above

All of the above

The process-modeling component of the SCOR model consists of the following element: Deliver Plan Make Competition All of the above, except competition

All of the above, except competition

_____ is a practice whereby supply chain partners share information and coordinate their operations. Collaborative planning , forecasting , and replenishment Frenemy partnering, strategizing and extinguishing Joint research, development and deployment Cooperation, analysis and distribution None of the above

Collaborative planning , forecasting , and replenishment

After widespread press reports about the dangers of contracting "mad cow disease" by consuming beef from Canada, the likely economic effect on the U.S. demand curve for beef from Canada is: no change; only the supply curve for beef is likely to be affected. a shift of the demand curve for beef to the left. a movement down along the demand curve for beef to the right. a shift of the demand curve for beef to the right. none of the above

a shift of the demand curve for beef to the left.

In 1998, the Canadian Magazine Publisher's Association (CMPA) predicted the demise of many Canadian magazines because the World Trade Organization (WTO) made it legal for U.S. publishers to introduce product into the Canadian market, without incurring the start-up costs involved in launching a new magazine. By using split-run magazines (modifying the U.S. edition so they contain Canadian ads), U.S. magazine publishers could offer lower rates to advertiser and sell the magazines for less money than Canadian publishers could. According to the CMPA, the U.S. magazine publishers would be engaged in: export pricing dumping unloading dunking add-on pricing

dumping

In the Green Mountain's 2008 corporate social responsibility report, management stated that their top challenge was _____. To address this challenge management engaged in an in-depth life cycle assessment to understand and compare single-cup brewing versus drip brewing from a systems standpoint. Vanilla Latte served in insulated but recyclable cups cheap coffee from 7-Eleven that tasted delicious competition from McDonald's green cups the environmental impact of their coffee packaging materials and brewing systems All of the above

the environmental impact of their coffee packaging materials and brewing systems

Refer to the video: Supply Chain Strategy Which of the following is not one of the seven factors to research and consider when forming a supply chain strategy? Increase financial strength Enhance strategic growth Add technological strength Improve market access All of the above ARE factors

All of the above ARE factors

_____ is the process of ensuring your firm has an adequate supply of products and a wide enough assortment of them meet your customers' needs. Counter stocking Product replacement Safety netting Counter control Inventory control

Inventory control

_____ is the practice of moving products between supply chain intermediaries so that they spend little or no time in warehouses as they are transported. Swift transportation On the move inventory Swift docking Cross-docking All of the above

Cross-docking

Refer to the video: Supply Chain Integration At a basic level, supply "chains" are interconnected and interdependent. Which of the following is not a direct "link" of the chain? Make it Destroy competiton Buy it Move It All of the above are links

Destroy competiton

Refer to the video: Supply Chain Strategy Which of the four basic categories of goods require strategic partnerships for longer periods of time to ensure availability and quality, thus have high strategic importance as well as high supply chain difficulty levels? Direct/core competency materials Commodity materials Leveragable materials Bottleneck materials All of the above

Direct/core competency materials

_____ are laws that require a company earning foreign currency from its exports to sell the foreign currency to a control agency, usually a central bank. Currency policies Rates of exchange Laws of balanced exchange Favorable exchange regulations Exchange controls

Exchange controls

Refer to the video: Supply Chain Strategy _____ products have stable demand patterns while _____ products have volatile demand. Lego; grocery Fashionable; non-fashionable Functional; innovative Fashionable; innovative None of the above

Functional; innovative

_____ examines competitive situations in which one's outcomes may be influenced or dictated by the decisions of other players. Dominant theory Game theory Fair market competition survey All-or-nothing bid evaluation

Game theory

Green Mountain's product concept was fashioned after _____. Amazon's free shipping Prime model Toyota's innovative styling of the FJ Cruiser Gillette's razor and blade strategy. Netflix's subscription model None of the above

Gillette's razor and blade strategy.

_____ are metal boxes used to ship consumer goods. Metallica cubes Ship crates Water-tight cartons Sealed canisters Intermodal containers

Intermodal containers

Interpret the following statement: "An increase in the price of wheat will encourage farmers to increase the quantity of wheat supplied to the market." The statement is correct. The statement would be correct if "quantity of wheat demanded" were substituted for "quantity of wheat supplied." The statement is incorrect because it confuses a change in quantity supplied with a change in supply. The statement would be correct if it read that a "decrease in the price of wheat will encourage farmers to increase the quantity of wheat supplied to the market." none of the above

The statement is correct.

CoolBrands International has entered an agreement with Binney & Smith to create a line of frozen novelties based on the Crayola brand, including pops, bars, sandwiches, cups, cones, sundaes and shakes. CoolBrands will pay Binney & Smith a royalty for the right to use the Crayola trademark. This is an example of: contract manufacturing joint venture cooperative agreement a licensing agreement limited partnership

a licensing agreement

The karakul is a breed of Central Asian sheep that produces curly, glossy wool. This wool is popular in some countries for the manufacturing of warm hats and coats. Since the breed can only be grown in Central Asia, this region can be said to have a(n): absolute advantage advantageous distinction comparative advantage total advantage economy of scale

absolute advantage

The process of packing 3 16-ounce bottles of Hershey chocolate syrup in super-sized packages like those sold at Sam's and Costco is an example of: allocating adaptive packaging accumulating sorting out accruing

accumulating

Refer to the video: Agile Supply Chain Management & Strategies. In order to create an agile supply chain management system, you will need _____. a method of tracking exact amount of inventory via technology forecasts of future demand real time information on movement of inventory past sales records to determine which items are most likely to be in demand on particular day/week/month all of the above

all of the above

Since the balance of payments is the summary of a country's financial transactions with another country, a discussion of a nation's balance of payments will need to include a discussion of: its imports and exports its long-term overseas business investments its government loans its gifts and foreign aid all of the above

all of the above

When generating demand forecasts, supply chain managers will typically consult _____. marketing managers sales executives sales histories of their firms all of the above none of the above

all of the above

The Sara Lee Company sells the Hanes brand of hosiery in the United States. The manufacturer of this hosiery brand in Great Britain sells it under the brand name of Pretty Polly. The Sara Lee Company is using _____ to broaden its global marketing base without investing in overseas plants and equipment. contract manufacturing joint venture cooperative agreement a licensing agreement limited partnership

contract manufacturing

Spanish customers view toothpaste as a cosmetic while consumers in the Netherlands view it as a necessary part of daily hygiene and use three times as much their Spanish counterparts. This example of _____ shows how important it is for marketers to understand. local content laws cultural differences nationalistic standards expropriation laws trade regulations

cultural differences

If the price is below the equilibrium level, then the quantity demanded will exceed the quantity supplied. This is known as ________________. excess supply excess demand ceteris paribus a price ceiling none of the above

excess demand

Successful supply chain management tracks the flow of goods and materials as well as _____ and _____ across the entire chain. social media; pop culture financial flows; information flows social media; information flow Beskar utilized by Din Djarin; frog eggs consumed by Grogu None of the above

financial flows; information flows

Currency markets operate under a system called _____. This means that prices of currencies vary based upon demand and supply of that currency. variable trade variable costs international trade rate floating exchange rate breakeven point

floating exchange rate

A _____ combines small loads from various shippers into larger loads that can be shipped more economically. cargo combinator cargo forwarder freight combinator freight forwarder None of the above

freight forwarder

A recent regulation enacted by the Commission for Protective Trade Measures in Russia limits the amount of poultry meat that can be brought into the country and sold in the country each year to 1.05 billion tons. Russia is using a(n) _____ to protect its domestic poultry industry. embargo boycott tariff restrictive limit import quota

import quota

The downward slope of the demand curve again illustrates the pattern that as _____________ rises, ______________ decreases. quantity demanded, price quantity supplied, quantity demanded price, quantity demanded price, quantity supplied none of the above

price, quantity demanded

apan bans importation of rice to protect its domestic rice industry. This ban is an example of: free trade ethnocentricity dumping countertrading protectionism

protectionism

Any communication or activity designed to win goodwill or prestige for a company or person is called: personal selling advertising public relations media handling corporate relations

public relations

National Geographic Magazine brought a bit of nature to New York as part of a week-long event promoting the magazine's October 2006 cover story on parks. The magazine hosted an interactive photography exhibit, which celebrated international and national parks. Invitations to representatives of the news media were an attempt to use which element of the promotional mix? advertising personal selling public relations sales promotion distribution

public relations

When economists talk about supply, they are referring to a relationship between price received for each unit sold and the ________________. demand schedule market price quantity supplied demand curve none of the above

quantity supplied

_____ is the process of estimating how much of a good or service customers will buy from you. Survey marketing Demand planning Demand marketing Inventory buffering None of the above

Demand planning

Pierre Cardin gives technical advice on textile manufacturing to China and in exchange receives silk and cashmere. This is an example of a(n): joint venture countertrade contra-deal counteroffer international partnership

countertrade

Integrated marketing communications (IMC): is a careful coordination of all promotional activities produces a consistent and unified advertising message produces a customer-focused advertising message is typically overseen by a marketing communications director is accurately described by all of the above

is accurately described by all of the above

Refer to the video: Globalization explained Which products are being produced by Profi-TV and Supercolor? Art supplies Televisions Wall paint Cylons and Centurions None of the above

Televisions

Firms with _____ systems keep very little inventory on hand and they may contract with their suppliers to ship them inventory as they need it. just-in-time inventory paper tracking no technological needs vending all of the above

just-in-time inventory

Economists refer to the relationship that a higher price leads to a lower quantity demanded as the _____________________. income gap market equilibrium law of demand price model none of the above

law of demand

If a firm finds a company that can add more value than it can to a function, it could _____ the task to that company outsource insource lease reverse license all of the above

outsource