UTK BUAD 331 Exam 1 Study Set With Verified Solutions

UTK BUAD 331 Exam 1 Study Set With Verified Solutions Supply Chain Management refers to: A. The comprehensive management of networks of suppliers B. The meaningful integration of service with customer fulfillment C. The collaboration between operations and suppliers D. The management of up and downstream relationships with suppliers and customers to deliver superior customer value at less cost to the supply chain as a whole E. The procurement, movement, and storage of product and information flows through the organization to maximize profit through cost-effective order fulfillment - CORRECT ANSWER-d. The management of up and downstream relationships with suppliers and customers to deliver superior customer value at less cost to the supply chain as a whole How does Zara use its supply chain capabilities to generate competitive advantage? A. Stocking clothing far in advance of sales to ensure in-stock availability. B. Buying new seasonal clothing lines in bulk to take advantage of volume discounts from suppliers. C. Speeding cycle times of new fashions from design to store shelf to ensure the trendiest fashions. D. Cycling seasonal clothinterm-0g trends using long-term predictions of demand to lower costs for customers. - CORRECT ANSWER-C.Speeding cycle times of new fashions from design to store shelf to ensure the trendiest fashions. How does supply chain management create value? A. Form, time, place, exchange B. Product, price, place, promotion C. Cost, asset, capacity, integration D. Responsiveness, productivity, reliability, delivery - CORRECT ANSWER-A.Form, time, place, exchange The "Great Divide" in supply chain management occurs between: A. suppliers and manufacturers B. demand-generating activities and demand-fulfilling activities C. sales and marketing activities D. organizations and their customers - CORRECT ANSWER-B.demand-generating activities and demand-fulfilling activities What megatrend will greatly challenge supply chain managers? A.Disruptive technology B.Talent/skills requirements C.Social changes D.All of the above E.None of the above - CORRECT ANSWER-D.All of the above Supply chain management refers to a relatively new business phenomenon: A. The comprehensive management of a networks of suppliers. B. The meaningful integration of service with customer fulfillment. C. The collaboration between operations and suppliers. D. The management of upstream and downstream relationships with suppliers and customers to deliver superior customer value at less cost to the supply chain as a whole. E. The procurement, movement, and storage of product and information flows through the organization to maximize profit through cost-effective order fulfillment. - CORRECT ANSWER-D.The management of upstream and downstream relationships with suppliers and customers to deliver superior customer value at less cost to the supply chain as a whole. Which of the following is not an element of the integrated supply chain for General Mills' Honey Nut Cheerios? A.Dairy cow farmers B.Oat farmers in Iowa C.Union Pacific railroad that moves oats to distributors D.General Mills manufacturing plants E.Ted, who eats Honey Nut Cheerios every morning - CORRECT ANSWER-A.Dairy cow farmers A firm is a recognized cost leader but has a strategic goal to become a cost and service leader. What is one initiative that could be planned and implemented to achieve this goal? A.Increase sales calls to all existing customers. B.Increase capacity utilization to gain economies of scale. C.Award larger employee bonuses to encourage more emphasis on selling. D.Offer customized services to key customers. E.Own every step of the supply chain instead of relying on external customers. - CORRECT ANSWER-D.Offer customized services to key customers. Which economic utilities are associated with supply chain management? A.Form, Time and Place B.Exchange, Time and Place C.Exchange, Time and Place D.Form, Exchange and Time E.Exchange, Time and Value - CORRECT ANSWER-A.Form, Time and Place Which economic reason is NOT a reason for students to buy textbooks on A? A.Form B.Time C.Place D.Exchange - CORRECT ANSWER-A.Form Supply chain management: A. emphasizes optimized advertising and promotion across the organization. B. requires a high level of corporate input in inventory management and production scheduling decisions. C. extends the linking and coordination of materials management, manufacturing management and distribution upstream to suppliers and downstream to customers. D. uses mergers and acquisitions across the supply chain integration to better manage materials flow from suppliers and distribution of end products to the customer. - CORRECT ANSWER-C.extends the linking and coordination of materials management, manufacturing management and distribution upstream to suppliers and downstream to customers Logistics/supply chain management is closely tied with marketing as it typically fills which "P"? A.Price B.Place C.Promotion D.Player - CORRECT ANSWER-B.Place The separation between demand-focused activities and supply-focused activities is sometimes referred to as: A. suppliers and manufacturers B. retailers and consumers C. suppliers competing with each other materials management and manufacturing D. The Great Divide - CORRECT ANSWER-D.The Great Divide Two kinds of customers walk into the Grizzly Fly-Fishing Shop: college freshmen taking a first-time class and high-end professional executives with fishing experience. In order to deliver the most value to each of these customers, John (the store owner) should: A. focus on creating a supply chain that delivers the best average form, time and place value at the lowest average cost. B. focus on creating supply chains that deliver the specific form, time and place utility that each customer segment is looking for, at a price that each segment is willing to pay. C. focus on building enough inventory of both high- and low-end gear, so that he can satisfy either kind of customer who walks through the door. D. focus on lowering per unit costs by purchasing his full range of gear at high volumes. - CORRECT ANSWER-B.focus on creating supply chains that deliver the specific form, time and place utility that each customer segment is looking for, at a price that each segment is willing to pay Among the following examples, which refers most closely to the place utility that supply chains provide? A.Amazon provides overnight warehouse services B.An Australian grocery store provides food in remote towns. C.Chipotle prepares and assembles burritos based on orders. D.Target offers electronics repair service for free. - CORRECT ANSWER-B.An Australian grocery store provides food in remote towns. A Wall Street Journal article reports on Delta's recent investment in luggage tracking, switching to baggage tags with radio-frequency ID chips embedded. This will allow the airline to accurately track customers' baggage in real time. Even though the new technology costs a great deal, Delta could save on fewer luggage claims and deliveries. What does this example imply? A. Customer service is everything and companies need to provide the highest service level. B. Companies need to catch up with the newest technologies. C. Companies need to evaluate cost-to-serve versus perceived benefits. D. Companies could gain competitive advantage by providing better service - CORRECT ANSWER-C.Companies need to evaluate cost-to-serve versus perceived benefits. Firms have been talking about "the Great Divide" as one of their biggest challenges. Among the following approaches, which would NOT help a business deal with the great divide? A.Promoting integrated performance metrics across the supply chain. B.Encourages collaboration across the supply chain. C.Creating a production-oriented focus across the supply chain. D.Implementing integrated information systems across the supply chain. - CORRECT ANSWER-C.Creating a production-oriented focus across the supply chain One way to think about the proper role of the supply chain in the firm is the following: A. Making a promise to customers B. Being on one side of the Great Divide C. Delivering on the promise made to customers D. Achieving the firm's internal metrics E. Increasing sales - CORREC