A business is attempting to create more powerful bonds with its
customers by delivering greater customer satisfaction and
mutual dependence. This business is pursuing a strategy of:
Correct Answers creating lifetime customers.
While businesses may employ customer segmentation,
competitive differentiation, and niche marketing to appeal to
customers, this strategy describes the creation of lifetime
customers.
A business plan would typically include which of the following?
Correct Answers Long-term guidance for developing tactical
production plans
The business plan provides a long-range view of strategy and
guidance for developing tactical plans for sales, marketing, and
operations.
A chain of children's clothing stores has implemented a frequent
shopper reward program. The company has also implemented
point-of-sale (POS) computer systems in each store, and the
sales data from each store are transmitted to headquarters. The
data for all stores are analyzed weekly by headquarters staff to
determine the most popular styles and colors. This analysis of
the data is an example of which of the following computer
applications? Correct Answers Data mining
Data mining is a process used to search for previously unknown
relationships and can be used as a toolset to identify those
relationships and patterns in the data that enable predictive
analysis.
,A chain of grocery stores has implemented a customer loyalty
program that includes sending customers coupons four times per
year. The coupons are for items each customer has frequently
purchased in the past but has not purchased in the past three
months. This program would typically be considered an element
of: Correct Answers customer relationship management.
Customer relationship management (CRM) is about nurturing
mutually beneficial, long-term relationships intimate enough to
provide tailored solutions to meet mutual needs. CRM programs
focus more on the customer, while sales force automation is
more centered on those tools used by salespeople.
A check cashing company has developed a strategic supply plan
for opening a number of new stores. If a risk assessment shows
that many organizations are considering converting from
paychecks to providing payroll cards, avoiding the need for their
service, the supply plan developer should: Correct Answers
call out this risk to decision makers.
The risks of a supply plan must be spelled out for decision
makers at a high level, including an assessment of the likelihood
of each identified risk, its impact if it occurs, and possible means
and costs involved in mitigating the risks.
A company has stated in its annual business report that its
management philosophy is based on the principles of total
quality management (TQM). In order to ensure that TQM is
effectively implemented, the company should focus on: Correct
Answers meeting customer wants and needs.
TQM is a philosophy supported by a managerial system focused
on meeting customer expectations with respect to all needs, from
,all departments or functions of an organization, whether the
customer is internal or external, a supply chain partner, or a
consumer.
A company is beginning the process of defining market
segments for its products and services. The most appropriate
objective for this undertaking would be to identify groups of
customers with similar: Correct Answers service requirements.
The APICS Dictionary, 15th edition, defines a customer-driven
approach as "a company's consideration of customer wants and
desires in deciding what is produced and its quality." Design
should start with analysis of actual customer requirements or
needs.
A company is most likely to achieve which of the following
benefits when implementing time fence policies? Correct
Answers Reducing the number of schedule changes
Demand time fences are used to ensure stable demand inside a
short time period, thereby reducing the number of schedule
changes.
A company keeps running out of several inexpensive items that
are critical to production. The best solution for this problem is
to: Correct Answers increase the minimum inventory levels for
the items.
Increasing the minimum inventory level provides a greater
buffer against running out of inventory. Items could be
reclassified as A-level items, but, due to their low costs, this
would not be the best solution. Shifting inventory to the supplier
would still cause a lag in replenishment. Standardization does
not resolve the inventory level issue.
, A company manufactures a wide range of industrial and
commercial cleaning supplies that it sells to independent
distributors that in turn sell to the end users. The market in
which the company operates demands a variety of package sizes
and short delivery times. The action by the company that is most
consistent with its strategy and the demands of the marketplace
in which it operates would be to: Correct Answers convince
key distributors to share demand data.
Sharing the demand data can help reduce waste and contribute to
an increased profit margin across the supply chain. This
collaboration can create a close-looped system, which is a
prerequisite to the lean supply chain.
A company seeking improvement in its supply chain financial
performance should concentrate on which of the following
metrics? Correct Answers Inventory turns
Reducing the amount of inventory has a direct impact on the
financial aspects of a supply chain.
A company that has a main product that is a standard
commodity would select which of the following competitive
strategies to be most effective? Correct Answers Low-cost
leader
Because the product is a commodity, the focus would be on
delivering lowest price.
A company that provides consulting and educational services to
government agencies is planning to reduce its supplier base
significantly. Which of the following actions would be most
appropriate to take as part of the supplier base reduction?