MARKETING 411 EXAM 1 QUESTIONS
AND ANSWERS WITH COMPLETE
SOLUTIONS 100% CORRECT RATED
A+
What is the marketing concept?
Answer: Utilize all aspects of the organization (total company effort) to
satisfy customers and generate a profit.
What is SCM (Supply Chain Management)?
Answer: The management of goods and services, including raw materials,
inventory, and finished goods, from start to finish.
Who are some players in SCM?
Answer: Companies like Apple, P&G, and Amazon are prominent players
in supply chain management.
How do best practice integrated SCM and logistics create a competitive
advantage?
Answer: Best practices in integrated SCM and logistics improve efficiency,
reduce costs, enhance customer satisfaction, and enable companies to
respond quickly to market changes, which together provide a sustainable
competitive edge.
What is the rationale for focusing on SCM processes for competitive advantage?
Answer:
o Product enhancements can often be replicated by competitors.
o Price reductions (without real cost reductions) leave the industry in a
worse competitive balance.
, o Promotions and advertising rarely provide long-lasting advantages (as
there's often "too much noise").
o Competitors cannot quickly replicate SCM processes because they are
complex and require time and resources to build effectively.
Economies of scale vs. Economies of scope - what is the difference? -
ANSWER✔✔-Economies of Scale: the more you make and the fuller you can get
the truck the cheaper it will be (Walmart). Can have you making things you don't
need or buying things in bulk that may sit around for ages.
-Economies of Scope: Focus on expectations and needs of a custom. Problem is
this can ramp up your cost.
Effectiveness vs. Efficiency - what is the difference? -ANSWER✔✔Operating
Efficiency is doing things right, and Effectiveness is doing the right things
Porter's Value Chain concept - what is the difference between primary and support
activities? What are inbound and outbound logistics? -ANSWER✔✔Primary
Activities: Inbound Logistics, Operations, Outbound Logistics, Marketing & Sales,
and Service
Support Activities: Firm Infrastructure, HR management, Tech Development, and
Procurement
Inbound: coordination of purchasing, inbound trans, raw materials, component
parts, workinprogress inventories and production scheduling
Outbound: Distribution function- coordinate forecasting, finished good inventory
mgt, warehousing, outbound trans, customer service and production scheduling
Concept of supply chain integration - what are key elements/ingredients of supply
chain integration? -ANSWER✔✔-External Integration refers to the integration of
logistics activities across the supply chain (inter-firm)
-Internal integration involves the coordinated management of the firms operational
activities (intra-firm)
AND ANSWERS WITH COMPLETE
SOLUTIONS 100% CORRECT RATED
A+
What is the marketing concept?
Answer: Utilize all aspects of the organization (total company effort) to
satisfy customers and generate a profit.
What is SCM (Supply Chain Management)?
Answer: The management of goods and services, including raw materials,
inventory, and finished goods, from start to finish.
Who are some players in SCM?
Answer: Companies like Apple, P&G, and Amazon are prominent players
in supply chain management.
How do best practice integrated SCM and logistics create a competitive
advantage?
Answer: Best practices in integrated SCM and logistics improve efficiency,
reduce costs, enhance customer satisfaction, and enable companies to
respond quickly to market changes, which together provide a sustainable
competitive edge.
What is the rationale for focusing on SCM processes for competitive advantage?
Answer:
o Product enhancements can often be replicated by competitors.
o Price reductions (without real cost reductions) leave the industry in a
worse competitive balance.
, o Promotions and advertising rarely provide long-lasting advantages (as
there's often "too much noise").
o Competitors cannot quickly replicate SCM processes because they are
complex and require time and resources to build effectively.
Economies of scale vs. Economies of scope - what is the difference? -
ANSWER✔✔-Economies of Scale: the more you make and the fuller you can get
the truck the cheaper it will be (Walmart). Can have you making things you don't
need or buying things in bulk that may sit around for ages.
-Economies of Scope: Focus on expectations and needs of a custom. Problem is
this can ramp up your cost.
Effectiveness vs. Efficiency - what is the difference? -ANSWER✔✔Operating
Efficiency is doing things right, and Effectiveness is doing the right things
Porter's Value Chain concept - what is the difference between primary and support
activities? What are inbound and outbound logistics? -ANSWER✔✔Primary
Activities: Inbound Logistics, Operations, Outbound Logistics, Marketing & Sales,
and Service
Support Activities: Firm Infrastructure, HR management, Tech Development, and
Procurement
Inbound: coordination of purchasing, inbound trans, raw materials, component
parts, workinprogress inventories and production scheduling
Outbound: Distribution function- coordinate forecasting, finished good inventory
mgt, warehousing, outbound trans, customer service and production scheduling
Concept of supply chain integration - what are key elements/ingredients of supply
chain integration? -ANSWER✔✔-External Integration refers to the integration of
logistics activities across the supply chain (inter-firm)
-Internal integration involves the coordinated management of the firms operational
activities (intra-firm)
