MKT 201 Final Exam Questions with 100% Correct Answers | Verified | Updated 2024

MKT 201 Final Exam Questions with 100% Correct Answers | Verified | Updated 2024 A firm may push for environmental sustainability because: - answer✔✔Many consumers are willing to pay more for green products. Employee theft of inventory is referred to as: - answer✔✔Shrinkage Track and trace systems help companies anticipate events: - answer✔✔That could disrupt the supply chain. Firms with just -in-time inventory systems keep very little inventory on hand. - answer✔✔true A ____ is a warehouse where the emphasis is on processing and moving good s on to wholesalers, retailers, or consumers . - answer✔✔Distribution center Track and trace systems provide value to customers. - answer✔✔true Tracking individual products is more difficult than tracking product loads. - answer✔✔true Shippers are highly a nxious when their products are in transit. - answer✔✔true Warehouses and distribution centers are becoming more automated and wired. - answer✔✔true A study suggests that companies can recover about half their annual sales by instituting "turn trash into ca sh" systems. - answer✔✔false ____ is the fastest transportation method in terms of shipping goods. - answer✔✔air Companies may join the Fair Trade movement to convey that they are ____. - answer✔✔Socially responsible Consumers are very interested in knowin g where their products come from. - answer✔✔true RFID refers to: - answer✔✔A tag that emits radio signals that can record and track a shipment as it comes in and out of a facility. An advantage of outsourcing is that: - answer✔✔It can add value to the prod uct. Smart companies integrate their supply chains into their marketing plans, by means such as: - answer✔✔Finding ways the supply chain can create value for customers. Marketers are referring to the _____ when looking to companies who sell and promote the ir products in addition to those who provide raw materials, transportation, and all other functions involved in creating the product. - answer✔✔value chain If a firm can find a company that can add more value to a function than it can itself, it will often ____ the task to that company - answer✔✔Outsource Freight forwarders typically own their own transportation equipment and warehouses. - answer✔✔false ____ is the process of ensuring a firm has an adequate supply of products and a wide enough assortment of them to meet customer needs. - answer✔✔Inventory control Metal boxes that are used to ship consumer goods on cargo ships are known as ____. - answer✔✔Intermodal containers inventory control occurs when a firm runs out of a product a consumer wants to buy. - answer✔✔false Fred started a t -shirt business last year. He designs the shirts in the United States and then sends the designs to companies in China to be produced. Fred is utilizing ____ strategy.. - answer✔✔offshoring Transportation modes a firm uses should be based on what its customers want and are willing to pay for. - answer✔✔true ____ should ultimately be the focus of any outsourcing or insourc ing decisions made by a company. - answer✔✔customers The process of designing, monitoring, and altering supply chains to make them as efficient as possible is called demand chain management - answer✔✔false Purchasing goods and services for an organization is known as procurement - answer✔✔true Smaller warehouses are more effective in terms of cost. - answer✔✔false Produce is easy to trace due to electronic product codes. - answer✔✔false Designer goods producers can utilize _____ to combat knockoffs in the m arketplace. - answer✔✔electronic product codes Shipping via waterway is _____. - answer✔✔inexpensive _____ involves running broken, defective, and scrap products backward through the supply chain. - answer✔✔reverse logistics Merchandise in transit is of co ncern to shippers because: - answer✔✔it is at risk Extracting value from waste and using it to create new products in known as: - answer✔✔upcycling More products are shipped by truck than by another means. - answer✔✔true Delivering what is promised, when i t was promised, and the way it was promised are key drivers of _____. - answer✔✔customer satisfaction _____ involves moving inventory through the supply chain so that products spend little or no time in warehouses. - answer✔✔cross docking _____ is growing faster than any other transportation method. - answer✔✔air ____ are costly to build but transport liquid and gas goods cheaply once constructed. - answer✔✔pipelines Demand planning impacts: - answer✔✔The materials a firm must purchase. Lead time is closely related to: - answer✔✔demand forecasting _____ decisions are made more frequently than _____ decisions. - answer✔✔Forecasting; sourcing The rational for utilizing supply chain visibility is that: - answer✔✔A supplier will be more reliable. _____ synthesiz es information including sales history, point -of-sale data, warehouse data, supplier data, promotion information, and economic trends. - answer✔✔Demand -planning software The management of the resources, events, and processes needed to create an offering. - answer✔✔Production Scheduling A retailer is typically a type of upstream firm. - answer✔✔false After dealing with multiple customer service issues, Peggy decided that she would not renew her contract with Ron's customer service company. Moving the custome r service function back within Peggy's company is known as insourcing. - answer✔✔true _____ and _____ have become a larger part of Sally's role as a supply manager since she first started. - answer✔✔Sourcing; procurement Pretesting a questionnaire is typically a waste of valuable company resources. - answer✔✔false The advantage of market research is that it: - answer✔✔Can help make a good decision. ____ measure(s) the size of television audiences in various markets. - answ er✔✔The Nielsen Ratings