HFT 4224 Exam 3 UPDATED ACTUAL
Exam Questions and CORRECT Answers
No business is good at everything.. - CORRECT ANSWER - Develop a collaborative
trusting relationship with suppliers
-Allows them to be innovative and to improve quality
-Suppliers create 70%-80% of value today
Businesses now create less value relying more on suppliers than before
Bottom Line of Suppliers: - CORRECT ANSWER - "having weak suppliers leads to a
relatively weak business." ~ Conscious Capitalism.
Vertical Integration - CORRECT ANSWER - Owing and operating the entire value chain.
Something that is uncommon in today's market place.
How to treat suppliers with respect - CORRECT ANSWER - Incorporate them into your
core values
-Partnering with suppliers
-Seek out Win solutions
-Don't seek short-term price cuts
-Think GM
-Don't getting into a power struggle
-Eliminate fears and give long-term deals the promote security, quality, and innovation
Adopting Conscious Supplier Practices - CORRECT ANSWER - Find Opportunities to
Create Value
-Container Store buying in slow periods
, Paying on time
-Whole Foods-United Foods partnership
Treating suppliers fairly
-Not pinching pennies everywhere
Helping Suppliers Survive and Flourish
-POSCO, REI, Honest Tea - all looked at the individual situation and acted accordingly
Spreading Consciousness - CORRECT ANSWER - When your suppliers are able to
flourish, they are able to engage their suppliers in a more conscious way
EX: paying it forward
Golden Rule(s): - CORRECT ANSWER - "That which you want for yourself, seek for
mankind." ~ Conversations with Mohammed
"You shall not take vengeance or bear a grudge against your kinsfolk. Love your neighbor as
yourself" ~ Leviticus 19:18
"One should never do that to another which one regards as injurious to one's own self." ~
Anusasana Parva, Section CXIII, Verse 8
"Hurt not others in ways that you yourself would find hurtful." ~ Udanavaraga 5:18
"Do to others what you would want them to do to you." ~ Luke 6:13
Danny Meyer VS. Isadore Sharp - CORRECT ANSWER - Meyer -> Used the Union
Square Hospitality Group and his celebrity status to help put an end to hunger in New York City.
Exam Questions and CORRECT Answers
No business is good at everything.. - CORRECT ANSWER - Develop a collaborative
trusting relationship with suppliers
-Allows them to be innovative and to improve quality
-Suppliers create 70%-80% of value today
Businesses now create less value relying more on suppliers than before
Bottom Line of Suppliers: - CORRECT ANSWER - "having weak suppliers leads to a
relatively weak business." ~ Conscious Capitalism.
Vertical Integration - CORRECT ANSWER - Owing and operating the entire value chain.
Something that is uncommon in today's market place.
How to treat suppliers with respect - CORRECT ANSWER - Incorporate them into your
core values
-Partnering with suppliers
-Seek out Win solutions
-Don't seek short-term price cuts
-Think GM
-Don't getting into a power struggle
-Eliminate fears and give long-term deals the promote security, quality, and innovation
Adopting Conscious Supplier Practices - CORRECT ANSWER - Find Opportunities to
Create Value
-Container Store buying in slow periods
, Paying on time
-Whole Foods-United Foods partnership
Treating suppliers fairly
-Not pinching pennies everywhere
Helping Suppliers Survive and Flourish
-POSCO, REI, Honest Tea - all looked at the individual situation and acted accordingly
Spreading Consciousness - CORRECT ANSWER - When your suppliers are able to
flourish, they are able to engage their suppliers in a more conscious way
EX: paying it forward
Golden Rule(s): - CORRECT ANSWER - "That which you want for yourself, seek for
mankind." ~ Conversations with Mohammed
"You shall not take vengeance or bear a grudge against your kinsfolk. Love your neighbor as
yourself" ~ Leviticus 19:18
"One should never do that to another which one regards as injurious to one's own self." ~
Anusasana Parva, Section CXIII, Verse 8
"Hurt not others in ways that you yourself would find hurtful." ~ Udanavaraga 5:18
"Do to others what you would want them to do to you." ~ Luke 6:13
Danny Meyer VS. Isadore Sharp - CORRECT ANSWER - Meyer -> Used the Union
Square Hospitality Group and his celebrity status to help put an end to hunger in New York City.
