BUAD 331 EXAM 1 QUESTIONS AND ANSWERS LATEST UPDATED 2024/2025 | 100% SOLVED

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 - 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. - 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 BUAD 331 EXAM 1 QUESTIONS AND ANSWERS LATEST UPDATED 2024/2025 | 100% SOLVED C. Cost, asset, capacity, integration D. Responsiveness, productivity, reliability, delivery - 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 - 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 - 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. - 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 - 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. - 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 - 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 - 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. - 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 - 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 - 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. - 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. - 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 - 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. - 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 - ANSWER C.Delivering on the promise made to customers Which of the following utility does General Mills provide when it uses food ingredients to make Honey Nut Cheerios? A.Time B.Place C.Form D.Financial asset - ANSWER C.Form You've finally graduated and are in the job market. In an interview with Widget Production Company, you start discussing supply chain management with the hiring manager. He tells you that at WPC, logistics and supply chain management basically mean the same thing. This should indicate to you that: A. WPC probably does not have a clear conception of supply chain management, because SCM is about systematic integration across multiple functions, including purchasing, manufacturing and logistics. B. WPC has a solid grasp of what supply chain management means, because SCM is all about delivering products to customers when they want them (time utility). C. A supply chain manager at WPC would have responsibility for purchasing and manufacturing functions in addition to logistics. D. Your performance, should you take the job, will be based on total cost of ownership and return on asset measures, instead of functionally speci - ANSWER A.WPC probably does not have a clear conception of supply chain management, because SCM is about systematic integration across multiple functions, including purchasing, manufacturing and logistics It is said today that marketing is responsible for identifying profitable demand and creating products to incent customers to buy, while supply chain management's role is to: A. provide opportunities for managers to travel the world and get wined and dined suppliers. B. continuously identify new ways to create economies of scale. C. provide sufficient technology to overcome the great operating divide. D. satisfy demand by putting the product in customers' hands at the right time, right place, right quantity and right price. - ANSWER D.satisfy demand by putting the product in customers' hands at the right time, right place, right quantity and right price. In the Fiji water example, what key time and place challenge does Fiji bear compared to Dasani?