Exam 1: An Overview of Logistics

___________ utility refers to the value or usefulness that comes from a customer being able to take possession of a product.

The four general types of economic utility are production,possession,time,and place.

The current definition of logistics,as promulgated by the Council of Supply Chain Management Professionals (CSCMP)),suggests that logistics is part of supply chain management.

Logistics has played a minor role in the growth of global trade.

The job market for logisticians and supply chain managers continues to be strong at the undergraduate,but not the MBA,level.

Long production runs sometimes result in excessive inventory of products with limited demand for them.

Logistical decisions tend not to be impacted by marketers' growing emphasis on offering sustainable products.

The ___________ department often measures inventory in terms of its cost or value in dollars whereas ___________ tends to measure inventory in terms of units.

The sorting function has four steps.

A common interface between production and logistics involves:

Reductions in economic regulation allowed individual transportation companies flexibility in pricing and service.

An example of ___________ involves ordering something online and then picking it up at a bricks-and-mortar store.

The systems approach indicates that a company's objectives can be realized by recognizing the mutual interdependence of the major functional areas of a firm.

___________ refers to being out of an item at the same time there is demand for it.

A stock-keeping unit (SKU))refers to a line item of inventory offered for sale by a company.

Packaging can have both a marketing and logistical dimension.

Widespread reductions in economic regulation of U.S.transportation carriers occurred in ___________.

___________ is bringing together similar stocks from different sources.

Logistics is only concerned with forward flows-that is,those directed toward the point of consumption.

In mass logistics,groups of customers with similar logistical needs and wants are provided with logistics services appropriate to those wants and needs.