Exam 15: Product and Supply Chain Management

Match the term with its definition. a.Agents/brokers b.Common carriers c.Contract carriers d.Distribution e.Dual distribution f.Merchant middlemen g.Patent h.Physical distribution (logistics) i.Plant patent j.Private carriers k.Supply chain management l.Third-party logistics firm -The physical movement of products and the establishment of intermediary relationships to support such movement.

If a small business is to maintain its performance over time, it is essential to:

Delivery terms specify which party pays the freight costs, selects carriers, bears the risk of damage and selects the modes of transport.

A utility patent covers the appearance of a product and everything that is an inseparable part of the product.

Which statement is true about company growth?

Trade dress describes those elements of a business's distinctive operating image that are specifically protected under a trademark, patent or copyright.

Match the term with its definition. a.Agents/brokers b.Common carriers c.Contract carriers d.Distribution e.Dual distribution f.Merchant middlemen g.Patent h.Physical distribution (logistics) i.Plant patent j.Private carriers k.Supply chain management l.Third-party logistics firm -A company that provides transportation and distribution services to businesses that prefer to focus their efforts on their primary operations.

To maintain performance, a small business must launch a new competitive advantage:

The three considerations in building a channel of distribution are:

How can a successfully growing firm fall into a growth trap?

Matthias Esterhuyzen, creator of Sotolon, felt his product served an overlooked market.

Small businesses should view distribution costs as:

It is important that small businesses gain a competitive advantage which cannot be quickly imitated.

Product testing is the last step in the product development process.

Match the term with its definition. a.Agents/brokers b.Common carriers c.Contract carriers d.Distribution e.Dual distribution f.Merchant middlemen g.Patent h.Physical distribution (logistics) i.Plant patent j.Private carriers k.Supply chain management l.Third-party logistics firm -A distribution system that involves more than one channel.

Channel management is synonymous with the term logistics.

Match the term with its definition. a.Agents/brokers b.Common carriers c.Contract carriers d.Distribution e.Dual distribution f.Merchant middlemen g.Patent h.Physical distribution (logistics) i.Plant patent j.Private carriers k.Supply chain management l.Third-party logistics firm -A system of management that integrates and coordinates the ways in which a business finds the raw materials to make a product, creates the product, delivers it to customers and receives payment for it.

After listing the six categories of major product strategies, discuss the implications for a small business.

Match the term with its definition. a.Brand b.Brand image c.Brand name d.Brand mark e.Design patent f.Direct channel g.Indirect channel h.Patent i.Service mark j.Trade dress k.Trademark l.Utility patent -Elements of a business's distinctive image not protected by a trademark, patent or copyright.

Match the term with its definition. a.Channel of distribution b.Copyright c.Patent d.Product e.Product item f.Product life cycle g.Product line h.Product mix i.Product mix consistency j.Product strategy k.Sustainable competitive advantage l.Warranty -The way the product component of the marketing mix is used to achieve a business's objectives.