Exam 1: An Overview of Logistics

World trade has grown at an average annual rate of approximately ___________ percent since 1990.

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

A broker is a type of intermediary often associated with the negotiations channel.

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

The ___________ concept suggests that the customer desires a product offering that is highly tailored to the customer's exact preferences.

Approximately ___________ percent of U.S.families with children reports that both parents work.

Stockouts refer to a situation in which a company is out of an item at the same time that there is demand for that item.

Logistics clearly contributes to ___________ and ___________ utility.

Which concept refers to the storage of finished product and movement to the customer?

The sorting function takes place between retailers and the consumer.

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

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

___________ are stores with large amounts of both floor space and product for sale.

Channel intermediaries:

A commonly used logistical intermediary is the freight forwarder.

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

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

The financing channel handles a company's credit and payment for goods.

Which of the following is not part of the marketing channel?

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