Econ Supply Chain Quiz

What is the primary goal of supply chain management?

• To increase the company's employee count

• To reduce product prices for consumers

• To ensure products are delivered to consumers efficiently and effectively

• To create advertisements for products

Which of the following best describes a distributor in a supply chain?

• A company that creates advertisements for products

• A company that transports products from manufacturers to retailers

• A company that sells products directly to consumers online

• A company that provides raw materials to manufacturers

What is consumer behavior?

• The process of transporting goods from one place to another

• The study of how individuals decide to use their resources

• The actions and decision processes of individuals and households in purchasing and using products

• The process of setting prices for products

Why is it important for companies to understand consumer behavior?

• To make their products more expensive

• To improve their supply chain efficiency

• To tailor their marketing strategies to meet consumer needs

• To reduce the number of employees

What role do middle men (distributors) play in the distribution of products?

• They design the products

• They buy products from manufacturers and sell them to retailers or consumers

• They provide loans to companies

• They consume the products

What is a supply chain?

• A type of chain made in factories

• The sequence of processes involved in the production and distribution of a commodity

• A group of consumers buying products

• A software used by companies to track sales

How does direct interaction with consumers benefit a company?

• It allows the company to increase product prices

• It reduces the need for marketing

• It helps the company understand and meet consumer needs more effectively

• It eliminates the need for a supply chain

What might happen if a company ignores consumer behavior in its marketing strategy?

• The company will automatically increase its sales

• The company might not effectively reach its target audience, leading to lower sales

• The company will reduce its production costs

• The company will not need distributors anymore

Why is transportation important in the distribution of products?

• It ensures that products are only sold online

• It allows companies to reduce the quality of their products

• It enables products to reach different markets, increasing sales opportunities

• It makes products more expensive

What is the impact of an efficient supply chain on consumer satisfaction?

• It decreases consumer satisfaction as products become more expensive

• It has no impact on consumer satisfaction

• It increases consumer satisfaction by ensuring timely delivery of products

• It only benefits the company and not the consumers