Matrix Analysis for Cost Reduction in Product Management

According to the text, what is one way to define 'competitive advantage'?

According to the text, which of the following is NOT a constituent element of the customer value ratio?

According to the text, what is the role of customer service in the transfer of goods and services between buyer and seller?

According to the text, what is the impact of out-of-stock cost penalty on manufacturers and retailers?

Which quadrant in the matrix represents products that are frequently demanded and more profitable?

According to the 80/20 rule, what percentage of customers buying 20% of the products contributes to 80% of the total profit?

What is the elapsed time from customer order to delivery called?

What is the error rate on invoices, delivery notes, and other customer communications called?

According to the text, what is the formula to calculate the actual perfect order achievement?

According to the text, what is the appropriate level and mix of service based on?

According to the text, what does the steeply rising curve depict?

According to the text, what is the service level achieved by setting the stock level two standard deviations greater than the mean?

Which of the following is a key factor in creating a market-driven supply chain?

What is the concept of 'power by the hour' in the context of Rolls-Royce's business model?

What is the lifetime value of a customer calculated as?

What is the main focus of most organizations' marketing efforts?

Which of the following factors has contributed to the growing importance of customer service as a competitive weapon?

What is customer value defined as?

Which costs are included in the 'total cost of ownership'?

What does Figure 2.1 illustrate about the total costs of ownership?

Which of the following is the first step in identifying the key components of customer service?

What is one way to determine the importance a customer attaches to each element of customer service?

What is the purpose of supply chain management and logistics?

What is the measure of service defined as in the context of supply chain management and logistics?

Which of the following is a key area of concern in the text?

What does 'order completeness' refer to?

What does 'technical support' refer to?

What does 'order status information' refer to?

What is the trend in claims according to the text?

How quickly do we deal with complaints and claims according to the text?

True or false: Logistics management can impact both the numerator and the denominator of the customer value ratio.

True or false: Caterpillar has developed a world-class reputation for customer support, including 48-hour availability of parts.

True or false: The role of customer service is to provide 'time and place utility' in the transfer of goods and services between buyer and seller.

True or false: A high priority must be placed on delivering superior customer service to become a preferred supplier in any industry.

True or false: Marketing is the management of the 'Four Ps' - product, price, promotion, and place?

True or false: Customer value is the difference between the perceived benefits and the total costs incurred?

True or false: The growing importance of customer service is primarily driven by the transition towards 'commodity' type markets?

True or false: The 'iceberg' effect of total costs of ownership suggests that the immediate purchase price is the only aspect of cost that is visible?

True or false: The core product is the basic product as it leaves the factory?

True or false: Customer service and logistics are the only activities that add value to a product?

True or false: The concept of 'servitisation' focuses on converting a service into a product?

True or false: Rolls-Royce's 'power by the hour' arrangement guarantees the performance of their engines?

True or false: The actual perfect order achievement can be calculated by multiplying the percentages of on-time, full, and error-free performance.

True or false: The appropriate level and mix of customer service will vary by customer type.

True or false: The probability of a given value occurring can be easily calculated if the mean and standard deviation are known.

True or false: Safety stock is required only when demand exceeds the average.

True or false: Measures of productivity always reflect the things the customer values.

True or false: The first step in identifying the key components of customer service is to understand the service needs of customers through detailed research.

True or false: Cluster analysis is a computer-based method used to match respondents across as many dimensions as possible.

True or false: The measure of service in supply chain management and logistics is defined as the percentage of occasions on which the customer's requirements are met in full.

Claims procedure is the main cause of service failures.

The trend in claims is increasing.

Complaints and claims are dealt with quickly.

Service recovery procedures are in place.

Order completeness refers to delivering complete orders with no back orders or part shipments.

Technical support is provided to customers after the sale.

True or false: Quadrant 1 in the matrix represents products that have high volume and low profit contribution.

True or false: Quadrant 2 in the matrix represents products that are frequently demanded and less profitable.

True or false: Quadrant 3 in the matrix represents products that should be regularly appraised for deletion from the range.

True or false: Quadrant 4 in the matrix represents products that are highly profitable and sell at a relatively slow rate.