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Role and Importance of Logistics in Business

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Role and Importance of Logistics in Business

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Questions and Answers

What is the primary purpose of a business ensuring there are enough raw materials to make finished products?

To have enough products stocked for supply and demand (correct)

To maximize customer satisfaction

To control the flow of inventory

To ensure the manufacturing process goes efficiently

What is the role of business logistics in the creation of finished products?

To ensure the process goes efficiently by tracking, transporting, storing and manufacturing inventory (correct)

To control the flow of information from customers and suppliers

To link the enterprise with its customers and suppliers

To add value to the inventory by placing it at the right time and place

What is the main purpose of the logistical process according to the passage?

To link the enterprise with its customers and suppliers (correct)

To refine customer forecasts and orders into manufacturing and purchasing objectives

To add value to the firm's stakeholders

To manage the movement and storage of materials and finished goods

What is the relationship between the two inter-related efforts of the logistical process described in the passage?

The value-added inventory flow and requirements information flow work together to create an efficient logistical process Signup and view all the answers

According to the passage, what percentage of the working population in the UK is associated with work related to logistics?

About 30% Signup and view all the answers

What is the range of logistics' contribution to the gross domestic product for the main European and North American economies according to the passage?

8-11% Signup and view all the answers

What is the essence of the role of logistics in the market channel?

The movement of the right amount of the right product at the right time Signup and view all the answers

Which of the following is NOT part of business logistics?

Designing the product packaging and labeling Signup and view all the answers

How can successful business logistics provide a competitive edge?

By providing a system or process to fulfill customer needs more efficiently Signup and view all the answers

What is one of the benefits of providing efficient product delivery?

It helps build good consumer relations and can lead to more business Signup and view all the answers

What is one of the best ways to advertise and grow a business?

Providing good, quality service that customers will recommend Signup and view all the answers

What has made it possible for many companies to provide shipments of merchandise in a more accurate and fast manner?

The Internet and related technologies Signup and view all the answers