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Strategic Sourcing Chapter 13 Quiz

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Questions and Answers

What is the purpose of increasing the degree of vertical integration?

To reduce the cost of products

To decrease the complexity of the purchasing process

To simplify the supply chain (correct)

To manage inventory for multiple companies

What is the characteristic of HIGH SPECIFICITY PRODUCTS according to the text?

They have many substitutes available

They are low in volume and inexpensive

They are purchased through a simple process

They require a complex and organized purchasing process (correct)

What is the main responsibility of VENDOR MANAGED INVENTORY (VMI) according to the text?

Outsourcing inventory service to multiple companies

Reducing complexity in the supply chain

Soliciting detailed proposals from vendors

Managing the logistics and quality of components (correct)

What is the purpose of a REQUEST FOR PROPOSAL (RFP)?

To receive detailed proposals from potential vendors (C) Signup and view all the answers

What problem led to the establishment of JUST IN TIME delivery, as mentioned in the text?

Complexity in inventory management (C) Signup and view all the answers

In what industries did VENDOR MANAGED INVENTORY (VMI) initially start, according to the text?

Automotive industry (A) Signup and view all the answers

What is the aim of strategic sourcing according to the text?

To acquire goods and services in a way that aids in achieving the immediate needs of the business (C) Signup and view all the answers

How has sourcing changed today compared to the past, as mentioned in the text?

Sourcing now implies a more complex process suitable for strategically important products (C) Signup and view all the answers

What is an example of a problem caused by COVID-19 mentioned in the text?

Customers not being able to find certain products due to shortages (A) Signup and view all the answers

What is 'RESURING' as mentioned in the text?

A strategic attitude through which companies change the sourcing process to buy more from suppliers that are close enough without increasing costs (A) Signup and view all the answers