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)?

    <p>To receive detailed proposals from potential vendors</p> Signup and view all the answers

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

    <p>Complexity in inventory management</p> Signup and view all the answers

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

    <p>Automotive industry</p> Signup and view all the answers

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

    <p>To acquire goods and services in a way that aids in achieving the immediate needs of the business</p> Signup and view all the answers

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

    <p>Sourcing now implies a more complex process suitable for strategically important products</p> Signup and view all the answers

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

    <p>Customers not being able to find certain products due to shortages</p> Signup and view all the answers

    What is 'RESURING' as mentioned in the text?

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

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