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Questions and Answers
Which forces have the most significant impact in revolutionizing supply chain management?
Which forces have the most significant impact in revolutionizing supply chain management?
In today's world, supply chains can be described as moving toward which characteristics?
In today's world, supply chains can be described as moving toward which characteristics?
What action is incentivized when market interest rates are low?
What action is incentivized when market interest rates are low?
After performing an extensive customer survey, what else does an organization need to do to discover whether there are any customer requirements being missed in the market?
After performing an extensive customer survey, what else does an organization need to do to discover whether there are any customer requirements being missed in the market?
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During a product assessment, the services review indicates that their once world-class return policy has been now widely copied and customers no longer consider it a special value. What is the best response shown?
During a product assessment, the services review indicates that their once world-class return policy has been now widely copied and customers no longer consider it a special value. What is the best response shown?
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According to macroeconomic theory, as aggregate prices decrease, what happens to the real gross domestic product (GDP), and why?
According to macroeconomic theory, as aggregate prices decrease, what happens to the real gross domestic product (GDP), and why?
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An organization's macro environment has changed for the worse. As part of a demand analysis, what can the organization's marketing professionals do about this?
An organization's macro environment has changed for the worse. As part of a demand analysis, what can the organization's marketing professionals do about this?
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When market research reveals that some customer segments desire certain features but other segments desire different features, an organization's primary criteria for deciding on features to include are those that:
When market research reveals that some customer segments desire certain features but other segments desire different features, an organization's primary criteria for deciding on features to include are those that:
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What global force that impacts virtually every supply chain is caused by the increasing power of speed and information available to both consumers and competitors?
What global force that impacts virtually every supply chain is caused by the increasing power of speed and information available to both consumers and competitors?
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As part of a regular SWOT analysis, a manufacturer of luxury goods identifies a high likelihood of a national personal income tax increase in its primary market following sweeping electoral changes. What potential outcome should the manufacturer prepare for?
As part of a regular SWOT analysis, a manufacturer of luxury goods identifies a high likelihood of a national personal income tax increase in its primary market following sweeping electoral changes. What potential outcome should the manufacturer prepare for?
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If the overall economy of a country is in a trough but economic leading indicators show a healthy increase in demand for the next quarter, which would be a good strategic choice for a risk-seeking organization to make?
If the overall economy of a country is in a trough but economic leading indicators show a healthy increase in demand for the next quarter, which would be a good strategic choice for a risk-seeking organization to make?
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A SWOT analysis is:
A SWOT analysis is:
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Microeconomics focuses on the decisions that businesses and people make:
Microeconomics focuses on the decisions that businesses and people make:
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A manufacturer enlists a marketing company to survey current and prospective customers to determine their perceptions of the manufacturer's brand and gauge their reactions when shown a series of new product concepts. What type of marketing research is being conducted?
A manufacturer enlists a marketing company to survey current and prospective customers to determine their perceptions of the manufacturer's brand and gauge their reactions when shown a series of new product concepts. What type of marketing research is being conducted?
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Which is one reason why suppliers will not increase supply past a given point even if the prices keep getting higher and there is more incentive to produce more supply?
Which is one reason why suppliers will not increase supply past a given point even if the prices keep getting higher and there is more incentive to produce more supply?
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According to the law of demand, what is likely to happen if the price of a good or service increases?
According to the law of demand, what is likely to happen if the price of a good or service increases?
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What is true of demand elasticity over time?
What is true of demand elasticity over time?
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An automobile company has identified a five-year trend in the price of gasoline, with prices consistently increasing year over year. How can it respond to capitalize on this trend?
An automobile company has identified a five-year trend in the price of gasoline, with prices consistently increasing year over year. How can it respond to capitalize on this trend?
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An organization has attempted to forecast demand for a popular product over the last decade. They have sufficiently accounted for changes due to holidays and climate specifics as well as those due to advertised sales. They have been accurate when forecasting long-term changes, but over short-term periods, they have been inaccurate, at times leading to stockouts and excess inventory. What is the likely cause of their forecast inaccuracy?
An organization has attempted to forecast demand for a popular product over the last decade. They have sufficiently accounted for changes due to holidays and climate specifics as well as those due to advertised sales. They have been accurate when forecasting long-term changes, but over short-term periods, they have been inaccurate, at times leading to stockouts and excess inventory. What is the likely cause of their forecast inaccuracy?
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What is an essential trait for organizations with global supply chains?
What is an essential trait for organizations with global supply chains?
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Study Notes
Supply Chain Management Forces
- Technological advancements, globalization, and shifting consumer expectations are key forces revolutionizing supply chain management.
Characteristics of Modern Supply Chains
- Today's supply chains are increasingly agile, resilient, transparent, and focused on sustainability.
Effects of Low Market Interest Rates
- Low market interest rates incentivize borrowing and investment, encouraging consumer spending and business expansion.
Identifying Missed Customer Requirements
- In addition to conducting customer surveys, organizations should analyze competitor offerings and market trends to uncover unmet needs.
Response to Copycat Policies
- Organizations facing widely copied return policies should innovate or enhance their service experiences to restore unique value for customers.
Impact of Aggregate Price Decrease on GDP
- According to macroeconomic theory, a decrease in aggregate prices generally leads to an increase in real GDP, as consumers are more likely to spend due to lower costs.
Marketing Professionals' Actions in a Negative Macro Environment
- In adverse macroeconomic conditions, marketing professionals should reassess pricing strategies and identify new target markets or product offerings.
Decision Criteria for Feature Inclusion
- When market research shows divergent feature preferences among customer segments, the primary criterion for deciding features is to prioritize those with the highest overall demand.
Global Force Affecting Supply Chains
- The increasing power of speed and information, driven by technology and consumer connectivity, is a crucial global force impacting supply chains.
Preparation for Tax Changes in Luxury Goods Market
- A luxury goods manufacturer should prepare for potential declines in consumer spending due to a national income tax increase.
Strategic Choices in Economic Troughs
- In a trough with signs of recovery, a risk-seeking organization could pursue aggressive market expansion or investment strategies.
SWOT Analysis Overview
- A SWOT analysis assesses an organization's Strengths, Weaknesses, Opportunities, and Threats to inform strategic planning.
Focus of Microeconomics
- Microeconomics examines individual and business decision-making processes regarding resource allocation and pricing strategies.
Type of Marketing Research Conducted
- The survey of current and prospective customers assessing brand perception and product concepts is classified as exploratory marketing research.
Supplier Production Constraints
- Suppliers may not increase production despite higher prices due to capacity limitations and fixed costs that restrict scalability.
Law of Demand
- According to the law of demand, an increase in the price of a good or service typically results in a decrease in quantity demanded.
Demand Elasticity Over Time
- Demand elasticity can change over time as consumers adjust their purchasing behavior in response to long-term price changes or market shifts.
Responding to Gasoline Price Trend
- An automobile company can capitalize on the trend of rising gasoline prices by developing fuel-efficient vehicles or alternative energy options.
Forecasting Demand Challenges
- Forecast inaccuracy for short-term demand may stem from unpredictable market fluctuations, changing consumer behavior, or insufficient data analysis.
Essential Trait for Global Supply Chains
- Agility is essential for organizations with global supply chains, enabling them to adapt to changes and disruptions quickly.
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Description
Demand Analysis and Patterns
