Supply Chain
The _____________ is the full network of people, companies, resources, and steps used to make a product and bring it to the customer.
a) Business plan
b) Logistics plan
c) Supply chain
c) Supply Chain
How a company chooses and oversees the groups and paths—such as wholesalers, brokers, retailers, and online platforms—that move a product from raw parts to the final buyer is what we call:
a) Marketing planning
b) Channel management
c) Marketing financing
b) Channel management
Total revenue minus the cost of goods sold is:
a) Net profit
b) Gross profit
c) Return on investment
b) Gross profit
Qualitative forecast models rely on:
a) Statistics and bias
b) Trend analysis
c) Experience and instinct
c) Experience and instinct
On the phone, your ____ is 86% of your communication.
a) Words/terms
b) Tone
c) Articulation
b) Tone
Only 14% of your communication with customers involves the words you speak. Your attitude makes ALL the difference when it comes to making the sale!
The step of the sales process when the salesperson reaches back out to the customer to make sure they are satisfied with their purchase is:
Follow-up
If we compare supply chain management to a sports team, the players executing plays on the field would be most similar to:
a) Storing goods
b) Planning
c) Logistics
c) Logistics
Sales revenue minus cost of goods sold is what we call:
a) Gross margin
b) Direct procurement
c) Goods acquisition
a) Gross margin
Single-level direct sales are:
a) Group or party sales
b) One-on-one sales
c) Multilevel sales
b) One-on-one sales
By means of in-person, online meetings, or catalogs.
BONUS: Fun fact: according to current sales marketing data, approximately 70% of customers buy things to do what?
a) Enhance their "ideal self."
b) Embrace their inner child.
c) Solve a problem.
c) Solve a problem.
Describe what crowdfunding is.
Crowdfunding is raising money for a project, business, or cause by collecting small financial contributions from a large group of people, usually through online platforms such as GoFundMe.
a) Labor costs
b) Marketing costs
c) Manufacturing costs
b) Marketing costs
If Scheels sells a set of golf clubs for $2,000 that it bought from its supplier for $1,000, what is the store’s gross margin (in dollars) for the golf clubs?
a) $500
b) $1,500
c) $1,000
c) $1,000
2,000 - 1,000 = 1,000
A customer walks into your convenience store. They ask you if you have any Monster Java drinks. Your store doesn't carry those, so you show them where the Starbucks energy drinks are instead. The selling technique you just used was:
a) Suggestive
b) Testimonial
c) Substitution
c) Substitution
Customers are 4 times more likely to buy when they are:
a) Referred by a friend.
b) Offered exclusive discounts.
c) Told more details about the product/service
a) Referred by a friend.
We tend to trust our friends when they make suggestions about what to buy!
Why is diversification important in your supply chain?
Diversification means ordering supplies you need from more than one source. That means if one falls through, you have a backup.
What is agility?
Agility means having the ability to respond quickly to changes, like a sudden spike in customer demand for a product.
The organized acquisition of goods and services on behalf of a business is what we call:
a) Procurement
b) Purchasing
c) Margin
b) Purchasing
Companies use a ____________________ to help them analyze the marketing information gathered.
a) Marketing Analytics Tool
b) Internal Reporting System
c) Output System
a) Marketing Analytics Tool
BONUS: The best day to "cold call" is _________ between 4:00pm and 5:00pm.
a) Thursday
b) Tuesday
c) Friday
a) Thursday
What are the stages of the product lifecycle?
Introduction
Growth
Maturity
Decline
What is the primary goal of supply chain management?
Ensuring the right product is available in the right quantity, at the right place, at the right time, at the lowest possible cost.
Buying and gathering all necessary materials for production and/or daily operations is what we call:
Procurement
Complete the outline:
Different Types of Direct Selling
i. Single-level direct sales
ii. Host or party-plan sales
iii. ___________________
Multi-level marketing
BONUS: According to current sales marketing data, the average "cold caller" has to make __ phone calls per hour to find an interested potential customer.
a) 8
b) 4
c) 6
a) 8