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Q:

Managing retailing, wholesaling and market logistics : 

Additional Details

What are the essential characteristics of retailing?

 

Answer:



Q:

Productivity is the combination of

A) efficiency and energy B) efficiency and effectiveness
C) efficiency and attitude D) effectiveness and resources
 
Answer & Explanation Answer: B) efficiency and effectiveness

Explanation:

Productivity is a result of the way that a business operates – the result of the way that its people, business processes, different functional units and suppliers come together to meet the needs and wants of its customers.

Productivity is the combination of intelligent planning and focused efforts and hence, it is a combination of Efficiency and Effectiveness.

Efficiency :


Efficiency is an internal measure of performance for companies that shows how well the company converts inputs into outputs. The more the ratio of outputs to inputs approaches 100 percent, the better the efficiency of the process will be. In simple terms, it is “doing things right” and comes from proper harnessing of time, cost and efforts.

Effectiveness :


Organizational effectiveness is an external measure of performance and indicates how well an organization fulfills the demands of various organizational stakeholders. Simply put, it is “doing the right things."

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Q:

What does destination scan mean?

A) The shipment has arrived at a UPS facility. B) The shipment has departed a UPS facility and is on its way to the next UPS facility.
C) The shipment has arrived at the local UPS facility responsible for final delivery. D) UPS has received the shipment.
 
Answer & Explanation Answer: C) The shipment has arrived at the local UPS facility responsible for final delivery.

Explanation:

Shipment movement information is captured each time a tracking label is scanned in the UPS delivery system. There may be several days between scans if the shipment is going cross-country or moving between countries.

 

Destination Scan: The shipment has arrived at the local UPS facility responsible for final delivery.

Arrival Scan: The shipment has arrived at a UPS facility.

Departure Scan: The shipment has departed a UPS facility and is on its way to the next UPS facility.

Origin Scan: UPS has received the shipment.

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Q:

Which of the following is not a selling expense?

A) Freight-out B) Advertising expense
C) Store supplies D) Office salaries expense
 
Answer & Explanation Answer: D) Office salaries expense

Explanation:

Office salaries expense would not come under a selling expense.

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Q:

Consumer protection laws are meant to

Answer

Protect the consumer from the seller who cheat to sell his product.


 


The FTC’s Bureau of Consumer Protection stops unfair, deceptive and fraudulent business practices by collecting complaints and conducting investigations, suing companies and people that break the law, developing rules to maintain a fair marketplace, and educating consumers and businesses about their rights and responsibilities.

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Q:

Which of the following are examples of plagiarism?

 

I. Using someone else's idea in your own writing, and including an in-text citation that links to a works-cited list.
II. Using someone else's words in your writing without putting quotation marks around them.
III. Reproducing a drawing or diagram without including information about where you found it.

A) II only B) I only
C) I and III only D) II and III only
 
Answer & Explanation Answer: D) II and III only

Explanation:

Plagiarism is when you copy someone's work and try to pass it off as your own. Plagiarism can be a violation of copyright laws and can be considered cheating, resulting in you getting a failing grade or even being kicked out of school.

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Q:

Demand side market failures occur when

A) supply curves do not reflect the full cost of producing a good or services B) demand curves do not reflect consumer’s full willingness to pay for goods or services
C) government imposes tax on a good or a service D) a good or service is not produced because no one demands it
 
Answer & Explanation Answer: B) demand curves do not reflect consumer’s full willingness to pay for goods or services

Explanation:

Market failure arises because it is not possible for the market to correctly weight cost and benefits in a situation in which some of the cost is completely unaccounted.

Demand-side market failures happen when demand curves do not reflect consumer’s full willingness to pay for goods or services.

Supply-side market failures occur when supply curves do not reflect the full cost of producing a good or services.

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Q:

Which of the following is an example of market failure?

A) Prices do not reflect the full social cost of production B) A firm goes out of business because it cannot find a market for its products
C) Prices rise so that the consumers cannot afford the products they want to buy D) Producer surplus is maximized
 
Answer & Explanation Answer: A) Prices do not reflect the full social cost of production

Explanation:

Prices do not reflect the full social cost of production is an example of Market failure.

 

A market failure occurs when the supply of a good or service is insufficient to meet demand. This results in an inefficient distribution of resources among market participants.

It also occurs if externalities are not accounted for.

If a firm fails to maximize its profits this is not a general market failure.

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Q:

What is a Product Roadmap?

Answer

A Product Roadmap is a plan that matches short-term and long-term business goals with specific technology solutions to help meet those goals. It is a high-level visual summary that maps out the vision and direction of your product offering over time.


1. A product roadmap communicates the why and what behind what you're building.


2. It's a guiding strategic document as well as a plan for executing the strategy.


3. Roadmapping is the exercise of building a product roadmap. Roadmaps can apply to new products or services or existing offerings.

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