Briefly discuss the three important trends in business that have focused attention on operations and supply chain management
What will be an ideal response?
Answer: The three trends are electronic commerce, increasing competition and globalization, and relationship management. Electronic commerce is the use of information technology, e.g., computer and telecommunications technologies, to conduct business via electronic transfer of data and documents. E-commerce promises to improve the speed, quality, and cost of business communications and can be used to coordinate a supply chain. The rate of change in markets, products, and technology is escalating, resulting in increased competition. It is no longer good enough to be the best producer within a city, region, or country; firms must be able to compete on a global scale. Finally, we recognize that very few firms are not in a supply chain. As a firm strives to improve to meet this global competition, it may require the cooperation of other members of its supply chain. This cooperation is by no means a certainty, so relationship management is essential to facilitate supply chain coordination.
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Tests of controls include
a. confirming accounts receivable b. counting inventory c. completing questionnaires d. counting cash
Which of the following strategy is used to deal with uncertainity related to a specific event?
a. Hedging. b. Cost resturcturing. c. Insurance. d. Statistical analysis
Seaquest Company's contribution margin income statement is presented below. Sales for the current period consisted of 5,000 units. Determine the company's break-even point in dollars. Seaquest CompanyContribution Margin Income Statement?Sales$125,000Variable costs90,000Contribution margin35,000Fixed costs28,000Net income$7,000
What will be an ideal response?
Delta Faucet CompanyMasco is the name of a well-recognized company in the construction industry. It produces cabinetry, furniture, lighting, and plumbing fixtures for the upper-end homeowner and builder. One of the divisions of Masco is the Delta Faucet Company, which is the leader in the faucet industry. Delta Faucet was founded in 1955. Over the decades, it has developed a legacy based on well-crafted, high-quality products. Since the 1970s, Delta has focused its energies on building loyalty with the builder marketplace. Research in 2002 showed that while builders respect the Delta faucet for its quality, durability, and dependability, household consumers were not enamored with Delta products. Due to the number of new magazines and television programs devoted to home style, homeowners
wanted faucets that were chic and stylish. This was not the image of the Delta Faucet. To change its image, Delta Faucet began a marketing program in which it committed itself to developing new products to appeal to homeowners. It adopted a new slogan, "Beautifully Engineered."Refer to Delta Faucet Company. The marketing program, which Delta designed to develop new products to appeal to homeowners, is an example of: A. strategic planning B. a mission statement C. mass marketing D. production-oriented marketing E. tactical planning