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True / False 1. The development of strategic purchasing practices can only help a company maintain its competitive position in a rapidly changing business environment. a. True b. False ANSWER: False DIFFICULTY: Easy KEYWORDS: Bloom’s: Understanding OTHER: Analytic NOTES: 1 2. Global sourcing is a requirement and no longer a luxury for most firms. a. True b. False ANSWER: True DIFFICULTY: Easy KEYWORDS: Bloom’s: Understanding OTHER: Analytic NOTES: 1 3. Sophisticated customers, both industrial and consumer, no longer talk about price increases – they demand price reductions! a. True b. False ANSWER: True DIFFICULTY: Easy KEYWORDS: Bloom’s: Understanding OTHER: Analytic NOTES: 1 4. An abundance of competitors and choices have conditioned customers to want higher quality, faster delivery, and products and services tailored to their individual needs at a higher total cost. a. True b. False ANSWER: False DIFFICULTY: Easy KEYWORDS: Bloom’s: Understanding OTHER: Analytic NOTES: 1 5. The availability of low-cost domestic supplier alternatives has led to the shift away from outsourcing and offshoring. a. True b. False ANSWER: False DIFFICULTY: Easy KEYWORDS: Bloom’s: Understanding OTHER: Analytic NOTES: 1 6. Competition today is no longer between firms; it is between the supply chains of those firms. a. True b. False ANSWER: True DIFFICULTY: Moderate KEYWORDS: Bloom’s: Understanding OTHER: Analytic NOTES: 1 7. In the manufacturing sector, the percentage of purchases to sales averages 55 percent. a. True b. False ANSWER: True DIFFICULTY: Easy KEYWORDS: Bloom’s: Remembering OTHER: Analytic NOTES: 1 8. The traditional approach to purchasing and supply management is to build relations with suppliers to jointly pull costs out of the product or service and expect suppliers to contribute innovate ideas that continually add value to a firm’s products and services. a. True b. False ANSWER: False DIFFICULTY: Moderate KEYWORDS: Bloom’s: Understanding OTHER: Analytic NOTES: 1 9. Most of the features that make their way into final products originate with suppliers. a. True b. False ANSWER: False DIFFICULTY: Easy KEYWORDS: Bloom’s: Understanding OTHER: Analytic NOTES: 1 10. Purchasing and supply management has a major impact on product and service quality. a. True b. False ANSWER: True DIFFICULTY: Easy KEYWORDS: Bloom’s: Understanding OTHER: Analytic NOTES: 1 11. Supply management is a broader concept than purchasing. a. True b. False ANSWER: True DIFFICULTY: Easy KEYWORDS: Bloom’s: Understanding
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