QUIZZES

• Rational


  (in classical economic theory) economic agents are able to consider the outcome of their choices and recognise the net benefits of each one
• Consumers act rationally by

  Maximising their utility
• Producers act rationally by

  Selling goods/services in a way that maximises their profits
• Workers act rationally by

  Balancing welfare at work with consideration of both pay and benefits
• Governments act rationally by

  Placing the interests of the people they serve first in order to maximise their welfare
• Rationality in classical economic theory is a flawed assumption as people usually don't act rationally
• Demand curve shifting right


  Increases the equilibrium price and quantity
• Marginal utility


  The additional utility (satisfaction) gained from the consumption of an additional product
• If you add up marginal utility for each unit you get total utility
• Why should businesses monitor trends and competitors

  To anticipate customer demands, preferences, and behaviors, and adjust products, services, and strategies accordingly
• What is the final step in adapting and responding to changing customer needs and preferences

  Continuously measuring and improving customer satisfaction levels and outcomes
• What is the first step to adapting and responding to changing customer needs and preferences

  Knowing who your customers are, what they want, and why they buy from you
• What role do mobile devices play in the lives of modern consumers

  They serve as primary tools for communication, information access, and commerce
• What do modern consumers prioritize in their shopping experiences

  Convenience and efficiency
• How would you describe modern consumers' proficiency with technology in their daily lives

  Tech savvy
• What do today's consumers expect in terms of their interactions with businesses

  Personalized experiences tailored to their preferences and needs
• What do modern consumers prioritize when interacting with businesses

  Experience-driven interactions
• What behavior do modern consumers typically exhibit before making a purchase

  Research-oriented approach involving online reviews, price comparisons, and expert opinions
• Who embodies the characteristics of the modern consumer

  Consumers who exhibit a research-oriented approach before making purchases
• Siloed Information


  The position where data stays isolated within different departments or systems, which decreases the ability to collaborate effectively across the entire supply chain
• Limited visibility


  One of the drawbacks of the classic method from the perspective of data visibility across the whole supply chain
• Fixed Schedules


  The predefined timing or schedule for deliveries or shipments
• Real-Time Visibility


  The technology that allows for real-time tracking of shipments in addition to monitoring the current inventory levels in the newest methods of logistics operation
• Manual Processes


  The common classic approach to operations in logistics used to record orders and inventory details
• Manual Methods like phone calls or written notes 


  How businesses communicated with customers and with the departments in the classic methodology of logistics operations
• Manual Decision-Making


  The approach to decision-making that was entirely based on the data from previous years or intuition in the classic methodology of logistics operations
• Logistics Operation


  The process of planning, implementing, and controlling the distribution of goods from the point of origin to consumption
• Limited visibility


  One of the challenges is that businesses have limited visibility into the multiple stages of the process
• Dynamic Routing and Scheduling


  What enables better utilization of resources and reduced transportation costs through the ability to adapt to changing demand patterns in the latest methods of logistics operations
• Flexibility and Adaptability


  A competitive advantage of logistics where a company can quickly mobilize the vehicle (helicopter) that's best on the situation as well as contacting other partnering logistics in the area
• Logistics Management


  The process of efficiently planning, organizing, and executing an operation; controlling the flow of goods, services, and information from the point of origin to its destination
• Competitive advantage of Logistics does not contribute to the environmental impact by releasing carbon emissions
• Consumer Behavior


  The study of the processes involved when consumers acquire, consume and dispose of goods, services, activities, ideas in order to satisfy their needs and desires
• Heredity


  A variable of individual behavior that provides some genetic explanation of individual differences
• A customer is an individual or business that purchases another company's goods or services
• Attitude


  A variable that describes Rosé's experience going to several salons only to be disappointed by how her hair turned up, leading to a distrust towards salons
• Perception

  A variable that describes Julie's negative perception of the restaurant she had gone to last Saturday due to their slow serving and long waiting time
• Effective ways to truly understand your customers

  • Ask for a customer review - every time
  • Walk in your customer's shoes
  • Utilize social listening across your social platforms
  • Generate important customer insight with survey
  • Use online quizzes to generate customer understanding
  • Sentiment analysis is a great feedback tool - Check out your competition
  • Check all your assumptions with A/B testing
  • Start a real conversation with genuine follow-ups
  • Don't run away from any complaints
• Deliverables


  The tangible outcomes or results that are expected to be produced or achieved as part of the logistics process
• Cost Transport Deliverables


  The tangible costs incurred in moving goods from one point to another