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web.groovymark@gmail.com
- December 7, 2024
Question 41
What is the primary focus of “Just-in-Time” (JIT) inventory management?
a) Minimizing production costs by ordering materials as needed
b) Keeping large inventories on hand to meet demand
c) Reducing supply chain complexity by outsourcing production
d) Enhancing customer service through faster order processing
Answer: a) Minimizing production costs by ordering materials as needed
Explanation: JIT inventory management aims to reduce inventory holding costs by ordering materials and components only when they are needed for production.
Question 42
What is the benefit of utilizing a Learning Management System (LMS) for sales training?
a) It reduces sales quotas
b) It allows for tracking and managing employee training
c) It increases the cost of training
d) It eliminates the need for in-person training
Answer: b) It allows for tracking and managing employee training
Explanation: LMS systems are designed to facilitate the management and tracking of training programs, providing a structured way to ensure employees complete required courses.
Question 43
What does the term “Sales Funnel” refer to?
a) The process of filtering potential customers
b) The stages a customer goes through before making a purchase
c) The list of products available for sale
d) The timeline of customer satisfaction metrics
Answer: b) The stages a customer goes through before making a purchase
Explanation: A sales funnel represents the journey potential customers take from the initial awareness of a product or service to the final purchase.
Question 44
Which of the following is an example of a cost driver in Activity-Based Costing (ABC)?
a) Product sales revenue
b) The number of machine hours used
c) The cost of raw materials
d) Customer lifetime value
Answer: b) The number of machine hours used
Explanation: In Activity-Based Costing, cost drivers are factors that cause changes in the cost of activities, such as the number of machine hours required for production.
Question 45
What is the primary purpose of Performance Appraisals in sales management?
a) To reduce employee turnover
b) To improve self-development and performance
c) To decrease employee compensation
d) To eliminate underperforming sales teams
Answer: b) To improve self-development and performance
Explanation: Performance appraisals are used to provide feedback to employees, helping them improve their skills, set development goals, and enhance job performance.
Question 46
Which of the following describes a “Preferred Supplier Agreement”?
a) An agreement between a company and its customer
b) An agreement where the supplier agrees to deliver goods at a discount
c) A formal contract between a company and its third-party supplier
d) An agreement to hire a new sales representative
Answer: c) A formal contract between a company and its third-party supplier
Explanation: A preferred supplier agreement is a formal contract outlining the terms under which a company will purchase goods or services from a specific supplier.
Question 47
What is the purpose of a “Work Breakdown Structure” (WBS)?
a) To set sales targets for each quarter
b) To organize project tasks into manageable components
c) To evaluate customer behavior during sales cycles
d) To monitor employee performance in real-time
Answer: b) To organize project tasks into manageable components
Explanation: A Work Breakdown Structure (WBS) breaks down projects into smaller, manageable tasks, making it easier to assign responsibilities and track progress.
Question 48
Which metric measures the ratio of sales to inventory in a given period?
a) Sales growth
b) Sell-through rate
c) Lead conversion rate
d) Performance appraisal
Answer: b) Sell-through rate
Explanation: The sell-through rate is a key performance metric that measures how much inventory has been sold over a certain period compared to the total available inventory.
Question 49
What is the benefit of “Cross-Selling” in sales?
a) It encourages customers to buy higher-priced items
b) It offers customers complementary products to increase the overall sale
c) It reduces the cost of customer acquisition
d) It shortens the sales cycle
Answer: b) It offers customers complementary products to increase the overall sale
Explanation: Cross-selling is the practice of offering related or complementary products to customers, increasing the overall value of their purchase.
Question 50
What does “360-Degree Feedback” involve in performance evaluations?
a) Collecting feedback only from upper management
b) Evaluating employees based on customer satisfaction surveys
c) Gathering performance feedback from multiple sources, including peers, supervisors, and subordinates
d) Focusing on recent employee performance only
Answer: c) Gathering performance feedback from multiple sources, including peers, supervisors, and subordinates
Explanation: 360-Degree Feedback is a comprehensive evaluation method that includes input from a wide range of people, providing a well-rounded view of an employee’s performance.
