LOM 100 Ch 1 Assignment - LOM 100 Ch 1 Assignment Please...

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LOM 100 Ch 1 Assignment Please answer the following questions. Each correct answer is worth 2 points, for a total of 20 points. #1 What is the difference between possession, form, time, and place utility? Possession Utility – The value that comes from a customer being able to take possession of the produst Form Utility – Product’s being in a form than can be used by the customer and is valuable to the customer Place Utility – Having products available where they are needed by the customer. #2 In your own words, what is logistics? The planning and control of movements of goods throughout a company #3 What is reverse logistics? Moving goods from the final destination for the purpose of capturing value #4 How has a reduction in economic regulation contributed to the increased importance of logistics? It allowed the individual carriers flexibility in price and service. #5 Explain how power retailers are logistical trendsetters.
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