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Quiz 1 of 0

Quiz – Strategic Inventory Management

HiveBuddy October 10, 2024

Welcome to the quiz for Lesson 2: Strategic Inventory Management

In this Quiz we’ll test your knowledge and understanding of the following topics:

Stock Optimization
Inventory Turnover Rates
Seasonal Stock Management
Supplier Relationship Management
Reducing Overstock and Understock
Technology in Inventory Management

Best of Luck!

Time limit: 0

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Question 1 of 5

1. Question
What is the primary goal of stock optimization in sports retail?
- Maintaining minimum inventory levels while meeting demand
- Increasing supplier dependency
- Maximizing product diversity regardless of demand
- Reducing marketing efforts
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Question 2 of 5

2. Question
Which of the following best describes inventory turnover rate?
- The frequency at which inventory is sold and replaced over a specific period
- The frequency of product shifts within the warehouse
- The rate at which new stock is ordered
- The annual cost of holding onto the inventory stock
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Question 3 of 5

3. Question
How can seasonal stock management benefit sports retailers?
- By aligning inventory with seasonal demand, enhancing sales
- By increasing off-season storage costs
- By reducing the need for suppliers
- By ensuring all products are constantly available regardless of season
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Question 4 of 5

4. Question
What is an essential practice in supplier relationship management?
- Building strong, long-term relationships based on trust and reliability
- Regularly changing suppliers to avoid dependency
- Minimizing communication to increase efficiency
- Focusing only on price negotiations
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Question 5 of 5

5. Question
Which of the following is an advantage of using technology in inventory management?
- Enhancing accuracy and efficiency of stock level tracking
- Increasing stockpile without concern
- Reducing the need for human oversight completely
- Neglecting customer order history analysis
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