问答题
?Read this text taken from an article about logistics and corporate profit performance.
?Choose the best sentence to fill each of the gaps.
?For each gap 9—14, mark one letter (A—H) on your Answer Sheet.
?Do not use any letter more than once.
In an uncertain economic environment, top management will be interested in asset management and flow management. H . They can represent over 50 percent of manufactures’ total asset, and more than 80 percent of wholesalers and retailers’ total assets.
When top management mandates a reduction in accounts receivable and/or inventories, its objective is to improve cash flow and reduce the company's investment in assets. (9) . But reduction in the terms of sale, or even enforcement of the stated terms of sale, in effect changes tile price component of the firm's marketing mix. (10) .
The arbitrary reduction of accounts receivable and/or inventories in the absence of technological change or changes in the logistics system can have a devastating impact on corporate profit performance. (11) . First, the change alters the manufacturer's price and therefore the competitive position of its products, which may lead to decreased sales. Second, it further complicates the cash flow problems of the manufacturer's customers. Forcing faster payment of invoices causes channel members to improve their cash flow by reducing their inventories of the manufacturer's products. (12) . This situation may also result in stock-out of the manufacturer's products as the wholesale or retail level of the channel, further reducing sales volume.
Similarly, a manufacturer's policy of arbitrarily reducing inventory level to increase inventory sums, in the absence of a system change, may escalate transportation costs and/or production setup costs as the logistics system scrambles to achieve the specified customer service levels with lower inventories (assuming the company was efficiently and effectively distributing products prior to the policy change). (13) In this case, customer service levels would be eroded, and a decrease in market share might result. (14) .
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(9)
