PART A (terms explanations) (5/30 marks)

Please give the explanations to the following terms, in English words.

1 Place Utility

2 Reverse Logistics

3 Customer Satisfaction

4 FOB

5 JIT

6 QR

PART B (short answer questions) (10/40marks)

Please give the short answers to the following questions, in English words.

1. How does logistics play a key role in the economy?

2. To explain the total cost concept.

3. What is the relationship of logistics activities to logistics costs?

4. Why do companies both LOVES and HATES inventory?

PART C (30 marks)

Base on your understanding of the following statement, please give your viewpoints in English words:

On the average it is approximately six times more expensive to develop a new customer than it is to keep a current customer.