SECTION A

Answer ALL the questions in this section.

Question $1$

"The value of a product is reflected by the price that customers are willing to pay for it$.$ Willingness to pay is determined by

the utility that the product will have for the customer. Utility, in turn, is the satisfaction derived from a product, particularly its

usage or consumption in whatever desired way $($Pienaar et al$.,2017)."$

Factoring the above insert into account, discuss the four subsets of utility that can add value to a product?

Question $2$

By making use of relevant examples, describe the four areas in which business logistics strategy, tactics and operations can

enhance the long$-$term wealth of a business?

Question $3$

"The environment in which reverse logistics has to be managed is vastly different from the forward logistics environment.

Forward logistics works off sales and marketing forecasts to plan the optimal distribution of a limited number of products

from one or more manufacturing or warehouse points to multiple distribution or retail points. By contrast, reverse logistics is

much more reactive and involves product flows that are much less visible $($Pienaar et al$.,2017)."$

Taking the above paragraph into account, explain the cost of reverse logistics and how it differs from the cost of forward

logistics both in type and in magnitude?