GENERAL KNOWLEDGE

Detailed explanation-1: -Reverse logistics is a type of supply chain management that moves goods from customers back to the sellers or manufacturers. Once a customer receives a product, processes such as returns or recycling require reverse logistics.

Detailed explanation-2: -An alternative term is distribution channel or ‘route-to-market’. It is a ‘path’ or ‘pipeline’ through which goods and services flow in one direction (from vendor to the consumer), and the payments generated by them flow in the opposite direction (from consumer to the vendor).

Detailed explanation-3: -Some intermediaries-such as wholesalers and retailers-buy, take title to, and resell the merchandise are called merchants. Brokers, manufacturers’ representatives, sales agents-search for customers and may negotiate on the producer’s behalf but do not take title to the goods are called agents.

Detailed explanation-4: -There are four main types of intermediaries that act at the different distribution stages: agents or brokers, wholesalers, distributors, and retailers.

Detailed explanation-5: -Referent power. The manufacturer is so highly respected that intermediaries are proud to be associated with it. Companies such as IBM, Caterpillar, and Hewlett-Packard have high referent power.