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MKT303 Unit one
| Question | Answer |
|---|---|
| Define supply chain management | Management of the processes required for the flow of goods and/or services from raw materials to the ultimate consumer.” links major business process |
| Efficiency | Internal measure of how well the process converts inputs to outputs. Doing something for the lowest possible cost. (Doing things right) |
| Effectiveness | External measure for how well the process fulfills the demands of the customer. (Doing the right things) |
| triple bottom line | - economic prosperity, environmental stewardship, social responsibility - moving through supply chain = heavy emissions - goal of company, simple but not equal |
| examples of pure goods | food products, chemicals, mining |
| examples of core goods | appliances, automobiles, data storage systems |
| examples of core services | hotes, airlines, internet |
| pure services | university, medical, investment |
| 5 chains on the supply chain | - raw materials - manufacturer - wholesaler - distributor - retailer |
| Distributor | - support distribution of manufacturers products to consumers - Purchase from manufacturers - Sometimes exclusive - Warehouses product - Sells to wholesalers, retailers and consumers - provides marketing and sales support |
| Wholesaler | - serve retailers by providing products to sell - Purchase from manufacturers and distributors in large quantities and resells in smaller units - Rarely exclusive - Warehouse products - Sells primarily retailers • Doesnt provide marketing support |
| logistics | refers to the movement, storage, and flow of goods, services, and info inside/outside the org |
| True or false: Operations and supply chain management is focused on the systems that create and deliver an organization's products and services | true |
| Operations and supply chain management is primarily concerned with systems that create and deliver | the firm's primary products and services. |
| The competitive dimension that deals with getting the product to the customer when promised is called | delivery reliability. |
| The operations and supply chain strategy is a part of the | planning process. |
| Straddling is defined as | adding new features, services, or technologies to existing products to match a competitor |
| framework for risk | understand, identify, assess, develop |
| External risk factors | - geopolitical - transportation - weather |
| Internal risk factors | - wrong forecasting trends - poorly executed changes |
| solutions to mitigate risk | - redundancy (backup plan) - monitoring - aligned business goal |
| operations | |
| A strategy that meets the needs of shareholders, employees, preserve environment | triple bottom line |
| the selection of suppliers | sourcing |
| doing something at the lowest cost possible | efficiency |
| doing the right things to create the most value for the company | effectiveness |
| logistical components | transportation, storage, warehousing, inventory control, unitization, packing and material handing |
| Operations effectiveness | Performing activities in a manner that best implements strategic priorities at minimum cost. |
| 7 operations and supply chain competitive dimensions | Cost or price, quality, delivery speed, delivery reliability, coping with changes in demand, flexibility and speed of new-product introduction, other product-specific criteria |
| straddling | This occurs when a company seeks to match what a competitor is doing while maintaining its existing competitive position |
| cross-docking | An approach used in consolidation warehouses where, rather than making larger shipments, incoming shipments are broken down into small shipments for local delivery in an area. |
| Hub and spoke system | warehouse is referred to as a “hub” and its sole purpose is sorting goods. Incoming goods are sorted immediately to consolidation areas, where each area is designated for shipment to a specific location. Hubs are located in strategic locations near the ge |
Created by:
cqfe222