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What is Supply Chain? A sequence of firms that perform activities required to create and deliver a product or service to ultimate consumers or industrial users
What is Supply Chain Management? the integration and organization of information and logistics across firms in a supply chain for the purpose of creating and delivering products and services that provide value to ultimate consumers
Logistics involves those activities that focus on getting the right amount of the right products to the right place at the right time at the lowest possible cost
What role does logistics play in distribution? the marketing channel relies on logistics to make products available to consumers and industrial users
Logistic Management the practice of organizing the cost-effective flow of raw materials, in process inventory, finished goods, and related information from point of origin to point of consumption to satisfy customer requirements
What is cross-docking? A practice used by Wal-Mart that involves unloading products from suppliers, sorting products for individual stores, and quickly reloading products onto its trucks for ap articular store (no warehousing or storing of products)
What is the goal of logistics? to get the right amount of the right products to the right place at the right time with the lowest possible cost
How does the concept of customer service fit into the goal of logistics? Firms goal in terms of customer service is to provide superior customer service while controlling logistics costs
What is customer service? the ability of logistics management to satisfy users in terms of dependability, communication, and convenience
What are the 5 modes of transportation? Railroads Motor Carriers Air Carriers Freight Forwarders PIpeline Water Carriers
Railroads -typically carry heavy, bulky items over long distance - lowest-cost trans available - adv: full capability, extensive routes, low costs, can carry large shipments - disadvtgs: reliability/damage problems, not always complete pickup and delivery, somet
Motor Carriers - industry composed of many small firms (truckers) - adv: complete door to door service, extensive routes, fairly fast, reliable for short distances - dis: size and weight limitations; rates are higher; weather sensitive
Air Carriers -costly but speed may create savings -adv: fast, low damage, frequent departures - disadv: high cost, limited capabilities
Freight Forwarders - firms that accumulate small shipments into larger lots, then hire a carrier to move them - forwarders collect many small shipments consigned to a common destination
Pipeline adv: low cost, very reliable, frequent departures dis: limited routes, slow
Water Carriers adv: low cost, huge capabilities dis: slow, limited routes and schedules, weather sensitive
Why do organizations have inventories? 1. offer budget against variations in supply andd emand, cuased by uncertainty in forecasting demand 2. provide better service for those who wish to be served on demand 3. promote production efficiencies 4. provide hedge aginst price increases by suppl
orgnztion invtenty cont: 5. to promote purchasing and transportation discounts 6. to protect the firm from contingencies aka strikes and shortages
JIT? Just in time- low inventories, requires fast delivery - when parts are needed, they arrive from suppliers - used where demand forecasting is reliable - not suitable for inventories that are to be stored over significant periods of time
VMI? Vendor Managed Inventory - supplier determines the supplier amount and assortment a customer needs - automatically delivers the appropriate items - uses electronic data exchange - results from constant pressure for faster repsponse time in replenishin
Reverse Logistics relcaiming recyclable and reusable materians - returns and reworkds from te point of consumption or use for repair -reduces landfill waste -lower operating costs for companies
Efficient Consumer Response Inventory management systems that are designed to reduce a retail lead time for receiving merchandise lowers retail inventory assessment improves customer service elvels reduces logistics expense
Lead Time the time lag from ordering an item until it is received and ready for use or sale
Total Logistics Cost expenses associated with transportation, materials handling and warehousing inventory, stockouts, order processing, and return goods handling
Created by: bbyjx3