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Supply Chain Management > Chapter 2 and 4 > Flashcards

Chapter 2 and 4 Flashcards

1
Q

a plan for the company
that clearly defines:
– the company’s long-term
goals
– how it plans to achieve
these goals, and
– the way the company plans
to differentiate itself from its
competitors
can be described as?

A

The Business Strategy

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2
Q

a long-range plan for the
design and ongoing
management of all supply
chain decisions that
support the business
strategy is known as?

A

Supply Chain Strategy

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3
Q

All organizational functions should be designed to support the business strategy (which involve six parts of a company) what are the 6?

A
  • Supply Chain Management (SCM)
    – Marketing
    – Operations
    – Distribution
    – Purchasing
    – Finance
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4
Q

A well designed supply chain can provide companies with needed competitive advantage. Two advantages provide a basis of strategy and competitive positioning in the marketplace and they are known as?

A
  • Cost-Productivity Advantage
    – Value Advantage
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5
Q

Which competitive advantage comes from offering the lowest cost product or service

A

Cost-Productivity Advantage

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6
Q

What enable the company to spread its fixed costs over a greater volume

A

Economies of Scale

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7
Q

What business feature refers to organizational costs that are reduced due to experience that results from processing a higher volume

A

Experience Curve

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8
Q

What are three examples of a Cost-Productivity Advantage at work

A

Economies of Scale
Experience Curve
Efficient Supply Chain Network

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9
Q

What are two methods to gain a value advantage

A

-Identify “Value-Segments”
– Service

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10
Q

Which competitive advantage comes from providing a product/service with the greatest perceived differential value compare with its competitors

A

Value Advantage

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11
Q

Improving Supply Chain Management can
provide a way for companies to achieve a cost-value advantage over competitors by?

A

Reduce Supply Chain Costs
– inventory, distribution, coordination
Service Excellence
– shorter lead times, just-in-time deliveries
New Supply Chain Technologies

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12
Q

-Determining the design & manufacture of a company’s
manufacturing processes
– The design of internal processes
– Use of equipment & information technology
– Types of employee skills needed
are all apart of *** strategy

A

Operations Strategy

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13
Q

The *** strategy involves decisions about how it will produce goods and services

A

operations

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14
Q

What strategy determines the degree of product customization
offered

A

Product Positioning Strategy

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15
Q

T/F- The operations strategy is a dynamic process that needs to change as the product moves through different life-cycle changes

A

True

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16
Q

What strategy relates to the form in which the company stores its finished products and delivery lead
time

A

Product Positioning Strategy

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17
Q

What are the three options for the product positioning strategy?

A
  • Make to stock
  • Assemble to order
  • Make to order
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18
Q

Which operation strategy produces finished products for immediate sale or delivery, in anticipation of demand can be described as what strategy

A

Make- to- stock

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19
Q

What is the best operation strategy for standardized products that sell in high volume

A

Make-to-stock

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20
Q

Which operations strategy is best for producing these characteristics?
- large production batches
- provides finished products in inventory
- typically assembly line operations
- delivery lead time is shortest
- no customer involvement in product design

A

Make-to-stock

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21
Q

Which operations strategy states that the product is partially completed and kept in a generic form, then finished when an order is received

A

Assemble-to-order

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22
Q

Which operations strategy is best for producing these characteristics?
- provides for many variations of the end product
- standard components held in inventory
- components combined to customer specifications
- shorter lead times than make-to-order
- low finished-goods inventory

A

Assemble-to-order

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23
Q

Which operation strategy am I stating? The product is made to customer specifications after an
order has been received

A

Make-to-order

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24
Q

Which operation strategy is for customized products or products with infrequent demand

A

Make-to-order

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25
Q

Which operations strategy is best for producing these characteristics?
- provides for many variations of the end product
- low product volumes
- longest delivery time

A

Make-to-order

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26
Q

Which operation strategy has the shortest delivery lead time?

A

Make-to-stock

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27
Q

Which operation strategy has the longest delivery lead time?

A

Make-to-order

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28
Q

What strategy determines how the company plans to get its products and services to customers

A

Distribution Strategy

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29
Q

What strategies duties are described by the following characteristics?

A
  • channel intermediaries (distributors) vs. direct sales
    to customers
    – market segment analysis
    – competition analysis
    – vary strategies by market segment
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30
Q

What are the two different types of distribution strategy?

A
  • Distributing the product to retailer
  • distributing the product to the customer
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31
Q

What strategy determines which aspects of a company’s business it is going to outsource and which ones it will retain internally

A

Sourcing Strategy

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32
Q

What are two sourcing strategies?

A
  • Outsourcing Advantages
  • Outsourcing Risks
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33
Q

Outsourcing advantages produce?

A
  • Cost savings
    – Expand into new markets/geographic areas
    – Achieve technological capability
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34
Q

Outsourcing Risks contributes to

A
  • loss of control
  • dependency
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35
Q

What strategy determines how the company is going to meet the demands of its customers

A

Customer Service Strategy

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36
Q

T/F- For customer service strategy, the market is divided by volume and
profitability

A

True

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37
Q

Should be based 1st on the overall volume and
profitability of market segments
* Next, understand what customers in each segment
want and decide how to meet customers demands

A

Customer Service Strategy

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38
Q

A high volume and high value market segment is highly or lowly desirable

A

Highly

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39
Q

A low volume and low value market segment is highly or lowly desirable

A

lowly desirable

40
Q

The way a company competes in the
marketplace is called

A

Competitive Priority

41
Q

T/F- The supply chain strategy must support the competitive priorities identified in the firm’s business strategy.

A

True

42
Q

What are 5 competitive priorities?

A

1) Cost
2) Quality
3) Time
4) Innovation
5) Service

43
Q

T/F- Companies that compete on cost offer products the highest price possible

A

False, Companies that compete on cost offer products do it at the lowest price possible

44
Q

What are four supply chain considerations for companies that compete on cost?

A
  • asset utilization
  • inventory days of supply
  • product and supply chain costs
  • product and process standardization
45
Q

What are three ways companies can utilize competing on time?

A
  • tech to speed processes
  • flexible workforce for peak demands
    -system analysis to eliminate/combine processes
46
Q

T/F- Companies that compete on time deliver products in as short a time as possible

A

True

47
Q

Competing on time is measured by two different types of measures called?

A
  • Rapid Delivery
  • On-time Delivery
48
Q

T/F- Companies that compete on innovation focus on developing “must have” products

A

True

49
Q

Companies that use competing on innovation focus on what two details?

A

Speed and product design collaboration

50
Q

Companies that compete on *** have products and services known for their premium nature. What am I referring to?

A

Compete on quality

51
Q

Embed quality throughout the supply chain is guaranteed by

A

TQM and Six Sigma

52
Q

The supply chain has the ability to easily trace a product

A

Product Traceability

53
Q

Companies that compete on ** tailor their products to meet the specific needs of target customers

A

Compete on Service

54
Q

Companies that compete on service rely on what three characteristics

A

Customer Loyalty
Consistency
Reliability

55
Q

Characteristics that win orders are known as

A

Order Winners

56
Q

Characteristics that qualify the company to participate in a particular market are known as

A

Order Qualifiers

57
Q

Successful companies focus on the strategically important dimensions. This is known as competing on?

A

competing on all dimensions

58
Q

Larger firms have advantages they can offer and receive. What is an advantage of a large firm to customers? to the firm?

A
  • Quantity discounts
  • high degree of supply chain control
59
Q

T/F-Smaller companies can develop supply chain strategies within a particular market segment

A

True

60
Q

These characteristics describe supply chain **
- development of a new technology
– change in the scope of a company’s business
– ANY change in a company’s competitive
position

A

adaptability

61
Q

What is a measure of how well a
company uses its resources

A

productivity

62
Q

The formula for productivity is?

A

Productivity= Output divided by input

63
Q

A dry cleaning company has a monthly dollar value of outputs worth $18,000 and inputs worth
$9,000. Calculate the monthly total productivity.

A

total productivity = 2.0

64
Q

The machines at the dry cleaning company can clean 32 garments in eight hours. Calculate the
machine productivity.

A

Machine Productivity= 4 garments/hr

65
Q

Productivity is a useful metric for evaluating **?

A

competitiveness

66
Q

This term can be evaluated overtime and may be benchmarked against a standard

A

Productivity

67
Q

The dry cleaning company chose to track machine productivity on a monthly basis and had purchased new machines in the third month:
Month 1- 3.8; Month 2- 4.0; Month 3 5.3; Month 4-6.4; Month 5-6.9

A

Current period- previous period / previous period multiples by 100%
will = % productivity improvement

=5.26%

68
Q

Who purchases are made by an individual or household to satisfy personal needs

A

End Customer

69
Q

Who makes purchases for an organization in order for employees to perform their jobs

A

Organizational End User

70
Q

What does the customer-driven supply chain look like

A

Supplier then manufacturer then distributor/wholesaler then retailer and the the customer which could be an individual or organization

71
Q

What does CRM stand for?

A

Customer Relationship Management

72
Q

An information industry term for methodologies, software, and internet capabilities that help an
enterprise to manage its customer relationships in an organized way.

A

Customer Relationship Management

73
Q

A marketing philosophy based on putting the customer first is known as

A

Customer Relationship Management

74
Q

Enabling marketing departments to identify and target their
best customers, manage marketing campaigns, and
generate quality leads for the sales team. This is an example of?

A

Customer Relationship Management

75
Q

Allowing the formation of individualized relationships with
customers, in order to improve customer satisfaction and
maximize profits by identifying the most profitable customers and providing them with the highest level of service. Is an example of what?

A

Customer Relationship Management

76
Q

Who provides employees with the information and processes
necessary to know their customers; understand and identify
customer needs; and effectively build relationships among
the company, its customer base, and distribution partners

A

CRM

77
Q

Who assists the organization in order to improve sales management by optimizing information shared by multiple employees, preparing metrics on sales effectiveness, and monitoring social media sites as a vehicle for crowd-sourcing solutions
to client-support problems.

A

CRM

78
Q

CRM uses automated customer
transactions to gather data captured by what kind of software
modules

A

ERP Software modules

79
Q

After the data is collected from the modules provides insights in to?

A

Market Segmentation

80
Q

After collecting data and receiving insight about the market segmentation what does CRM do for the customer?

A

It will then create customized customer communication

81
Q

T/F- The CRM method is expected to grow up to 35 billion dollars by 2023 and its growth is part fueled by the integration of AI.

A

TRUE

82
Q

What is the central focus of SCM?

A

Bring value to customers

83
Q

T/F- Responsibility of marketing to understand what the customer perceives as value

A

True

84
Q

the process of
capturing customer needs and preferences is known as

A

Voice of the customer

85
Q

Customer needs can be divided into three categories. What are the 3?

A

Basic Needs
- minimum customer expectations
Performance Needs
- differentiate one product from another
Excitement Needs
-elicit delight over the product

86
Q

What are the three categories for the VOC process

A

1- Divide Customers into Market Segments
2- Conduct Market Research
3- Utilize Quality Function Deployment (QFD)

87
Q

What is an example of VOC process step 1: Divide Customers into Market Segments

A

A woman may value price and the other may be willing to pay a higher premium for higher quality therefore they are in separate segments

88
Q

What is an example of VOC process step 2: Conduct market research

A

Do this by conducting surveys or interviewing customers to shift through feedback to identify key drivers of value for each market segment

89
Q

What is an example of VOC process step 3: Utilize Quality Function Deployment (QFD)

A

the company will take back key drivers of value and relate them back to product or service characteristics by employing the QFD tool

90
Q

T/F- Effective customer service performance measures focus on the viewpoint of the supplier rather than the customer

A

False, Effective customer service performance measures focus on the viewpoint of the customer rather than the supplier

91
Q

T/F-The measures companies use to measure customer service permit the company to benchmark their performance against others in their industry

A

True

92
Q

T/F- Most companies rely on very few measures of customer service

A

False- Most companies rely on multiple measures of customer service

93
Q

T/F- If a company wishes to be effective at customer service performance, they must shift their focus to a customer-oriented type standard

A

TRUE

94
Q

What does the customer oriented standard look like?

A
  • order received on time
  • order received and completed
    -order received damage free
  • and was received on time
95
Q

Customer service impacts the supply chain on four dimensions

A

Time
– speed at which the company responds
Dependability
– consistency in meeting promises to customers
Communications
– providing real time order status
Convenience
– providing more customization to customers

Supply Chain Management (11 decks)

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