BUS ECON 2 MACRO- Module 6

Question 1

as a step-by-step business model for transforming a product or service from idea to reality.

Answer 1

Value Chain

Question 2

-Inbound logistics
-Operations
-Outbound logistics
-Marketing and sales
-Service

Answer 2

Primary Activities

Question 3

-Procurement
-Technological development
-Human resources (HR) management
-Infrastructure

Answer 3

Support Activities

Question 4

include functions like receiving, warehousing and managing inventory

Answer 4

Inbound Logistics

Question 5

involve procedures for converting raw materials into a finished product.

Answer 5

Operations

Question 6

are activities to distribute a final product to a consumer

Answer 6

Outbound Logistics

Question 7

include strategies to enhance visibility and target appropriate customers-such as advertising, promotion and pricing

Answer 7

Marketing and Sales

Question 8

includes programs to maintain products and enhance the consumer experience-like customer service, maintenance, repair, refund, and exchange.

Answer 8

Services

Question 9

concerns how a company obtains raw materials

Answer 9

Procurement

Question 10

is used at a firm’s research and development (R&D stage

Answer 10

Technological

Question 11

involves hiring and retaining employees

Answer 11

Human Resource Management

Question 12

includes company systems and the composition of its management team

Answer 12

Infrastructure

Question 13

cover information technology in organizational processes

Answer 13

Framework

Question 14

involves transformation/ conversion and other assessments of the product

Answer 14

Production Process

Question 15

refers to audits, shares and stock

Answer 15

Financing Product

Question 16

concerns with market analysis

Answer 16

External Environment

Question 17

is when a company acquires the supply chain system of the different/same industries that are operating at the same level

Answer 17

Horizontal integration strategy

Question 18

allows the company to have control over various stages of supply, distribution, and production

Answer 18

Vertical Integration

Question 19

is when a business takes over the distribution system and sells its products/ services directly to the customers

Answer 19

Forward Integration

Question 20

happens when a business takes control over the supply of the raw material, its backward integration

Answer 20

Backward Integration

Question 21

is a combination of forward integration and backward integration

Answer 21

Balanced Integration

Question 22

as the network between a company and its suppliers to produce and distribute a specific product or service

Answer 22

Supply Chain

Question 23

encompassing the process of moving a finished good from procurement to fulfillment in a cycle

Answer 23

Concept

Question 24

includes the carriers and regulations that oversee transporting goods

Answer 24

Industry

Question 25

is the practice of managing the operations, logistics and inventory levels as part of coordinating the buyers and suppliers

Answer 25

Function

Question 26

as a broad continuum of specific activities employed by a company

Answer 26

Supply Chain Management

Question 27

means forecasting demand

Answer 27

Planning

Question 28

oversee the processes for ordering, receiving, managing inventory and authorizing invoice payments for suppliers

Answer 28

Sourcing

Question 29

includes reviewing and accepting raw materials, manufacturing the product, quality testing and packaging

Answer 29

Making

Question 30

ensuring the products reach the customers is achieved through logistics and its fundamental to supply chain success

Answer 30

Delivering

Question 31

need to develop a network that supports returning products

Answer 31

Returning