Chapters 13/14 Flashcards
(37 cards)
What is a supply chain?
The connected chain of all the business entities, both internal and external to the company, that perform or support the logistics function
What is supply chain management (SCM)?
A management system that coordinates and integrates all of the activities performed by supply chain members into a seamless process, from the source to the point of consumption, resulting in enhanced customer and economic value
What is customer relationship management?
Prioritizing different customer groups according to each group’s long-term value to the company
What is customer service management?
Presenting a unified response system to customer complaints, questions, or comments
What is demand management?
Aligning supply and demand throughout the supply chain by anticipating customer demand and planning production and inventory accordingly
What are 8 key processes of supply chain management?
Customer relationship management
Customer service management
Demand management
Order fulfillment
Manufacturing flow management
Supplier relationship management
Product development and commercialization
Returns management
What is order fulfillment?
Generating, filling, delivering, and providing on-the-spot service for customer orders
What is manufacturing flow management?
Ensuring that firms in the supply chain can manufacture with flexibility and efficiency
What is supplier relationship management?
Supporting manufacturing flow management by identifying and maintaining close relationships with highly valued suppliers
What is product development and commercialization?
Facilitating the joint development and marketing of new offerings among a group of supply chain partner firms
What is returns management?
Managing volumes of returned product efficiently while minimizing returns-related costs
What is digitalization?
The use of digital technologies to change a business model and provide new revenue or value
What are common supply chain trends?
Sensor-based tracking for products
Internet-connected transportation equipment
Supply chain analytics
Robotics and automation
What is the Internet of Things?
A system of interrelated computing devices, mechanical and digital machines, objects, animals, or people that are connected and able to transfer data over a network without overt human effort
What is Artificial Intelligence?
The computer science area focused on making machines that can simulate human intelligence processes
What is Machine Learning?
An application of artificial intelligence that provides systems the ability to automatically learn and improve from experience without being explicitly programmed
What are retailers?
The marketing intermediaries that are in direct contact with consumers
What are 5 ways to classify retailers?
Ownership arrangement
Level of service
Product assortment
Price
Store type
What is a department store?
Have a wide range of products in departments acting as their own mini-stores
What are specialty stores?
Have a deep range of brands within a narrow category of products
What are supermarkets?
Large stores specializing in groceries but also carrying nonfood items, such as flowers and personal care
What are drugstores?
Specialize in pharmacy-related items, cosmetics, and personal care, but also carry seasonal items, greeting cards, and some convenience items
What are convenience stores?
A mini-supermarket with limited line of convenience goods
What are discount stores?
Compete on low prices, high volume
