Final Exam Flashcards
1
Q
What is the definition of a Supply Chain?
A
A connected system of organizations, activities, information and resources designed to source, produce and move goods from origination to a final destination.
2
Q
What are the traditional focuses of Supply Chain management?
A
- Cost
- Push Strategy
- Gap between demand and supply
- Reduced Flexibility
3
Q
What are the modern focuses of Supply Chain management?
A
- Customer
- Forecasting
- High Flexibility and responsiveness
- Technology
- Demand = Supply
4
Q
What is a key step in designing an effective Supply Chain?
A
Definition of the Vision and Mission.
5
Q
What are the variables to consider when deciding where to compete in Supply Chain?
A
- Cost
- Quality
- Flexibility
- Service
- Sustainability
6
Q
What are the components of the Supply Chain functions?
A
- Planning
- Sourcing
- Product Development
- Purchasing
- Production
- Quality
- Logistics
- Customer Service
- CSR
7
Q
What are the types of business models in Supply Chain?
A
- BtB (Business to Business)
- BtC (Business to Consumer)
- Retailer
- Wholesaler
- Ecommerce
- Franchising
8
Q
What are the manufacturing types in Supply Chain?
A
- Vertical/Fully Integrated
- Fully Outsourced
- Hybrid
9
Q
What are the characteristics of Mass Fashion?
A
Design/Buying driven, heavy on Core categories and cost-effective focus.
10
Q
What is the definition of the product life cycle?
A
The length of time from a product first being introduced to consumers until it is removed from the market.
11
Q
What are the major trends in the future of Fashion and Supply Chain?
A
- Rental services and second-hand fashion
- Reducing resource consumption with circular economy
- Personalization
- Digitized fashion
- Live shopping
- Resilience in risk management
12
Q
What are the 5 R’s of Fashion Merchandising?
A
- The right merchandise
- The right quantities
- The right time
- The right price
- The right place
13
Q
What is the importance of planning in Supply Chain Management?
A
It is the base of a smooth Supply Chain Management and helps manage customer demand.
14
Q
What is the difference between Predictable Demand and Not Predictable Demand?
A
- Predictable Demand: Products with consistent sales patterns
- Not Predictable Demand: Products with erratic sales patterns
15
Q
Describe the ABC Analysis in customer segmentation.
A
- Category A: Most valuable customers
- Category B: Potential customers
- Category C: Less significant transactions
16
Q
What is Safety Stock?
A
Level of extra stock to mitigate uncertainties in demand.
17
Q
What does Material Requirements Planning (MRP) determine?
A
The number of parts needed to produce a product and the timing for ordering or producing each part.
18
Q
What is the Bill of Materials (B.O.M.)?
A
A list of raw materials, sub-components, parts, and their quantities needed to manufacture an end product.
19
Q
What factors influence the demand planning process?
A
- Seasonality
- Trends
- Long lead times
- High impulse purchasing
- External factors
20
Q
True or False: Fashion Demand is very predictable.
A
False
21
Q
What are the four crucial steps of merchandise planning?
A
- Post-season analysis
- Pre-season planning
- In-Season adjusting
- Customer behavior analysis
22
Q
Fill in the blank: The basis of the Demand Planning process is the _______.
A
Sales Forecast
23
Q
What is a B.O.M. (Bill of Materials)?
A
A list of the raw materials, sub-components, parts, and the quantities of each needed to manufacture an end product.
24
Q
What is the first step for a good production plan?
A
Lead time of each component and the dependency in production.
25
What are the impacts of underforecasting?
Stock out and missed sales opportunities.
26
What are the impacts of overforecasting?
Extra stock that you will need to reduce after selling period through higher discounts/promotions, alternative sales channels, or destruction.
27
What is procurement?
The overall process of obtaining goods and services for your organization across geopolitical boundaries.
28
What does procurement include?
* Working out the company’s needs
* Finding the right suppliers
* Soliciting those suppliers
* Obtaining things at an optimum price
* Paying for goods and services
* Monitoring the overall process – performance and cost
* Ensuring long-term relationships with the suppliers.
29
What is sourcing?
A subset of procurement that includes identifying and assessing potential suppliers that offer the best value.
30
What are the two types of sourcing?
* Strategic: Focus on long term, minimize risk, align with business goals.
* Tactical: Focus on short-term, specific transactions.
31
What is purchasing?
A subtask of procurement that involves the transactional stage in the procurement process.
32
What are the activities involved in purchasing?
* Raising a purchase order
* Evaluating quotes
* Acquiring the product
* Arranging the payment
* Managing their storage or delivery.
33
What types of suppliers are there?
* Manufacturers
* Distributors
* Wholesalers
* Middlemen.
34
What are the advantages of using manufacturers as suppliers?
* Access to latest technology
* Customization
* Competitive prices
* Shorter lead-times.
35
What are the disadvantages of using manufacturers as suppliers?
* Long-term contracts
* Minimum order quantities
* Dependencies.
36
What is the Kraljic Matrix?
A method for supplier classification that helps in delivering accurate supplier segmentation.
37
What are the 7 key stages for a successful sourcing process?
* Clear goal definition
* Scouting/Research
* Initial assessment/Screening
* Full assessment/Deal making
* Supplier onboarding
* Request for Proposal/Quotation
* Initial Pricing.
38
What is Product Development?
The group of processes required to take a product from conceptualization phase to market release.
39
What are the main responsibilities of a Product Developer?
* Samples management
* Product industrialization
* Initial costing
* Quality assurance.
40
What are the phases of product development?
* Concept & Research (1-2 months)
* Design (1-2 months)
* Initial Prototyping (1-2 months)
* Sampling and Product Approval (2-4 months).
41
What is the critical path in product development?
The set of processes from concept to delivery that need to happen in a calendarized manner.
42
What is the RACI model?
A model that clarifies who is responsible and accountable for every step in the product development process.
43
What is the recommended approach for setting gross margin goals?
Top-Down based on Target Cost.
44
What is 'Open Costing'?
Full disclosure of breakdown from suppliers.
45
What is considered a 'Fair Margin' for a supplier?
Between 20-50%, depending on several factors.
46
What does quality mean?
Performance upon expectations and fit for purpose.
47
What are the requirements for quality?
The materials/components perform satisfactorily in the intended usage and meet technical specifications.
48
What is the measure of the fulfillment of promises in a product?
Guarantee of the output
49
What determines the Degree of Excellence for a specific price?
A level that needs to be reached
50
What is the difference between Perceived Quality and Actual Quality?
Perceived Quality is subjective; Actual Quality is based on tangible data
51
What intrinsic attributes influence Perceived Quality?
Characteristics of the product itself
52
What extrinsic attributes affect Perceived Quality?
* Design
* Packaging
* Brand
* Marketing
* Price
53
How is Perceived Quality primarily measured?
Through the Customer: Direct Customer Testimonials and Product Statistics
54
What are some methods to measure customer satisfaction?
* Direct Actions
* Interviews or Surveys
* Focus Groups
* Reviews on product page
* Employee reviews
* Mystery shopper
55
What does NPS stand for?
Net Promoter Score
56
How is Net Promoter Score (NPS) measured?
Based on a single survey question asking likelihood to recommend
57
What should be highlighted to influence Perceived Quality?
Benefits of the product/service and differentiation from competitors
58
What is the focus of Supply Chain regarding Actual Quality?
Ensure alignment with Perceived Quality
59
What are key dependencies affecting Actual Quality?
* Intrinsic attributes
* Raw Materials
* Manufacturing Process
60
What is the common distinction between Quality Assurance (QA) and Quality Control (QC)?
QA is process-oriented; QC is product-oriented
61
What are the four key steps to reach Total Quality Management (TQM)?
* Quality Inspection
* Quality Control
* Quality Assurance
* TQM
62
What is the main focus of Total Quality Management (TQM)?
Continuous improvement and customer satisfaction
63
What is the purpose of Quality Assurance in product safety?
To ensure a product is safe for its intended use
64
What does RSL stand for, and what does it test?
Restricted Substance List; tests for restricted substances in finished garments
65
What are some common safety standards in the Fashion Industry?
* REACH
* Oeko-Tex Standard 100
* Global Organic Textile Standard (GOTS)
* EU Ecolabel
* bluesign® certification
66
What does AQL stand for, and what does it measure?
Acceptable Quality Level; measures the worst tolerable quality level in products
67
What is the impact of Logistics on Supply Chain?
Direct impact on customer satisfaction and efficiency
68
What is the primary focus of Supply Chain Management?
A wide range of activities including planning, sourcing, and delivering goods
69
What is the difference between Supply Chain and Logistics?
Supply Chain focuses on competitive advantage; Logistics focuses on customer satisfaction
70
What does 1PL stand for in logistics models?
First Party Logistics; the company manages its logistics functions
71
What is 3PL in logistics?
Third Party Logistics; outsourcing additional logistic functions like warehousing and transportation
72
What is a vital consideration when outsourcing logistics?
The selection of the partner is vital
73
What is the significance of Care Instructions for a product?
Essential for maintaining specific features over time
74
What role do processes play in determining quality?
Processes are essential and can impact the output
75
What is the main goal of implementing a Quality Management System?
To perform periodic conformance audits and ensure quality
76
What is required for an excellent partnership in logistics?
Needs to be developed.
77
What does 2PL stand for in logistics?
2nd party organization managing services like transporting or distribution.
78
What does 4PL involve in logistics?
An entire agency or logistics group hired to perform logistic actions on behalf of the manufacturer.
79
Define inbound flow in logistics.
Flow from producers to warehouse (distribution center).
80
Define outbound flow in logistics.
Flow from distribution center to customers (wholesale/retail/DTC).
81
What is cross-docking?
Flow from inbound to outbound vehicles without warehousing to avoid extra handling costs.
82
What are INCOTERMS?
Defines responsibilities for transport, duties, costs, insurance, and documentation.
83
What impacts do INCOTERMS have on a company?
* Cost
* Lead time
84
True or False: Air shipments in luxury fashion have a low impact on cost.
False.
85
What should be optimized in transportation?
Use of space.
86
What does OBC stand for in transportation security?
Onboard Carry Services.
87
What does warehousing include?
Activities related to product flow from receipt to shipment.
88
What are value-added operations (VAS) in warehousing?
* QC
* Repair
* Packaging
* Labeling
89
What does WMS stand for?
Warehouse Management Systems.
90
What is the main difference between traditional warehousing and modern distribution centers?
Visibility and optimization; goods stay shorter in distribution centers.
91
What is reverse logistics?
Supply chain process of returning products from end users back through the supply chain.
92
Give examples of reverse logistics.
* Return of goods by customers
* Return of unsold goods by distribution partners
* Refurbishment of goods
* Repairs and maintenance
* Re-manufacturing of goods
93
Is customer service part of logistics or supply chain?
Should be within the area to be fully focused on customer.
94
What does customs clearance ensure?
All applicable import duties and taxes are paid and goods comply with regulations.
95
Who and When was founded the brand Mango
In 1984 by Isaak Andic
96
What are the different categories of design, production and sale ?
Woman, Man and Kids
97
What are the main channels?
- own retail (+300)
- online channel (since 2000)
98
In 2023 what were the numbers at the and of the years?
3.100M euros (+15% vs 2022)
77% international markets
+120 markets
99
Where is the main distribution center?
Barcelona, B2B and B2C
100
What is the storage capacity ?
+24M garments
101
True or false.There are additional satellites filment centres for B2C, based on complexity of the countries.
True
102
What is the production footprint (number and place)
- 94,6% in Asia (80%) + Africa + Europe/Turkey
103
What is the type of production
Outsourced production
104
What can of technologue do they use since production to track all the units along the chain
RFID technology
105
True or False. They have no quality control process in their facilities. Only basic returns quality control process.
True
106
True or false. They process orders in waves for all the stores on a daily basis, linked to a calendar by country. They can do boxes and unit picking based on the needs of the stores.
True
107
True or false. No stores are allowed to ship in Bars except Barcelona and Madrid stores?
True
108
How many carriers do they use to distribute all the pieces?
More tan 30
