Midterm

Question 1

Economic Utility and Customer Needs

Question 2

Understanding Economic Utility

Question 3

Economic utility refers to the value or usefulness of a product in fulfilling customer needs and wants

Answer 3

impacting purchasing decisions.

Question 4

It encompasses various forms of utility: form

Answer 4

time

Question 5

Example: A product that is available at the right time and place enhances its utility

Answer 5

making it more appealing to consumers.

Question 6

Customized Customer Offerings

Question 7

The concept of a customized customer signifies the demand for tailored products that meet specific preferences.

Question 8

Mass customization allows companies to deliver highly personalized products

Answer 8

enhancing customer satisfaction and loyalty.

Question 9

Case Study: Nike’s ‘Nike By You’ program enables customers to design their own shoes

Answer 9

exemplifying mass customization.

Question 10

Logistics Strategies and Approaches

Question 11

Mass Logistics vs. Omnichannel Retailing

Question 12

Mass logistics is a uniform approach where all customers receive the same level of service

Answer 12

which may not meet individual needs.

Question 13

Omnichannel retailing integrates multiple sales channels

Answer 13

providing a seamless shopping experience across platforms (online

Question 14

Example: Target’s omnichannel strategy allows customers to order online and pick up in-store

Answer 14

enhancing convenience.

Question 15

Fragmented vs. Centralized Logistics

Question 16

Fragmented logistics involves dividing logistics activities among various departments

Answer 16

potentially leading to inefficiencies.

Question 17

Centralized logistics consolidates all logistics functions under one department

Answer 17

improving coordination and efficiency.

Question 18

Pros and cons of each approach should be evaluated based on company size and operational complexity.

Question 19

Technology in Logistics Management

Question 20

Communication Systems and EDI

Question 21

Effective communication systems are crucial for collaboration among stakeholders (employees

Answer 21

suppliers

Question 22

EDI (Electronic Data Interchange) facilitates seamless data transmission

Answer 22

enhancing supply chain coordination.

Question 23

Common EDI applications include invoicing

Answer 23

purchase orders

Question 24

Warehouse Management Systems (WMS) and ERP

Question 25

WMS software oversees storage and flow of materials

Answer 25

controlling inventory management and order processes.

Question 26

ERP (Enterprise Resource Planning) systems integrate business processes

Answer 26

providing real-time data across functions.

Question 27

Example: SAP ERP systems help companies automate and integrate their operations

Answer 27

improving efficiency.

Question 28

Challenges and Solutions in Logistics

Question 29

Addressing Pilferage and Productivity

Question 30

Pilferage

Answer 30

or employee theft

Question 31

Strategies to mitigate pilferage include implementing a zero-tolerance policy and enhancing security measures.

Question 32

Productivity can be improved by reducing input while maintaining output

Answer 32

increasing output

Question 33

Lean Six Sigma in Logistics

Question 34

Lean Six Sigma combines quality improvement and efficiency strategies to enhance operational performance.

Question 35

It emphasizes the importance of balancing quality and speed in logistics processes.

Question 36

Companies adopting Lean Six Sigma report improved customer satisfaction and reduced operational costs.

Question 37

Logistics Frameworks and Models

Question 38

SCOR Model Overview

Question 39

The SCOR Model identifies six key processes in supply chain management: Plan

Answer 39

Source

Question 40

Each process plays a critical role in ensuring efficient supply chain operations and meeting customer demands.

Question 41

Example: The 'Plan' process involves balancing demand and supply to develop effective sourcing and production strategies.

Question 42

Importance of Logistics Service Quality

Question 43

Logistics service quality is essential for delivering products without defects or errors

Answer 43

impacting customer satisfaction.

Question 44

Companies must focus on improving logistics service quality to maintain competitive advantage.

Question 45

Metrics for assessing logistics service quality include delivery accuracy

Answer 45

order fulfillment speed

Question 46

Pilferage Management

Question 47

Understanding Pilferage

Question 48

Pilferage refers to the theft of goods

Answer 48

particularly in transportation and warehousing operations

Question 49

Effective management of pilferage begins with the hiring process

Answer 49

ensuring that employees are trustworthy and reliable.

Question 50

Implementing a zero-tolerance policy towards pilferage can deter potential theft and promote a culture of integrity.

Question 51

Keeping goods moving through the supply chain reduces the opportunity for theft

Answer 51

as stagnant inventory is more susceptible to pilferage.

Question 52

The recent increase in pirate attacks highlights the need for enhanced security measures in logistics operations.

Question 53

Developing a comprehensive policy that addresses group dynamics can further minimize opportunities for pilferage.

Question 54

Strategies to Combat Pilferage

Question 55

Regular audits and inventory checks can help identify discrepancies and deter theft.

Question 56

Employee training programs focused on ethics and the importance of security can foster a culture of accountability.

Question 57

Utilizing technology such as surveillance cameras and RFID tracking can enhance monitoring of goods in transit and storage.

Question 58

Establishing clear reporting procedures for suspicious activities encourages employees to take an active role in preventing theft.

Question 59

Collaborating with law enforcement and security experts can provide additional resources and strategies to combat pilferage.

Question 60

Creating a reward system for employees who report theft or suspicious behavior can incentivize vigilance.

Question 61

Warehouse Operations and Dock Door Types

Question 62

Importance of Dock Door Selection

Question 63

The choice of dock door is crucial and should align with the specific needs of the warehouse

Answer 63

including size and frequency of use.

Question 64

Common types of dock doors include sectional overhead doors

Answer 64

commercial roll-up doors

Question 65

Sectional overhead doors are ideal for high-traffic areas due to their durability and space-saving design.

Question 66

Commercial roll-up doors offer quick access and are often used in environments requiring frequent opening and closing.

Question 67

Swinging dock doors provide a wide opening but may require more space and are less common in modern warehouses.

Question 68

Safety considerations for employees and customers should be a priority when selecting dock doors.

Question 69

Supply Chain Management Concepts

Question 70

SCOR Model Overview

Question 71

The SCOR Model identifies six key processes in supply chain management: Plan

Answer 71

Source

Question 72

'Plan' involves balancing demand and supply to create actionable strategies for sourcing and production.

Question 73

'Source' focuses on procuring goods and services to meet demand

Answer 73

ensuring quality and reliability.

Question 74

'Make' refers to the transformation of raw materials into finished products

Answer 74

emphasizing efficiency and quality control.

Question 75

'Deliver' encompasses the logistics of providing finished goods to customers

Answer 75

including order and transportation management.

Question 76

'Return' deals with the processes for handling returns and post-delivery support

Answer 76

ensuring customer satisfaction.

Question 77

Agile Supply Chain

Question 78

An agile supply chain is characterized by its ability to quickly respond to changes in demand

Answer 78

both in volume and variety.

Question 79

Organizations that fail to maintain agility risk losing market share and profitability

Answer 79

as well as facing customer dissatisfaction.

Question 80

Key strategies for enhancing agility include flexible manufacturing processes and responsive logistics systems.

Question 81

Real-time data analytics can support agile decision-making by providing insights into market trends and customer preferences.

Question 82

Collaboration with suppliers and partners can enhance responsiveness and adaptability in the supply chain.

Question 83

Continuous improvement practices are essential for maintaining agility in a dynamic market environment.

Question 84

Procurement and Supplier Management

Question 85

Procurement Processes

Question 86

Procurement involves acquiring raw materials

Answer 86

parts

Question 87

A strategic approach to procurement can lead to reduced cycle times and improved product development collaboration.

Question 88

The procurement manager plays a critical role in aligning purchasing strategies with organizational goals and market demands.

Question 89

Effective supplier management includes selecting

Answer 89

developing

Question 90

Supplier development initiatives

Answer 90

such as reverse marketing

Question 91

Ethical procurement practices are essential to avoid issues such as bribery and ensure compliance with regulations.

Question 92

Supplier Selection Process

Question 93

The supplier selection process begins with identifying the organization's needs

Answer 93

which involves defining requirements and expectations.

Question 94

Establishing evaluation criteria is crucial for objectively assessing potential suppliers

Answer 94

considering factors like quality

Question 95

Screening suppliers through market research and reference checks helps pre-qualify candidates for further evaluation.

Question 96

Requests for Proposals (RFPs) are solicited from top candidates

Answer 96

detailing project scope

Question 97

Evaluating and selecting suppliers involves scoring proposals based on predefined metrics to ensure the best fit for the organization.

Question 98

Auditing supplier sites is a critical step to verify capabilities and quality control measures before finalizing partnerships.