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49 Terms

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Supply Chain

The connected chain of all business entities, both internal and external, that perform or support the logistics function.

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Supply Chain Management

A system that coordinates and integrates all activities performed by supply chain members into a seamless process, enhancing customer and economic value.

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Supply Chain Agility

An operational strategy focused on creating inventory velocity and operational flexibility simultaneously in the supply chain.

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Supply Chain Orientation

A system of management practices consistent with a 'systems thinking' approach.

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Supply Chain Integration

When multiple firms or business functions coordinate their activities and processes to satisfy the customer seamlessly.

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Demand-Supply Integration (DSI)

A supply chain operational philosophy focused on integrating supply-management and demand-generating functions.

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Business Processes

Bundles of interconnected activities that stretch across firms in the supply chain.

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Customer Relationship Management (CRM)

A process that prioritizes marketing focus on different customer groups according to their long-term value.

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Customer Service Management

A process that presents a unified response system to customers' complaints, concerns, and questions.

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Demand Management

A process that aligns supply and demand by anticipating customer requirements and creating related plans.

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Order Fulfillment

A highly integrated process requiring collaboration from multiple companies to satisfy customer needs.

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Order Cycle Time

The time delay between placement of a customer's order and the receipt of that order.

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Manufacturing Flow Management

A process ensuring that firms have the resources to manufacture and move products flexibly through production.

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Supplier Relationship Management

A process that supports manufacturing flow by maintaining relationships with valued suppliers.

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Product Development and Commercialization

Activities facilitating joint development and marketing of new offerings among supply chain partners.

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Returns Management

A process that enables firms to manage returned products efficiently while maximizing value.

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Sustainable Supply Chain Management

A philosophy that optimizes social and environmental costs in addition to financial costs.

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Outsourcing

Use of an independent third party to manage an entire function of a logistics system.

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Third-Party Logistics Company (3PL)

A firm that provides functional logistics services to others.

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Fourth-Party Logistics Company (4PL)

A consulting-based organization providing integrated logistical solutions.

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Offshoring

The outsourcing of a business process from one country to another for economic advantage.

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Nearshoring

The transfer of offshored activity from a distant to a nearby country.

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Public-Private Partnerships (PPPs)

Collaborative agreements to address large-scale problems for both company and societal interests.

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Electronic Distribution

A technique involving any product or service that can be distributed electronically.

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Three-Dimensional Printing (3DP)

The creation of objects using additive manufacturing technology.

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Big Data

Large-scale datasets that exceed current analytical capabilities.

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Cloud Computing

The practice of using remote servers for storing, managing, and processing data.

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Supply Chain Analytics

Data analyses that enhance design and management of the supply chain.

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Marketing Channel

A set of interdependent organizations easing the transfer of ownership as products move from producer to consumer.

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Channel Members

All parties in the marketing channel who negotiate and facilitate the product change of ownership.

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Form Utility

Elements of a product's composition and appearance that make it desirable.

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Time Utility

Customer satisfaction gained by making a product available at the appropriate time.

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Place Utility

Usefulness of a good based on its location availability.

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Exchange Utility

Increased value of a product during the transfer of ownership.

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Merchant Wholesaler

An institution buying goods from manufacturers to resell to businesses or other retailers.

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Agents and Brokers

Wholesaling intermediaries who facilitate sales without taking title to a product.

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Retailer

A channel intermediary that sells mainly to consumers.

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Direct Channel

A distribution channel where producers sell directly to consumers.

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Dual Distribution

Using two or more channels to distribute the same product to different markets.

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Nontraditional Channels

Channels that facilitate unique market access for products and services.

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Strategic Channel Alliance

A cooperative agreement between firms to use each other's distribution channels.

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Gray Marketing Channels

Unintended secondary channels that often flow illegally obtained products.

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Reverse Channels

Channels enabling customers to return products or components for reuse.

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Drop and Shop

A system allowing customers to return used products at store entrances.

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Digital Channels

Electronic pathways allowing flow of products and information from producer to consumer.

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M-commerce

The ability to conduct commerce using mobile devices.

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Intensive Distribution

Distribution aimed at having a product available in every outlet where target customers might buy.

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Selective Distribution

Distribution achieved by screening dealers to retain only a few in any area.

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Exclusive Distribution

Distribution that establishes one or a few dealers within a given area.