quizlet.com/738897982/intro-to-supply-chain-management-140-flash-cards/?funnelUUID=fde04745-ca0d-4967-a0e8-08dad589918a

What are the components of a basic supply chain?

A company, a supplier, and a customer.

Which statement best describes the goal of just-in-time production?

Develop flexible and responsive processes to reduce inventory levels.

Companies are developing long-term relationships with suppliers to:

Increase responsiveness through information sharing.

Which is the best definition of supply chain management?

The network of companies that uses the flow of materials and information to meet the needs of customers.

Which type of products are best suited for a highly responsive supply chain? Products that are:

Expensive and critical.

What is forecasting?

A prediction of customer demand used to calculate future inventory levels.

Marketing efforts rewarding "preferred customers" and "customer loyalty" are signs that supply chain management emphasizes:

Retaining current customers.

Traditionally, the history of supply chains focused on:

The flow of materials within a company.

What type of supply chain would be best suited for products that are low cost and mass produced?

Efficient

From the customer's perspective, value is most affected by:

Reasonable pricing and timely delivery.

Which statement best describes how companies should conduct business in a supply chain?

"Focus on your core competencies and partner with matching companies"

The best way for a company to distinguish itself from the competition is to:

Offer superior customer service.

Inventory, distribution schedules, and forecasts within a supply chain involve exchanges of:

Materials and information.