Unit 5,6,7,8,9

Outbound logistics

is the process related to the storage and movement of the final product and the related information flows from the end of the production line to the end user.

Inbound logistics

is the flow or management of goods into a production unit or warehouse.

Logistics

is the management of the flow of goods, information and other resources, between the point of origin and the point of consumption

Supply chain

is a network of facilities that performs the function of procurement (thu mua) of materials, transformation of these materials into finished products, and the distribution of these products to customers

Distributor

A business and industry which acts as a third-party local representative and distribution point for a manufacturing firm

Logistics Management

is a part of supply chain management, which plans, implement, and controls the flow and storage of goods between the point of origin and the point of consumption

Supply chain management

is the management of materials, information, and finances as they move in a process from supplier to customer

Supply Chain Management

 It encompasses the planning and management of all activities involved in sourcing and procurement, conversion, and all logistics management activities.

Customs Clearance

 is the act of passing goods through customs so that they can enter or leave the country

Inventory

contains the raw materials, the work in process (sản phẩm dở dang) and all the finished products (thành phẩm) of a supply chain

Transportation

is the movement of products from one location to another as it makes its way from the beginning of a supply chain to the customer’s hand.

Reverse logistics

is the process of moving products from end-user back to the origin to recover value or for proper disposal

Business Logistics

_______ is the systematic and coordinated set of activities required to provide the physical movement and storage of goods (raw materials, parts, finished goods) from vendor/supply services through company facilities to the customer (market) and the associated activities packaging, order processing, etc.-in an efficient manner necessary to enable the organization to contribute to the explicit goals of the company.

Freight Forwarder

An organization which provides logistics services as an intermediary between the shipper and the carrier, typically on international shipments.

Linked distributed system

______is an independent computer systems, owned by independent organizations, linked in a manner to allow direct updates to be made to one system by another.

Machine-to-Machine interface

 _____is a term describing the process whereby machines are remotely monitored for status and problems reported and resolved automatically or maintenance scheduled by the monitoring systems..

Integrated logistics

__________is a comprehensive, system-wide view of the entire supply chain as a single ocess, from raw materials supply through finished goods distribution. All functions that make up the supply chain are managed as a single entity, rather than managing individual functions separately.

 Logistics channel

________is the network of supply chain participants engaged in storage, handling, transfer, transportation, and communications functions that contribute to the efficient flow of goods.

Logistics data interchange

_______is a computerized system to electronically transmit logistics information.

Distribution channel

One or more companies or individuals who participate in the flow of goods and services from the manufacturer to the final user or consumer

Lead time

______ is the total time that elapses between an order's placement and its receipt. It includes the time required for order transmittal, order processing, order preparation, and transit.

Market-positioned warehouse

A _____ is a warehouse positioned to replenish customer inventory assortments d to afford maximum inbound transport consolidation economies from inventory origin points with relatively short-haul local delivery.

Marshaller

___is a service unique to international trade and relates to an individual or firm that specializes in one or more of the activities preceding Main Carriage, such as consolidation, packing, marking, sorting of merchandise, inspection, storage, etc.

Order management

___ is the planning, directing, monitoring, and controlling of the processes related to customer orders, manufacturing orders, and purchase orders.

Automated guided vehicle system

___is a transportation network that automatically routes one or more material handling devices, such as carts or pallet trucks, and positions them at predetermined destinations without operator intervention.

Bill of lading

___is a transportation document that is the contract of carriage containing the terms and conditions between the shipper and carrier.

 Common carrier

___is transportation available to the public that does not provide special treatment to any one party and is regulated to the rates charged, the liability assumed, and the service provided.

INDEMNIFY

The company will _____ the policy-holder against loss of or damage to the insured vehicle

MARINE

 Ship's cargoes are covered by insurance policies

ALL RISKS

 The most complete insurance is against ____

INSURANCE POLICY

_____ is a standard form contract between the insured and the insurer, which determines the claims that the insurer is legally required to pay.

INSURANCE PREMIUM

is payment to the insurance company to buy a policy and to keep it in force.

GENERAL AVERAGE

is the losses/damages caused by special expenses and sacrifices that were intentionally and reasonably conducted to save the vessel, cargo, and freight from a threat in the common ocean voyage.

INSURER

The party to an insurance arrangement who undertakes indemnity for losses is the

INSURED

 The _____ is the person or entity buying the insurance and receiving indemnity on the happening of unforeseen events.

THE SUBJECT-MATTER INSURED

The person, group, or property for which an insurance policy is issued is ____

INSURANCE

is a contract whereby, in return for the payment of premium by the insured, the insurers pay the financial losses suffered by the insured as a result of the occurrence of unforeseen events

marine insurance

A contract of .................is an agreement whereby the insurer undertakes to indemnify the insured in a manner and to the extent thereby agreed, against losses, that is, the losses incidental to marine adventure.

Particular average

Expenses and damages incurred as the result of damage to a ship and its cargo, and/or of taking direct action to prevent initial or further damage to the ship and its cargo. These expenses and damages are paid by the owner of the part of the ship and cargo which actually suffers a loss.

Foreign exchange market

The market in which currencies are bought and sold and in which currency prices are determined is called the

currency hedging

The practice of insuring against potential losses that result from adverse changes in exchange rates is called

Currency arbitrage

____ is the instantaneous purchase and sale of a currency in different markets for profit

the Quoted currency

In a quoted exchange rate, the currency with which another currency is to be purchased is called ______

the Base currency

In a quoted exchange rate, the currency that is to be purchased with another currency is called _______

Forward contract

______ is a contract requiring the exchange of an agreed-upon amount of a currency on an agreed-upon date at a specific exchange rate

A currency swap

______ is the simultaneous purchase and sale of foreign exchange for two different dates.

a hard currency

Currency that trades freely in the foreign exchange market, with its price determined by the forces of supply and demand is called_______

the Gold standard

An international monetary system in which nations linked the value of their paper currencies to specific values of gold was called_____

a Fixed exchange rate system

A system in which the exchange rate for converting one currency to another is fixed by international agreement is called______

The Bretton Woods Agreement

_______ was an accord among nations to create a new international monetary system based on the value of the US dollar

the World Bank

The agency created by the Bretton Woods Agreement to provide funding for national economic development efforts is called____

The IMF

____ was the agency created by the Bretton Woods Agreement to regulate fixed exchange rates and enforce the rules of the international monetary system

a Managed float system

An exchange-rate system in which currencies float against one another with governments intervening to stabilize currencies at a particular target exchange rate is known as ______

 Free float system

_______ is an exchange - rate system in which currencies float freely against one another, without governments intervening in currency markets.

a Buy rate 

The exchange rate at which the bank will buy a currency is called _____

An ask rate

_______ is called the exchange rate at which the bank will sell a currency

A currency option

_____ is a right, or option, to exchange a specific amount of a currency on a specific date at a specific rate

A Currency future contract

_______ is a contract requiring exchange of a specific amount of currency on a specific date at a specific exchange rate with all of these conditions fixed and not adjustable

Foreign Exchange

_______: money or currency of a foreign country.

Exchange rate

______: the rate at which one currency is exchanged for another.

Spot rate

_____: an exchange rate requiring delivery of the traded currency within two business days.

Forward rate

______: an exchange rate at which two parties agree to exchange currencies on a specified future date.

Speculation

______: the purchase or sale of a currency with the expectation that its value will change and generate a profit.

Central Bank

_____: A country's chief bank, which is government owned. It regulates the commercial banks and holds gold and foreign currency reserves. It actively intervenes by buying and selling its own currency in the foreign exchange markets so that the currency will keep a certain value

Floating Exchange Rate

_______: A system in which currencies have no specific par value; value is normally determined by supply and demand. Central banks are not required to intervene, but they often do to avoid wild fluctuations

Documentary collection

The mode of payment in which a bank acts as an intermediary without accepting financial risk is called

Draft (Bill of exchange)

A document ordering an importer to pay an exporter a specified sum or money at a specified time is called a (an)

Letter of Credit

The mode of payment in which the importer's bank issues a document stating that the bank will pay the exporter when the exporter fulfills the terms of the document is called a (an)

Bill of Lading

A contract between the exporter and carrier that specifies destination and shipping costs of the merchandise is called a(n)

Open account

The mode of payment in which an exporter ships merchandise and later bills the importer for its value is called

Advance Payment

The mode of payment in which an importer pays an exporter for merchandise before it is shipped

Revolving letter of credit

is a letter of credit calling for renewed credit to be made available when the issuing bank informs the beneficiary that the buyer has reimbursed the issuing bank for the drafts already drawn

Back to back letter of credit

means TWO letters of credit with identical documentary requirements, except for the difference in the price as shown by the Invoice and draft

 A Standby Letter of credit

is a letter of credit that can be drawn against, but only if another business transaction is not performed. 

Advised letter of credit

is a letter of credit issued by a bank and forwarded to the beneficiary by a second bank in his area. The second bank validates the signatures and attests to the legitimacy of the first bank.

 Confirmed letter of credit

is a letter of credit issued by one bank to which a second bank adds its commitment to pay.

Revocable letter of credit

 is a letter of credit that may be canceled at any moment without prior notice to the beneficiary

Irrevocable letter of credit

is a letter of credit that cannot be canceled nor amended without agreement of all parties 

Deferred payment letter of credit

is a letter of credit under which the documents are forwarded to the importer's bank, while sight draft is presented at a later future date

Red clause letter of credit

is a letter of credit permitting the beneficiary to receive a sum prior to shipment

Transferable letter of credit

is a letter of credit that can be utilized by someone designated by the original beneficiary

PROMOTIONAL MIX

Efforts by a company to reach distribution channels and target customer through communication such as personal selling, advertising, public relation, and direct marketing are called its

PULL STRATEGY

A promotional strategy designed to create buyer demand that will encourage channel members to stock a company's product is called a

PUSH STRATEGY

is a promotional strategy designed to pressure channel members to carry a product and promote it to final users

MARKETING COMMUNICATION

The process of sending promotional messages about products to target markets is called

DUAL EXTENSION / PRODUCT COMMUNICATION EXTENSION

method extends the same home-market product and marketing promotion into target markets

PRODUCT EXTENSION COMMUNICATION ADAPTATION

Under ____________________________ method, a company extends the same product into new target markets by alters its promotion

PRODUCT ADAPTATION COMMUNICATION EXTENSION

Under ____________________________ method, a company adapts its product to the requirements of the international market while retaining the product's original marketing communication

DUAL ADAPTATION

method adapts both the product and its marketing communication to suit the target market

DISTRIBUTION

Planning, implementing, and controlling the physical flow of a product from its point of origin to its point of consumption is called

DISTRIBUTION CHANNEL

The physical path that a product follows on its way to customers is called a

EXCLUSIVE CHANNEL

is one in which a manufacturer grants the right to sell its product to only one or a limited number of resellers

INTENSIVE CHANNEL

is one in which a producer grants the right to sell its product to many resellers

CHANNEL LENGTH

refers to the number of intermediaries between the producer and the buyer.

VALUE DENSITY

The value of a product relative to its weight and volume is called its

WORLDWIDE PRICING

A pricing policy in which a product has a different selling price in export markets than it has in the home market is called

TRANSFER PRICE

is the price charged for products sold between a company's division or subsidiaries

ARM'S LENGTH PRICE

A free-market price that unrelated parties charge one another for a specific product is called an

COUNTERMARKETING

is the attempt to destroy unwholesome demand for products that are considered undesirable, e.g. cigarettes, drugs, handguns, or extremist political parties

CONVERSIONAL MARKETING

is the difficult task of reserving negative demand, e.g. for dental work, or hiring disabled people