1201 Exam 2

Cash Flow

the movement of money across members to finance the supply chain

Distribution Channels

One or several businesses or individuals that take part in the flow of goods and services from the manufacture to the end user or consumer

Distributor

intermediaries between manufactures and stores that deliver the finished products

information flows

the movement of information up and down the supply chain for members to make informed decisions, minimize risk, adapt to changes, and quickly detect problems

intergrity

a strong adherence to values

manufacturer

the business who produces goods and wants to distribute them to its consumers

product flow

the movement of raw materials and products across the supply chain

Shipper

an get or business who ships products by means of transportation

Suppliers

also known as vendors, are the individuals or businesses who provide goods or services to the manufacturer for their products

Supply chain

consists of all the internal and external partners who participate, beginning with the raw materials or supplies and ending with the final consumer making use of the product or service

Supply chain management

the planning and administration of all the activates needed to source and purchase convert, and all logistics management activities

Warehouse

a place, such as a room or building, where finished products are stored until their distribution is for sale

What benefits does a supply chain bring?

  Revenues go up

Cost go down A well-managed supply chain will significantly impact a business's bottom life

Improves member’s profits

Boost customer service

The supply Chain Components

1. Planning

2. Logistics

3. Warehouse

4. Production

5. Demand and Inventory

6. Sourcing and Purchasing

What are the two types of supply chains?

Efficiency and Responsiveness

What is Efficiency focused on

Increasing profits

What is Responsiveness focused on

quickly meeting the expectations

The Fast Chain model

• Used for businesses that manufacture products that are based on trends or products with a short life cycle.

• Works best when products must change frequently and get them to customers before the end of the trend

• Must focus on constant product portfolio renewal, accurate demand forecasting, and low production costs to pass on the savings to consumers

What type is The Fast Chain model

Efficiency model

The continuous flow model

·        Focus on producing the same product that no little to no variations. Best when he same product can be continuously made.

·        Examples: oil, cotton, sugar, coffee

·        This model helps reduce the number of electronic transactions, share inventory levels, and engage in collaborative planning is key to anticipate any fluctuations in demand.

What type is continuous flow model

Efficiency model

The flexible model

·        Good for when unexpected demands are needed

·        There are high demand peaks and low demand bottoms

·        They must be flexible

·        They do this in four ways

¨     1. Extra capacity of critical resources, rapid response capacity, technical strengths in process and product engineering and a process flow that can be quickly arranged.

§  The Custom Configured Model

·        Provides custom configurations particularly during assembly and production.

·        A blend of the continuous flow and agile models

v Potential Disruptions for Supply Chain

T/F is the flexible model is a efficiency model

False

The Agile Model

·        This model is best for businesses that trade in specialty order

·        It’s made to be flexible to producing large amounts to very little amounts

T/F the Agile Model is responsiveness

True

The Custom Configured Model

·        Provides custom configurations particularly during assembly and production.

·        A blend of the continuous flow and agile models

What type is the custom configured model?

responsiveness

What is KPI

Key performance indicators in the Supply chain

Examples of KPI

• Operational efficiency gains

• Operational speed and agility

• Cost savings

• Business performance gain

Who said that people who don’t support the clients at the bank are more likely to get laid off?

Tommy McBride

T/F, did Tommy Mcbride say this, wealth management is about RELATIONSHIPS not TRANSACTION

True

What are the big 4 accounting firms according to Ryan Pratt?

• PWC

• Ernesto Young

• Deloitte

• KPMG

Who said this “be flexible, achieving goals requires sacrifices, be humble, have faith, and show gratitude

Ryan Pratt

Who said to Lean into your faith?

Michelle Jones

Michelle Jones main points

• Lean into your faith

• Try everything to find what you like and do not like

• Read everything

• Practice working on soft skills and interviews

• Get to know your professor

• Look put together

What big employer did Jay Voncannon works for?

KOCH

Jay Voncannon ledership qualities

• be principled

• be a servant

• know what you don’t know

• be humble

• respect others

• challenge and always welcome challenges

• Make effective decisions - act like a owner

Jay Voncannon points

• Be curious

• Network (being involved)

• Home your technical skills

• Teach yourself

• seek mentors

• learn how to lead

• take risk

• Embrace change

• LEAD

Assembly line process

Makes a product or service at the lowest cost with the least amount of customization and variety

automation

anything that helps someone do a task faster, easier, or with less effort

batch process

makes a product or service at increased volumes than a job shop with less variety and customization at a Lower cost

buy decision

The activity of purchasing a product or service from a supplier or the market

capacity planning

the activity used to ensure that enough production capability is ready to meet customer demand

centralized inventory

holding the products at a centralized distribution center

decentralized inventory

the holding of products at the store level and using the distribution center to replenish what has been sold at the store

decoupling demand

the ability to make a product ahead of customer demand and inventory the product unit it is needed

demand planning

the activity that focuses on getting the customer to buy the service when the business would like them to

DMAIC

Define, measure, analyze, improve, and control; the basis of the SIX sigma methodology

finished goods

items that are sellable to the customer

hybrid process

the combination of job shop, batch, and assembly line prices to provide low prices and high customization

inspection

the detection of a defect or problem in a product or service after it has been produced

inventory

the goods that a company makes and buys to be able to provide a good or service

job shop process

the process that provides the highest levels of customization

Lean

the identification of waste anywhere in a process and removing it

make decision

the production of a good or providing of a service by a business

operations management

organizing the processes that turns inputs, such as labor, raw materials, purchased goods, and capital into products or services that a business can sell

outsiurcing

another name for buying

prevention

the attempt to reduce the likelihood a problem occuring before a product or service is started

Productivity

a ratio of how much time, energy, materials, and labor needed to produce a product or provide a service

products

goods that can be physically toched and inventoried

quality

the meeting or exceeding of customer expectations

raw materials

the basic elements that a businees buys for their products or services

services

something that is intangible and cannot be touched or put on a shelf

Six sigma

a methodology designed to reduce the variation in a process so that it is consistent and does not deviate from the expected outcome

Work-in-process (WIP)

items that a business has started to process but are not yet able to be sold

ANAR

a sales qualification method that stands for authority, needs, afford, and receptive

buyers

the individuals responsible for making an organizational purchase

derived demand

the secondary demand for labor, raw materials, buildings ect. that is originated from the direct demand for goods

direct demand

the amount of product or service consumers will want to acquire

influence

having the ability to personally affect the actions, decisions, opinions, or thinking of others, as defined by the center for creative leadership

lead

an unqualified contact or business who might eventually become a buyer

personal sales

the assessment and presentation by a business’ sales force with the goal of completing a slae and building customer relationships

prospect

an individual who agrees to consider the soluction the sales person represents

prospecting

the process of locating potential buyers for a product or service

qualify

to judge whether the products or services the salesperson represents would be a good fit for the lead

sales funnel

the representation of the journey potential buyers will go through in their journey towards a sale

salespeople

individuals representing a company in charge of completing a sale and supporting byers

sale process

a consistent series of steps taken to provide value and close a sale; that is turn a prospect into a customer

UDEA

a simple yet effective framework that aligns values, experience, and talent to achieve breakthrough results that stands for understanding, digging deep, evidence, and agreement

unique value

the statement that defines how a company provides value un a unique or different eay that competitors do not

value

the perceived usefulness, importance, or worth of an offering, through the solutions they present

Value proposition

a form of communication that addresses what a compact does in terms of the buyers value by explaining and describing how business, or a person, will address their buyers goals and challenges

ad

an announcement or message done in a public medium

advertising campaign

a group of ads aligned to meet a goal

brand

defined as any name, symbol, term, design, etc. that identifies the manufacturer of a product or service

creative idea

the central theme of an advertising campaign

differentiation

the selection of what benefits our target market finds valuable

differentation

the selection of what benefits our target market finds valuable

diversification strategy

focuses on targeting a new market with a new product

homogeneous

the characteristic that individuals within a segment share such as similar preferences, demographics, or needs between them

loyalty

consists of the positive feelings associated with the offer, such as happiness and an emotional connection, as well as the commitment that accompanies such feelings

macroenvironment

consists of all the larger societal forces that impact the microenvironment

MASDA

criteria to determine whether the identified segments have been effectively identified and are relevant to the business; it stands for measurable, accessible, substantial, differentiable, actionable

market

consists of current and potential customers for a product or service

market development strategy

guides business growth by taking what it already offers to a new target market to generate sales

market penetration strategy

focuses on achieving growth by increasing the sales of a current products in a current market

marketing

the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offering that have value for customers, clients, partners, and society at large

marketing environment

the forces outside marketing that have an impact on marketing ability to build and maintain profitable relationships with target customers; the marketing environment is further divided into macro and micro environments

marketing lead generation

creating opportunities to find potential customers and capture their information so the business can follow up with them to eventually active a sale

marketing mix

the tools available that provide a roadmap to execute our strategy and achieve the response we desire from a target amrket