SCMN 2150 Brian Gibson test 1 Questions & Correct Answers | Latest Update |Already Graded A+
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Course
SCMN 2150
Institution
SCMN 2150
What is Supply Chain Management?
: the art of managing the flow of materials, products, information, and financial
resources from source to user.
Why is SCM important? (4)
: It provides valuable opportunities to create competitive advantage: 1. develop
collaborative, trusting relationships 2...
1 | P a g e SCMN 2150 Brian Gibson test 1 Questions & Correct Answers | Latest Update | Already Graded A + What is Supply Chain Management? 🗸🗸🗸 : the art of managing the flow of materials, products, information, and financial resources from source to user. Why is SCM important? (4) 🗸🗸🗸 : It provides valuable opportunities to create competitive advantage: 1. develop collaborative, trusting relationships 2. rationalize product touch points 3. drive out costs and achieve tremendous efficiencies 4. improve customer satisfaction Competitive advantage: 🗸🗸🗸 : requires delivering more value and satisfaction to target consumers than competitors Who participates in SCM? (5) 🗸🗸🗸 : Suppliers, manufacturers, distributors, retailers, consumers 2 | P a g e Primary processes of SCM: 🗸🗸🗸 : Plan, Buy, Make, Move (purchasing, production, distribution) What are the goals of SCM? 🗸🗸🗸 : Customer care, competitiv eness, efficiency, responsiveness and resilience; these goals focus on making BETTER, FASTER, AND CHEAPER, MORE RESPONSIVE supply chains than your competition. Lower Cost + Higher Sales = _________? 🗸🗸🗸 : Greater Profits 7 Principles of SCM 🗸🗸🗸 : 1. Segment customers based on service needs 2. Customize the logistics network 3. Drive operations from demand 4. Differentiate product closer to the customer 5. Source strategically 6. Develop supply chain -wide technology strategy 7. Use supply chain spanning performance measures
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