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Buad 331 exam 1- 47 Questions with Solutions
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Buad 331 exam 1- 47 Questions withSolutions
Supply Chain Management - -the management of upstream and downstream
relationship with suppliers and customers order to deliver superior customer
value at less cost to supply chain as a whole
-Demand chain management - -should be the name because the chain
should be driven by the market not the suppliers
-Porter's Supply Chain Management - -firm the delivers value to its
customers by performing these activities in a more efficient way than its
competitors or in a unique way
-The 3 C's - -Customers
§ Needs
§ Seek benefits for acceptable prices
o Competitor
§ Assets
§ Utilization of assets
o Company
§ Assets
§ Utilizes good products that no longer sell themselves
-Competitors are more popular in an industry when their sector tends to be -
-the lowest-cost producer or the supplier providing a product with the
greatest differentiated values
-When a company is successful they either have a cost-advantage or value
advantage or ________ - -both
-Cost Advantage - -One competitor that has the ability to be the low-cost
producer
· This competitor has the greatest sales volume in the sector
· Experience curve
Identities how to predict improvements in the rate of the output of workers
as they become more skilled in their job
-Value Advantage - -Customers buy benefits
· Buy products for the promise of achieving a goal
o Ability to create better service and lower cost//assets
-Time Utility - -§ Ensuring product availability when it is ordered
§ Demands vary on weather, seasons and everyday wants/needs
, -Place Utility - -Value placed on the company a product is purchased from
§ Stores allow consumers to have easier access to purchasing products by
not having them need to go to the warehouse
-Form Utility - -Value of a finished product
§ Consumer buys whole product so they don't have to buy the individual
parts
§ Fiji Water
-Integration - -Establishment and implementation of "end to end" planning
framework
§ Links and coordinates to extend upstream to suppliers and downstream to
customers
§ Filled with inventory
-Operation - -Creating demand
§ Customer satisfaction and sales
§ Upstreamà procurement, raw materials to products
-Supply Chain vs Logistics - -o Logistics is a specialized part of the entire
process. It focuses on the transportation and storage of goods
-The 4 R's - -Risk, Relationship, Responsible and Reliable
-Service - -Availability, support and commitment that is provided to
customers
-Cost - -Transaction costs including the price and life cycle costs
-Time - -§ The time it takes for the store to respond to the customers wants
and needs for order
-80/20 Rule - -20% of costs come from custs
-Inventories - -About half or more of a company's current assets are tied up
in inventory
o Concerned with all inventories within a business from raw materials,
assemble and WIP to finished goods
-Fixed Assets - -Heavy user of fixed assets
o Materials handling, equipment, vehicles and any other supplies involved in
shipment and storage can also add to the total sum of fixed assets
-Net sales - -Accounts for discounts and all costs associated with the sale
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