BUS ECON 2 MACRO- Module 6 Flashcards
as a step-by-step business model for transforming a product or service from idea to reality.
Value Chain
-Inbound logistics
-Operations
-Outbound logistics
-Marketing and sales
-Service
Primary Activities
-Procurement
-Technological development
-Human resources (HR) management
-Infrastructure
Support Activities
include functions like receiving, warehousing and managing inventory
Inbound Logistics
involve procedures for converting raw materials into a finished product.
Operations
are activities to distribute a final product to a consumer
Outbound Logistics
include strategies to enhance visibility and target appropriate customers-such as advertising, promotion and pricing
Marketing and Sales
includes programs to maintain products and enhance the consumer experience-like customer service, maintenance, repair, refund, and exchange.
Services
concerns how a company obtains raw materials
Procurement
is used at a firm’s research and development (R&D stage
Technological
involves hiring and retaining employees
Human Resource Management
includes company systems and the composition of its management team
Infrastructure
cover information technology in organizational processes
Framework
involves transformation/ conversion and other assessments of the product
Production Process
refers to audits, shares and stock
Financing Product
concerns with market analysis
External Environment
is when a company acquires the supply chain system of the different/same industries that are operating at the same level
Horizontal integration strategy
allows the company to have control over various stages of supply, distribution, and production
Vertical Integration
is when a business takes over the distribution system and sells its products/ services directly to the customers
Forward Integration
happens when a business takes control over the supply of the raw material, its backward integration
Backward Integration
is a combination of forward integration and backward integration
Balanced Integration
as the network between a company and its suppliers to produce and distribute a specific product or service
Supply Chain
encompassing the process of moving a finished good from procurement to fulfillment in a cycle
Concept
includes the carriers and regulations that oversee transporting goods
Industry
is the practice of managing the operations, logistics and inventory levels as part of coordinating the buyers and suppliers
Function
as a broad continuum of specific activities employed by a company
Supply Chain Management
means forecasting demand
Planning
oversee the processes for ordering, receiving, managing inventory and authorizing invoice payments for suppliers
Sourcing
includes reviewing and accepting raw materials, manufacturing the product, quality testing and packaging
Making
ensuring the products reach the customers is achieved through logistics and its fundamental to supply chain success
Delivering
need to develop a network that supports returning products
Returning
