Ch. 1 Overview of Logistics Flashcards
1
Q
What are the 7 R’s?
A
Product, Price, Place, Customer, Quantity, Time, Condition
2
Q
What are the 4 Marketing Channels?
A
Ownership, Negotiation, Financing, Promotions
3
Q
Economic Utility?
A
Possession, Form, Place, Time
4
Q
Sorting Function?
A
Sorting out, Accumulating, Allocating, Assorting
5
Q
Total Cost Approach?
A
Coordinate materials management and physical distribution in a cost-efficient manner .Requires an understanding of cost trade-offs. Before making a decision, all relevant logistical cost items are considered simultaneously.
6
Q
Disintermediation
A
Disintermediation: the removal of intermediaries between producer and consumer. Ex. Warehouses, DC’s
7
Q
A
