Ch 13 Vocab Flashcards
Connected chain of all of the business entities both internal and external to the company that perform or support the logistics function
Supply Chain
Management system that coordinates and integrates all of the activities performed by supply chain members into a seamless process, from the source to the point of consumption, resulting in enhanced customer and economic value
Supply Chain Management (SCM)
An operational strategy focused on creating inventory velocity and operational flexibility simultaneously in the supply chain
Supply Chain Agility
Manufacturer’s or supplier’s use of an independent third party to manage an entire function of the logistics system, such as transportation, warehousing, or order processing
Outsourcing (Contract Logistics)
a firm that provides functional logistics services to others
Third Party Logistics Company (3PL)
reinstitutionalization of a business process from an outsource location/country back to the original location to gain economic advantage
Reshoring
transfer of an outsourced activity from a distant to a nearby country
Nearshoring
radio-frequency identification; a device that uses radio waves as a means of locating a piece of inventory within a confined geographic space
RFID
a system of management practices that are consistent with a “systems thinking” approachc
Supply Chain Orientation
Multiple firms or business functions in a supply chain coordinate, their activities and processes so that they are seamlessly linked to one another to satisfy the customer
Supply Chain Integration
Supply chain operational philosophy focused on integrating the supply-management and demand-generating functions of an organization
Demand Supply Integration (DSI)
Bundles of interconnected activities that stretch across firms in the supply chain
Business Processes
Allows companies to prioritize their marketing focus on different customer groups according to each group’s long-term value to the company or supply chain
Customer Relationship Management Process (CRM)
Presents a multi-company, unified response system to the customer whenever complaints, concerns, questions, or comments are voiced
Customer Service Management Process
Seeks to align supply and demand throughout the supply chain by anticipating customer requirements at each level and creating demand-related plans of action before actual customer purchases
Demand Management Process
Method companies use to align production with demand by merging tactical and strategic planning methods across functional areas of the business
Sales and Operational Planning (S&OP)
Highly integrated process, often requiring persons from multiple companies and multiple functions to come together and coordinate to create customer satisfaction at a given place and time
Order Fulfillment Process
Time delay between the placement of a customer’s order and the customer’s receipt of that order
Order Cycle Time
Process concerned with ensuring that firms in the supply chain have the needed resources to manufacture with flexibility and to move products through a multistage production process
Manufacturing Flow Management Process
Standardized form of component parts manufacturing designed so the parts are easily replaced or interchanged
Modular
Supports manufacturing flow by identifying and maintaining relationships with highly valued suppliers
Supplier Relationship Management Process
Includes the group of activities that facilitates the joint development and marketing of new offerings among a group of supply chain partner firms
Product development and commercialization process
Enables firms to manage volumes of returned product efficiently while minimizing returns-related costs and maximizing the value of the returned assets to the firms in the supply chain
Returns management process
Supply chain management philosophy that embraces the need for optimizing social and environmental costs in addition to financial costs
Sustainable supply chain management
Financial, social, and environmental effects of a firm’s policies and actions that determine its viability as a sustainable organization
Triple Bottom Line
A firm publicly feigns support for environmental or social sustainability but fails to live up to these standards in practice
Greenwashing
Use of digital technologies to change a business model and provide new revenue or value
Digitalization
System of interrelated computing devices, mechanical and digital machines, objects, animals, or people that are connected and able to transfer data over a network without overt human effort
Internet of Things (IoT)
Rapidly collected and difficult-to-process large-scale data sets that have recently emerged and push the limits of current analytical capability
Big Data
Data analyses that support the improved design and management of the supply chain
Supply Chain Analytics
Computer science area focused on making machines that can simulate human intelligence processes
Artifical Intelligence (AI)
Application of artificial intelligence that provides systems the ability to automatically learn and improve from experience without being explicitly programmed
Machine Learning (ML)
Practice of using remote network servers to store, manage, and process data
Cloud Computing
Devices that act largely or partially autonomously, that interact physically with people or their environment, and that are capable of modifying their behavior based on sensor data
Advanced Robotics
Cars, trucks, or other ground transportation modes for which human drivers are not required to take control to safely operate the vehicle
Automated Vehicles
Unmanned aerial vehicles that can be controlled remotely or can fly autonomously when executing a task
Drones
Includes any kind of product or service that can be distributed electronically, whether over traditional forms such as fiber-optic cable or through satellite transmission of electronic signals
Digital Distribution
Creation of three-dimensional objects via an additive manufacturing (printing) technology that layers raw material into desired shapes
Three-Dimensional Printing (3DP)
Degree to which a business can track a product’s development through stages beginning with a raw material state and ending with delivery to the final consumer
Supply Chain Traceability
Digital ledger in which transactions are made and recorded chronologically and publicly
Blockchain
Set of interdependent organizations that eases the transfer of ownership as products move from producer to business user or consumer
Marketing Channel (Channel of Distribution)
All parties in the marketing channel who negotiate with one another, buy and sell products, and facilitate the change of ownership between buyer and seller in the course of moving the product from the manufacturer into the hands of the final consumer
Channel Members
Elements of the composition and appearance of a product that make it desirable
Form Utility
Increase in customer satisfaction gained by making a good or service available at the appropriate time
Time Utility
Usefulness of a good or service as a function of the location at which it is made available
Place Utility
Increased value of a product that is created as its ownership is transferred
Exchange Utility
Institution that buys goods from manufacturers and resells them to businesses, government agencies, and other wholesalers or retailers and that receives and takes title to goods, stores them in its own warehouses, and later ships them
Merchant Wholesaler
Wholesaling intermediaries who do not take title to a product, but facilitate its sale from producer to end user by representing retailers, wholesalers, or manufacturers
Agents and Brokers
Channel intermediary that sells mainly to consumers
Retailer
Distribution channel in which producers sell directly to consumers
Direct Channel
Use of two or more channels to distribute the same product to target markets
Dual or Multiple Distribution
Nonphysical channels that facilitate the unique market access of products and services
Nontraditional Channels
Cooperative agreement between business firms to use the other’s already established distribution channel
Strategic Channel Alliance
Secondary channels that are unintended to be used by the producer, and which often flow illegally obtained or counterfeit product toward customers
Gray marketing channels
Channels that enable customers to return products or components for reuse or remanufacturing
Reverse Channels
System used by several retailers that allows customers to bring used products for return or donation at the entrance of the store
Drop and Shop
Electronic pathways that allow products and related information to flow from producer to consumer
Digital Channels
Ability to conduct commerce using a mobile device to buy or sell goods or services
M-Commerce
Having a product available in every outlet where target customers might want to buy it
Intensive Distribution
Form of distribution achieved by screening dealers to eliminate all but a few in any single area
Selective Distribution
Distribution to only one or a few dealers within a given area
Exlusive Distribution