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MKTG 351 > Chap 13 > Flashcards

Chap 13 Flashcards

1
Q

what is a key principle of supply chain management?

A

entities should work together to perform tasks as a single, unified system, rather than as multiple individual units acting in isolation

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2
Q

define supply chain orientation

A

develop a system of management practices that are consistent with “a system thinking” the approach

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3
Q

what are the 5 characteristics of supply chain orientation

A
  • they are credible
  • they are benevolent
  • they are cooperative
  • they have the support of top managers
  • they are effective at conducting and directing supply chain activity
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4
Q

they are credible

A

they have the capability to deliver on the promises they make

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5
Q

they are benevolent

A

they are willing to accept short-term risks on behalf of others, are committed to others, and invest in other’s success

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6
Q

They are cooperative

A

they work with rather than against their partners when seeking to achieve goals

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7
Q

They have the support of top managers

A

these managers possess the vision required to do things that benefit the entire supply chain in the short-run so that they can enjoy greater company success in the LR

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8
Q

They are effective at conducting and directing supply chain activity

A

they are better off in the LR financially than those who are not

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9
Q

supply chain integration

A

occurs when multiple firms or their functional areas in a supply chain coordinate business processes so they are seamlessly linked to one another in an effort to satisfy the customer

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10
Q

demand-supply integration (DSI)

A

a supply chain operational philo focused on integrating the supply management and demand-generating functions of an organization

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11
Q

relationship integration

A

the ability of two or more companies to develop and maintain a shared mental framework across companies on how they will depend on one another when working together
ex: collaboration

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12
Q

what are the 5 types of external integration which are used to provide top-level service to customers

A
  • relationship integration
  • measurement integration
  • technology and planning integration
  • material and service supplier integration
  • customer integration
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13
Q

measurement integration

A

the idea that performance assessments should be transparent and measurable on an individual level as well as the entire chain.

-Keep everyone accountable for their goals

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14
Q

technology and planning integration

A

creating and maintaining info technology system that connects managers across the firms.

  • need hardware, software that can exchange the info when needed to customers, suppliers,…
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15
Q

material and service supplier integration

A

requires firms to link to those outsiders that provide goods and services to them to get a better customer experience.

  • both sides need to have a common vision and share responsibility
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16
Q

customer integration

A
  • offer long-lasting, added value offerings to customers who represent the greatest value to the firm or supply chain.
  • high customer integrated firms asses their own capabilities
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17
Q

what does integration involve?

A

a balance between barriers and enablers

ex: Haagen-Dazs chare info with their vanilla suppliers

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18
Q

what does a company’s supply chain include?

A

all of the companies involved in (upstream and downstream flow) of products, services, finances, and information, extending from initial suppliers to the ultimate customer.

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19
Q

define supply chain

A

the connected chain of all the business entities, both internal and external to the company, that perform or support the logistics function

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20
Q

what is the goal of supply chain management?

A

is to coordinate and integrate all of the activities performed by supply chain members into a seamless process, from the source to the point of consumption, ultimately giving supply chain managers “total visibility and control” of the materials, process, money and finished products both inside and outside the company they work for.

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21
Q

supply chain agility

A

an operational strategy focused on creating inventory velocity and operational flexibility simultaneously in the supply chain

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22
Q

sustainable supply chain management

A

involves the integration and balancing of environmental, social, and economic thinking into all phases of the supply chain management process.

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23
Q

how many routes can a product take to reach the consumer?

A

several routes

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24
Q

direct channel

A

producer sell directly to consumers in order to keep purchase prices low
ex: telemarketing, catalog shopping

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25
retailer channel
producer to retailers to consumer - common when the retailer is larger and can buy large quantities (ex: Walmart, Sears)
26
wholesaler channel
producer to wholesalers to retailers to consumers - commonly used for low-cost items frequently purchased (ex: candy, magazines)
27
agent/broker channel
producer to agent/broker to wholesalers to retailers to consumer - bring manufacturer and wholesaler together for negotiation
28
what is the best solution when small companies lacking in marketing power?
agent/broker channel
29
how should the manager decide to organize channels?
around customers or tasks
30
the choice of channels depends on what?
holistic analysis of market factors, product factors and producers factors
31
Product factors
complex, customized and expensive product are sold better with direct sales force - ex: pharmaceutical, airplanes - more standardized a product the more intermediaries meaning the longer the distribution channel
32
is Market considerations among the most important market factors affecting distribution channel choice? True or False
True
33
producer factors
a producer with large financial, managerial and marketing resource will do a more direct channel approach
34
timing factors
- the elapsed time between the introduction of a product into one channel
35
What are the 3 options for intensity distribution
- intensive distribution - selective distribution - exclusive distribution
36
intensive distribution
is a form of distribution aimed at max market coverage - here the manufacturer tries to have the product available in every outlet
37
selective distribution
achieved by screening dealers and retailers to eliminate all but a few in any single area - a consumer must seek out the product
38
exclusive distribution
a form of distribution that establishes one or a few dealers within a given area - because buyers might have to travel to buy the product, so the product is "specialty good, few shopping goods, major industrial equipment" (ex: Rolls-Royce car)
39
what is the most restrictive form of market coverage?
exclusive distribution
40
what are some emerging channel
- renting items that are usually only sold to a consumer - rental vs retail channels - fashion flash sales
41
what is the other name for marketing channel?
Channel of distribution
42
marketing channel (or channel distribution)
is a business structure of interdependent organizations that ease the transfer of ownership from the producer to the consumer and facilitates the downstream physical movement of goods through the supply chain.
43
channel members
all parties in the marketing channel who negotiate with one another, buy and sell products, and facilitates the change of ownership between buyers and sellers in the course of moving the product from the manufacturer into the hands of the final consumer.
44
what is the other name for channel members?
- intermediaries - resellers - middlemen
45
how can marketing channel be viewed?
as a canal or pipeline through which products, their ownership, communication, financing and payment, and accompanying risk flow to the consumer
46
what does channel represent
the "place" or "distribution" of the marketing mix (product, price, promotion, and place)
47
is marketing channel upstream or downstream?
downstream
48
downstream
connects a producer with the customer
49
upstream
supply chain members are charged with moving component parts or RM to the producer
50
form utility (define)
the element of the composition and appearance of a product that makes it desirable
51
time
the increase in customer satisfaction gained by making a good or service available at the appropriate time
52
place utility
the usefulness of a good or service as a function of the location at which it is made available
53
exchange utility
the increased value of a product that is created as its ownership is transferred
54
what is the concept of how to create greater efficiency and lower average production cost via economies of scale?
specialization and division of labor
55
how produces form utility and sit at the top of the supply chain?
producer
56
what is created by channel members?
time and place utility
57
how creates exchange utility?
retailers
58
what do intermediaries in a channel do?
negotiate with one another to facilitate transfer of ownership for finished goods between buyer and sellers, and physically move products from the producer to the final consumer
59
what does taking title mean?
they actually own the merchandise and control the terms of the sale ex: price and delivery date
60
what is the most prominent difference separating intermediaries?
taking title
61
give two examples of intermediaries that take title?
merchant wholesalers and retailers
62
merchant wholesalers
are organizations that buy goods from manufacturers and resells them to business, gov, agencies, other wholesalers or retailers. -> then receive and take title of goods, store them in its own warehouse and later ship them to their clients (manufacturers, retailers, institutional clients...)
63
agent and brokers
wholesaling intermediaries who do not take title to a product but facilitate the sale from producer to end user by representing retailers, wholesalers, or manufacture
64
how only have little input into the terms of the sale?
agent and brokers
65
what determines the types and numbers of intermediaries the producer should use>
- product characteristic - buyer considerations - market condition
66
what do agent and broker sell?
customized or highly complex products | ex: computer, specialized foods
67
what do merchant wholesaler and retailer channel sell?
standardized products | ex: soda or toothpaste
68
retailers
firms in the channels that sell directly to consumers as their primary function
69
what is a critical role fulfilled by retailers?
they provide contact efficiency for consumers
70
do retailers simplify distribution by reducing the numbers of transactions required by consumers? True or False
true
71
what are the 3 essential functions intermediaries perform?
- transactional functions - facilitating - logistical functions
72
transactional functions
involve contacting and communicating with prospective buyers to make them aware of existing products and to explain their features, advantages, and benefits
73
Logistical function
include transportation and storage of assets
74
Facilitating
includes research and financing
75
how does excellent supply chain management work?
with integration
76
business processes
are composed of bundles of interconnected activities that stretch across firms in the supply chain. - represent key areas that some or all of the involved firms are constantly working on to reduce costs and generate revenue
77
what are the 8 critical business processes on which supply chain managers must focus on?
1. customer relationship management 2. customer service management 3. demand management 4. order fulfillment 5. manufacturing flow management 6. supplier relationship management 7. product development and commercialization 8. returns management
78
CRM (customer relationship management) process
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
79
what does the CRM process include?
- customer segmentation
80
customer service management process enables?
- customer relationships remain strong
81
customer service management process
presents a multi-company, unified response system to the customer whenever complaints, concerns, questions, or comments are voiced
82
demand management process
seeks to align supply and demand throughout the supply chain by anticipating customers requirements at each level and creating demand-related plans of action prior to actual customer purchasing
83
sales and operations planning (SOP)
a method companies use to align production with demand by merging tactical and strategic planning methods across functional areas of the business
84
order fulfillment process
a highly integrated process, often requirement persons from multiple companies and multiple functions to come together and coordinate to create customer satisfaction at a given place and time
85
order cycle time
the time delay between the placement of a customer's order and the customer's receipt of that order
86
what is the best order fulfillment process?
order cycle time
87
manufacturing flow management 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
88
depending on the product supply chain managers may choose between what type of strategy?
lean or agile supply chain strategy
89
supplier relationship management process
supports manufacturing flow by identifying and maintaining a relationship with highly valued suppliers
90
product development and commercialization process
includes the group of activities that facilitate the joint development and marketing of new offering among a group of supply chain partner firms
91
return management 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
92
companies selling standardized items of moderate or low value often rely on what?
industrial distribution
93
dual or multiple distributions
the use of two or more channels to distribute the same product to a target market
94
nontraditional channels
non-physical channels that facilitate the unique market access of products and services
95
strategic channels alliances
a cooperative agreement between business firms to use the other's already established distribution channel
96
gray marketing channels
secondary channels that are unintended to be used by the producer, and which ofter flow illegally obtained or counterfeit product toward customers
97
reverse channels
channels that enable customers to return products or components for reuse or remanufacturing
98
drop and shop
A system used by several retailers that allow customers to bring used products for return or donation at the entrance of the store
99
digital channel
electronic pathways that allow products and related information fo flow from producer to consumer
100
m-commerce
the ability to conduct commerce using a mobile device for the purpose of buying or selling goods or services
101
what are some trends that affect supply chain management
- outsourcing logistics - maintaining a secure supply chain - minimizing supply chain risk - maintaining a sustainable supply chain
102
electronic distribution
a distribution technique that includes any kind of products or services that can be distributed electronically, whether over traditional forms such as fiber-optic cable or through satellite transmission of electronic signals
103
big data
the rapidly collected and difficult to process large-scale data sets that have recently emerged, and which push the limits of current analytical capability
104
cloud computing
the practice of using remote network servers to store, manage, and process data
105
supply chain analytics
data analyses that support the improved design and management of the supply chain

MKTG 351 (10 decks)

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