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MKT 319 Exam 2 > Chapter 10: Supply Chain > Flashcards

Chapter 10: Supply Chain Flashcards

1
Q

How has Shein leveraged its supply chain to achieve success?

A

Shein has an innovative supply chain with minimal steps from manufacturers to consumers, offering a wide selection, better value, and lower prices.

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2
Q

What is one key supply chain strategy Shein uses to improve efficiency?

A

Shein locates distribution centers near ports, airports, and vendors to reduce transit time and speed up delivery.

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3
Q

How does Shein empower its supply chain partners?

A

Shein allows supply chain partners to help create collections, fostering a collaborative approach to product development.

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4
Q

How does Shein’s size benefit its supply chain operations?

A

Shein leverages its size to reduce costs and invest in infrastructure that increases speed and efficiency in delivery.

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5
Q

What direct approach does Shein use to streamline its supply chain?

A

Shein utilizes direct shipping to consumers, bypassing traditional retail intermediaries.

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6
Q

What sourcing strategy is critical to Shein’s supply chain success?

A

Shein relies on direct sourcing from factories, which helps control costs and improve product availability.

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7
Q

Can competitors easily replicate Shein’s supply chain strategies?

A

While possible, it is challenging for competitors to replicate Shein’s success due to their differing organizational structures.

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8
Q

What ongoing strategy can help Shein maintain its competitive edge?

A

Shein’s large size enables it to continuously invest in supply chain infrastructure, which supports ongoing improvements in speed and cost-efficiency.

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9
Q

What is Supply Chain?

A

A linked set of companies that support the delivery of a company’s products to customers ultimately delivering value to the end-user.

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10
Q

Why is an efficient supply chain important?

A

Without efficiency, products may cost more, be delayed, lack innovation, or be of lower quality.

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11
Q

What is Supply Chain Management?

A

Actions taken to coordinate the flow of information across the supply chain to reduce costs, improve resource use, enhance customer service, and adapt quickly to changes.

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12
Q

What are some benefits of Integrated Supply Chain Management?

A
  • Reduced Costs
  • Efficient Resource Use
  • Better Customer Service
  • Faster Response to Changes
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13
Q

What are Inventory Carrying Costs?

A

Costs associated with making or buying a product, including risks of obsolescence, taxes, insurance, and storage space.

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14
Q

What happens if inventory is too low?

A

Customers may be unsatisfied due to product unavailability.

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15
Q

What happens if inventory is too high?

A

The company faces high costs to store and manage excess inventory.

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16
Q

What is Push as a Supply Chain Strategy?

A

A strategy where companies forecast sales, produce products, and store them until orders come in.

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17
Q

What are the Advantages of a Push Strategy?

A

Economies of scale when producing in bulk, and readily available stock to satisfy customers.

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18
Q

What are the Disadvantages of a Push Strategy?

A

Inaccurate forecasts can lead to excess or shortage, slow response to demand changes, and high inventory costs.

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19
Q

Give an example of a Push Supply Chain Strategy.

A

The automobile industry, which produces cars based on forecasts and sends them to dealerships to await customer purchases.

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20
Q

What is Pull as a Supply Chain Strategy?

A

A strategy where products are only manufactured or distributed after a customer order is placed.

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21
Q

What are the Advantages of a Pull Strategy?

A

Reduces risks from inaccurate forecasts, allows customization, lowers inventory costs, and quickly adapts to changes.

22
Q

What are the Disadvantages of a Pull Strategy?

A

It can be challenging to achieve economies of scale, and requires flexible manufacturing and distribution.

23
Q

Give an example of a Pull Supply Chain Strategy.

A

Airplane manufacturers, which produce planes based on customer orders.

24
Q

What is Hybrid Push-Pull as a Supply Chain Strategy?

A

A strategy combining Push forecasting and inventory with Pull customization; products are partially completed and finished once orders are received.

25
Q

What are the Advantages of a Hybrid Push-Pull Strategy?

A

Gains economies of scale from push and flexibility from pull, with more accurate forecasts at an aggregate level.

26
Q

What are the Disdvantages of a Hybrid Push-Pull Strategy?

A

Less cost-competitive than pure push, incurs inventory costs for components, and requires fast finishing to avoid customer dissatisfaction.

27
Q

Give an example of a Hybrid Push-Pull Supply Chain Strategy.

A

Lego, which forecasts demand for “blank” bases and customizes them once specific orders (e.g., Star Wars or construction themes) are received.

28
Q

What are the Four Factors influencing a company’s choice of supply chain strategy?

A

1) Stability of Demand
2) Cost Competitiveness
3) Customization Needs
4) The speed at which customers need the product

29
Q

How does Stability of Demand affect Supply Chain Strategy?

A
  • For stable products like Doritos, a Push Strategy is preferred
  • For unpredictable products like self-driving cars, a Pull Strategy is better
30
Q

How does Cost Competitiveness influence Supply Chain Strategy?

A

For cost-sensitive products like soup, a Push Strategy helps achieve economies of scale and lower prices.

31
Q

How does Customization affect Supply Chain Strategy?

A

Products requiring Customization, like Dell computers, often use a Hybrid Strategy to balance cost-efficiency with personalization.

32
Q

How does the speed of customer need influence Supply Chain Strategy?

A

For quick-turn products like cereal, a Push Strategy ensures availability and immediate satisfaction.

33
Q

What is Logistics in the Supply Chain?

A

the planning, implementation, and control of the flow of goods, services, and information from the point of origin to the final customer.

34
Q

What are the Main Functions of Logistics?

A

Managing inventories, purchasing, materials management, warehousing, and distribution/transportation.

35
Q

How does Logistics Manage Inventories?

A

Logistics balances supply and demand in a cost-effective way, ensuring products are available without excessive inventory costs.

36
Q

What role does purchasing play in logistics?

A

Purchasing ensures materials and goods are obtained at the lowest cost and highest quality to support the company’s marketing strategy.

37
Q

How does logistics support warehousing and distribution?

A

Logistics stores goods until needed, picks and prepares them for delivery, and uses transportation to ensure timely, accurate delivery.

38
Q

How does logistics affect the “Place” element of marketing?

A

Logistics ensures products are delivered to the correct location on time, supporting effective placement in the market.

39
Q

How does logistics influence the “Price” element of marketing?

A

Efficient purchasing, inventory, and transportation management help keep costs down, contributing to competitive pricing.

40
Q

What role does logistics play in the “Product” element of marketing?

A

Logistics addresses packaging needs and the purchasing of raw materials to maintain product quality and readiness.

41
Q

How does logistics impact “Promotion” in marketing?

A

Logistics ensures sufficient materials and products are available to handle increased volume from promotional efforts.

42
Q

How does logistics support a push supply chain strategy?

A

Logistics in a push strategy sets up operations to manage large quantities of products, with transportation for large loads and big warehouses with efficient processes.

43
Q

How does logistics operate in a pull or hybrid supply chain strategy?

A

In pull or hybrid strategies, logistics emphasizes service quality, innovation, and flexibility, using suppliers for quick delivery, on-time transportation, and technology to enhance response time.

44
Q

What is sustainability?

A

a commitment to meeting present needs without compromising the ability of future generations to meet their own needs, affecting material sourcing, transportation, and facility locations.

45
Q

What is sustainable sourcing?

A

Sustainable sourcing is purchasing that considers long-term impacts on people, profits, and the planet, balancing costs with environmental and social considerations.

46
Q

What practices might sustainable sourcing require from suppliers?

A

Suppliers may need to reduce waste and energy use, engage in recycling and reusing materials, and eliminate hazardous substances.

47
Q

What is sustainable transportation?

A

Sustainable transportation focuses on moving more goods per load with greater fuel efficiency and using the most efficient transportation for the need, reducing environmental impact.

48
Q

Give examples of sustainable transportation methods.

A

Using container ships and rail for greater fuel efficiency, postal services instead of private couriers when possible, and using bicycles or drones for short distances.

49
Q

What is a closed-loop supply chain?

A

A closed-loop supply chain maximizes value by recovering value from returned products or materials, reducing waste and reusing components.

50
Q

How does a closed-loop supply chain benefit sustainability?

A

It keeps fewer components in landfills by recycling, refurbishing, or finding new uses for returned products or materials.

51
Q

Give examples of closed-loop supply chain practices.

A
  • Repairing and refurbishing products (Ex: cell phones)
  • Reusing components from electronics
  • Selling excess inventory on sites (Ex: Overstock)
  • Burning waste materials for energy.
52
Q

How can companies reuse returned products in a closed-loop supply chain?

A

By refurbishing items like ink cartridges, reselling seasonal items like sun-care products, and reusing parts from broken-down electronics.

MKT 319 Exam 2 (6 decks)

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