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MKTG 101 > CHAPTER 4 > Flashcards

CHAPTER 4 Flashcards

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1
Q

a key factor in ensuring the success of an organization from ensuring that the organization has all that it requires to produce results to ensuring that customers are satisfied

A

effecient logistics

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2
Q

is the management of the flow of goods, resources and information between the point of origin and the destination

A

Logistics

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3
Q

the process of planning and implementing the efficient transportation and storage of goods from one point to another.

A

Logistics

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4
Q

ensures that all materials and personnel are available on time and in the right place to ensure that a business objective is accomplished

A

Logistics

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5
Q

implies having the right type of product or service at the right place, at the right time, for a right price and in the right condition

A

Logistics

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6
Q

It can be looked at as a subset of supply chain management which ties into project management by ensuring timely completion of a project.

A

Logistics

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7
Q

focuses on planning, optimizing and executing the use of vehicles to move goods from one place to another.

A

 Transportation

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8
Q
  • Route planning
A

 Transportation

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9
Q
  • Route optimization
A

 Transportation

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10
Q
  • Communication
A

 Transportation

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11
Q
  • Cost optimization
A

 Transportation

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12
Q
  • Organization of quotes
A

 Transportation

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13
Q
  • Improving accountability
A

 Transportation

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14
Q
  • Freight payment
A

 Transportation

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15
Q
  • Operations execution
A

 Transportation

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16
Q
  • Transportation order planning
A

 Transportation

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17
Q
  • Consolidating requests
A

 Transportation

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18
Q
  • Improving delivery capabilities
A

 Transportation

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19
Q

includes functions like inventory planning and management and order fulfillment. It also involve involves the control and administration of warehouse operations where equipment, vehicles and goods are kept.

A

 Warehousing

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20
Q
  • Improves flexibility and responsiveness
A

 Warehousing

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21
Q
  • Eases activities like orders and shipments
A

 Warehousing

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22
Q
  • Secures the expensive equipment
A

 Warehousing

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23
Q
  • Labor management
A

 Warehousing

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24
Q
  • Ensures that equipment are kept in check
A

 Warehousing

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25
Q

This deals with the loading, offloading and the movement of materials at the point of origin, in transit and at the point of consumption.

A

 Material handling

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26
Q

This is the process of ordering, storing and using the inventory of the organization with regard to the type and amount of material in a storage facility.

A

 Inventory Management

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27
Q

This is the movement of materials from the point of origin to the point of production.

A

 Inbound Logistics

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28
Q

This is the movement of finished goods from the point of production to the point of consumption.

A

 Outbound logistics

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29
Q

This is the movement of damaged goods from customers back to the point of production

A

 Reverse Logistics

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30
Q

This is an expert in logistics

A

LOGISTICIAN

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31
Q

who coordinated the organization’s supply chain.

A

LOGISTICIAN

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32
Q

Find the cheapest and fastest way to transport goods

A

LOGISTICIAN

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33
Q

Make suggestions to customers regarding improvements

A

LOGISTICIAN

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34
Q

Keep informed on the latest advancements in logistics technology

A

LOGISTICIAN

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35
Q

Strive to determine what customers’ needs are and ensure that they must meet them

A

LOGISTICIAN

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36
Q

Assess logistics functions and work to improve them

A

LOGISTICIAN

37
Q

A physical resource that a firm holds in stock with the intent of selling it or transforming it into a more valuable state.

A

INVENTORY

38
Q

A set of policies and controls that monitors levels of inventory and determines what levels should be maintained, when stock should be replenished, and how large orders should be

A

INVENTORY SYSTEM

39
Q

involve items used to make finished products.

A

. Raw Materials Inventory

40
Q

Raw materials can be commodities or components that businesses buy or extract themselves. In sum, they’re all the stock that hasn’t been used for manufacturing yet. For accounting purposes, raw materials are considered an inventory asset, debited to raw materials and credited to accounts payable.

A

. Raw Materials Inventory

41
Q

formula to calculate the total cost of your raw materials

A

Total Raw Materials = Beginning inventory + Purchases added – Ending inventory

42
Q

are all the materials that make up the finished product.

A

 Direct raw materials

43
Q

are considered a part of the cost of goods produced, which is then divided into the cost of goods sold and ending inventory

A

 Direct raw materials

44
Q

are materials that are consumed during the manufacturing process, but aren’t a part of the final product.

A

 Indirect Raw Materials

45
Q

typically fall under manufacturing overhead and are added to the cost of goods sold. If only a small amount of an indirect raw material is used, they are sometimes reported to an expense as incurred.

A

 Indirect Raw Materials

46
Q

consists of items used to keep a manufacturing company running smoothly

A

Maintenance, Repair, and Operating (MRO) Inventory

47
Q

can include things like employee uniforms, industrial equipment, cleaning supplies, and safety equipment, as well as any materials you use to repair or maintain manufacturing equipment.

A

Maintenance, Repair, and Operating (MRO) Inventory

48
Q

key to keeping operations running and make up a large percentage of total purchase for factories. But, as a category, it’s often overlooked when it comes to inventory control.

A

Maintenance, Repair, and Operating (MRO) Inventory

49
Q

All the materials used to create a finished product

A

Work In Progress (WIP) Inventory

50
Q

does not include raw materials sitting on the shelf or the finished goods that are ready for sale; they’re somewhere in between

A

Work In Progress (WIP) Inventory

51
Q

are items that are ready for show time.

A

Finished Goods Inventory

52
Q

They’ve been manufactured from raw materials or purchased from a supplier, and are ready to be sold to customers

A

Finished Goods Inventory

53
Q

The finished goods inventory formula

A

Finished Goods = (Cost of Goods Manufactured – Cost of Goods Sold) + Previous Finished Goods Inventory Value

54
Q

combined with raw materials and WIP inventory to make up the total inventory line item on a balance sheet

A

Finished Goods Inventory

55
Q

includes any items your business used to pack the products you sell

A

Packing Materials Inventory

56
Q

cost of holding an item in inventory

A

CARRYING COSTS

57
Q

cost of replenishing inventory

A

ORDERING COSTS

58
Q

temporary or permanent loss of sales when demand cannot be met

A

SHORTAGE COST

59
Q

 Average amount of inventory used to satisfy demand between shipments

A

 Cycle inventory

60
Q

 Depends on lot size

A

 Cycle inventory

61
Q

 inventory held in case demand exceeds expectations

A

 Safety inventory

62
Q

 costs of carrying too much inventory versus cost of losing sales

A

 Safety inventory

63
Q

 inventory built up to counter predictable variability in demand

A

 Seasonal inventory

64
Q

 cost of carrying additional inventory versus cost of flexible production

A

 Seasonal inventory

65
Q

Delivering right quality product to the customer

A

QUALITY

66
Q

Ensuring products are delivered in time

A

SPEED

67
Q

Ability to take into account any variation in demand up and down the supply chain

A

FLEXIBILITY

68
Q

Keeping the Inventory handling cost as low as possible

A

COST

69
Q

transportation

A

components of logistics

70
Q

ordering processing

A

components of logistics

71
Q

packaging

A

components of logistics

72
Q

supply

A

components of logistics

73
Q

inventory planning and management

A

components of logistics

74
Q

warehousing

A

components of logistics

75
Q

need for finished goods inventories

A

MACRO ISSUES

76
Q

ownership of inventories

A

macro issues

77
Q

specific contents of inventories

A

macro issues

78
Q

locations of inventories

A

macro issues

79
Q

tracking

A

macro issues

80
Q

order quantity

A

micro issues

81
Q

order timing

A

micro issues

82
Q
  • Need to satisfy internal or external customers
A

 Need for Finished Goods Inventories

83
Q
  • Can someone else in the value chain carry the inventory
A

 Need for Finished Goods Inventories

84
Q
  • proper accountability to minimize losses
A

 Ownership of Inventories

85
Q
  • knowing your inventory -visibility
A

 Specific Contents of Inventories

86
Q
  • Placing inventory at the right place for quick order
A

 Locations of Inventories

87
Q
  • Locating where your inventory is to eliminate uncertainty and timely delivery
A

 Tracking

88
Q
  • Economic Order Quantity
A

 Order Quantity

89
Q
  • Reorder Point
A

 Order Timing

MKTG 101 (4 decks)

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