Chapters 13/14

Question 1

What is a supply chain?

Answer 1

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

Question 2

What is supply chain management (SCM)?

Answer 2

A 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

Question 3

What is customer relationship management?

Answer 3

Prioritizing different customer groups according to each group’s long-term value to the company

Question 4

What is customer service management?

Answer 4

Presenting a unified response system to customer complaints, questions, or comments

Question 5

What is demand management?

Answer 5

Aligning supply and demand throughout the supply chain by anticipating customer demand and planning production and inventory accordingly

Question 6

What are 8 key processes of supply chain management?

Answer 6

Customer relationship management
Customer service management
Demand management
Order fulfillment
Manufacturing flow management
Supplier relationship management
Product development and commercialization
Returns management

Question 7

What is order fulfillment?

Answer 7

Generating, filling, delivering, and providing on-the-spot service for customer orders

Question 8

What is manufacturing flow management?

Answer 8

Ensuring that firms in the supply chain can manufacture with flexibility and efficiency

Question 9

What is supplier relationship management?

Answer 9

Supporting manufacturing flow management by identifying and maintaining close relationships with highly valued suppliers

Question 10

What is product development and commercialization?

Answer 10

Facilitating the joint development and marketing of new offerings among a group of supply chain partner firms

Question 11

What is returns management?

Answer 11

Managing volumes of returned product efficiently while minimizing returns-related costs

Question 12

What is digitalization?

Answer 12

The use of digital technologies to change a business model and provide new revenue or value

Question 13

What are common supply chain trends?

Answer 13

Sensor-based tracking for products
Internet-connected transportation equipment
Supply chain analytics
Robotics and automation

Question 14

What is the Internet of Things?

Answer 14

A 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

Question 15

What is Artificial Intelligence?

Answer 15

The computer science area focused on making machines that can simulate human intelligence processes

Question 16

What is Machine Learning?

Answer 16

An application of artificial intelligence that provides systems the ability to automatically learn and improve from experience without being explicitly programmed

Question 17

What are retailers?

Answer 17

The marketing intermediaries that are in direct contact with consumers

Question 18

What are 5 ways to classify retailers?

Answer 18

Ownership arrangement
Level of service
Product assortment
Price
Store type

Question 19

What is a department store?

Answer 19

Have a wide range of products in departments acting as their own mini-stores

Question 20

What are specialty stores?

Answer 20

Have a deep range of brands within a narrow category of products

Question 21

What are supermarkets?

Answer 21

Large stores specializing in groceries but also carrying nonfood items, such as flowers and personal care

Question 22

What are drugstores?

Answer 22

Specialize in pharmacy-related items, cosmetics, and personal care, but also carry seasonal items, greeting cards, and some convenience items

Question 23

What are convenience stores?

Answer 23

A mini-supermarket with limited line of convenience goods

Question 24

What are discount stores?

Answer 24

Compete on low prices, high volume

Question 25

What are full-line discount stores and supercenters?

Answer 25

Offer limited service but vast assortment of well-known brands in many categories, including groceries

Question 26

What are specialty discount stores?

Answer 26

Similar to specialty stores, but compete on process

Question 27

What are warehouse clubs?

Answer 27

Large stores selling a wide array of products from limited number of brands in each category; products often sold in bulk; often require membership fee

Question 28

What are off-price retailers?

Answer 28

Stores selling overstocks, out-of-date items, or irregular merchandise

Question 29

What are 8 types of nonstore retailing?

Answer 29

Automatic vending
Self-service technology (SST)
Direct retailing
Telemarketing
Direct mail
Shop-at-home television
Online retailing
Sharing economy

Question 30

What is automatic vending?

Answer 30

The use of machines to offer goods for sale

Question 31

What is self-service technology?

Answer 31

The use of machines to offer services

Question 32

What is direct retailing?

Answer 32

Representatives selling door-to-door or in homes

Question 33

What is telemarketing?

Answer 33

Selling via the phone

Question 34

What is direct mail?

Answer 34

Selling via sales letters and catalogs mailed to homes and businesses

Question 35

What is shop-at-home television?

Answer 35

Television shopping channels where customers phone in orders directly

Question 36

What is online retatiling?

Answer 36

Selling over the Internet and shipping directly to customers