E-SRM

Question 1

E-SRM

Answer 1

Electronic supplier relationship management, which includes both traditional
sourcing (buying products through traditional means) and e-sourcing (buying products
through electronic means such as online marketplaces).

Question 2

Supplier relationship

Answer 2

Different types of relationships between a company and its
suppliers, including win-lose (one party benefits at the expense of the other), lose-win
(both parties lose), win-win (both parties benefit), and lose-lose (both parties lose).

Question 3

Purchasing process

Answer 3

A series of steps including range selection (choosing the
products to sell), supplier selection (choosing the manufacturers or suppliers of those
products), contract negotiation (negotiating terms of the purchase), and contract
management (ensuring the terms of the purchase are met).

Question 4

EDI

Answer 4

Electronic data interchange, the electronic exchange of business data between
companies.

Question 5

Switching to Omni-channel retailing

Answer 5

A retail strategy that allows customers to
purchase products through multiple channels such as online, in-store, and mobile.

Question 6

Big data

Answer 6

The collection and analysis of large amounts of data to gain insights and
make business decisions.

Question 7

AR & VR

Answer 7

Augmented reality and virtual reality, technologies that enhance or create
immersive experiences for users.

Question 8

RDC

Answer 8

Regional distribution center, a warehouse or facility used for the distribution of
products to retail stores.

Question 9

WSSI

Answer 9

Weekly stock and sales analysis, a report that tracks inventory levels and sales
data on a weekly basis.

Question 10

NDC

Answer 10

National distribution center, a warehouse or facility used for the distribution of
products to a national network of retail stores.

Question 11

Main market

Answer 11

The primary market for a product or service.

Question 12

Electronics retail

Answer 12

Different types of electronics retail including white goods (large
household appliances), gaming, specialist (focused on a specific type of electronics),
and mobile.

Question 13

Stock management

Answer 13

The process of managing inventory levels to ensure they are at
an appropriate level without being too high, which can lead to depreciation of the
products.

Question 14

Lead Time

Answer 14

The time between placing an order for a product and receiving it.

Question 15

Supply chain models

Answer 15

Different models for managing the flow of products from
suppliers to customers, including reverse logistics (the process of returning products
to manufacturers) and normal logistics (the process of getting products to customers).

Question 16

Big ticket retailing

Answer 16

Retail of high-priced items such as furniture or electronics

Question 17

LSP

Answer 17

Logistics service provider, a company that provides logistics services such as
transportation and warehousing.

Question 18

Vertical / horizontal integration

Answer 18

Different strategies for managing the supply chain,
including vertical integration (a company controlling multiple levels of the supply
chain) and horizontal integration (a company expanding into related industries).

Question 19

SME

Answer 19

Small and medium-sized enterprises, typically defined as companies with
fewer than 250 employees.

Question 20

LE

Answer 20

Large enterprises, typically defined as companies with more than 250 employees.

Question 21

Differences

Answer 21

between SME and LE: Smaller operations, smaller quantities, lack of
information, special services, high visibility of products, 1 warehouse, few suppliers
and 1-2 stores.

Question 22

From SME to LE

Answer 22

Infrastructure, people, software

Question 23

Issues in retail

Answer 23

Overstocking: Having too much inventory on hand leading to potential waste and
loss of profits.

Terminal stock: Excess inventory that is unlikely to be sold, resulting in potential
loss.

Poor availability: Difficulty in obtaining desired products from suppliers.
Inconsistent availability: Differences in product availability across different retail

locations.
High cost base: High operational and overhead costs.
Poor execution of range reviews and promotions: Inefficient management of
product selection and sales promotions.

Question 24

Forecasting

Answer 24

The process of making predictions about future events or trends based
on historical data and analysis.

Question 25

Economic, technological, demand forecasting:

Answer 25

Economic forecasting: The process of making predictions about future economic
conditions, such as GDP growth, inflation, and unemployment rate, based on
historical data and analysis.

Technological forecasting: The process of making predictions about future
technological developments and their impact on the market, industry and society,
based on historical data and analysis.

Demand forecasting: The process of making predictions about future consumer
demand for products and services, based on historical data and analysis of trends.

Question 26

Forecasting approaches

Answer 26

Jury of executive opinion: A method in which a group of experts provide their
opinions on future events or trends.

Delphi method: A method in which a panel of experts provide anonymous forecasts
on a specific topic.

Sales force composite: A method in which salespeople provide their forecasts for
their respective territories.

Market survey: A method in which consumers are surveyed to determine their
expectations for future demand.