E-SRM Flashcards
E-SRM
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).
Supplier relationship
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).
Purchasing process
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).
EDI
Electronic data interchange, the electronic exchange of business data between
companies.
Switching to Omni-channel retailing
A retail strategy that allows customers to
purchase products through multiple channels such as online, in-store, and mobile.
Big data
The collection and analysis of large amounts of data to gain insights and
make business decisions.
AR & VR
Augmented reality and virtual reality, technologies that enhance or create
immersive experiences for users.
RDC
Regional distribution center, a warehouse or facility used for the distribution of
products to retail stores.
WSSI
Weekly stock and sales analysis, a report that tracks inventory levels and sales
data on a weekly basis.
NDC
National distribution center, a warehouse or facility used for the distribution of
products to a national network of retail stores.
Main market
The primary market for a product or service.
Electronics retail
Different types of electronics retail including white goods (large
household appliances), gaming, specialist (focused on a specific type of electronics),
and mobile.
Stock management
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.
Lead Time
The time between placing an order for a product and receiving it.
Supply chain models
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).
Big ticket retailing
Retail of high-priced items such as furniture or electronics
LSP
Logistics service provider, a company that provides logistics services such as
transportation and warehousing.
Vertical / horizontal integration
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).
SME
Small and medium-sized enterprises, typically defined as companies with
fewer than 250 employees.
LE
Large enterprises, typically defined as companies with more than 250 employees.
Differences
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.
From SME to LE
Infrastructure, people, software
Issues in retail
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.
Forecasting
The process of making predictions about future events or trends based
on historical data and analysis.
Economic, technological, demand forecasting:
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.
Forecasting approaches
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.
