Matching Flashcards
CTPA (Colombian Free Trade Agreement)
This comprehensive trade agreement eliminates tariffs and other barriers to U.S. exports, expands trade between the US and Colombia and promotes economic growth for both
BHFTA (Bahrain Free Trade Agreement)
The FTA between Bahrain and the US entered into effect in January 2006
Physical Distribution
These activities involve that part of the supply chain where work in progress becomes finished goods and moves towards customers
Possession Utility
The principal economic utility associated with marketing activities
Outsourcing
A practice that consists of a business contracting with other businesses to have them perform some of the operations it used to handle in-house
USMCA
The agreement expected to replace NAFTA that increases environmental and labor regulations and incentivizes more domestic production of cars and trucks
-United States-Mexico-Canada Agreement
Supply Chain
A set of three or more organizations linked directly by one or more of the upstream or downstream flows of products, services, finances, or information from a source to a customer
Reshoring
The act of reintroducing domestic manufacturing to a country
Materials Management
These activities focus on the upstream portion of the supply chain and are mainly concerned with suppliers and inbound logistics
Regional Facilities
Facilities that allow companies to be closer to customers and more responsive
Omni-channel Retailing
A direct to consumer business model where all sales channels ranging from online, mobile, telephone, mail order, self-service, and physical retail establishments are aligned and fulfillment processes integrated to provide shoppers with a seamless shopping experience
Near-shoring
The practice of transferring a business operation to a nearby country, often one sharing a border with the target country
Foreign Trade Zones
Areas where tariffs are exempted or deferred
Form Utility
The value that is added to goods through manufacturing or assembly
Supply Chain Management
Proactively managing the two-way movement and coordination (that is the flows) of goods, services, information, and funds from raw material through end user
Centralized Facilities
Centralized production facilities provide operating
cost and inventory efficiencies
Core Competency
The set of skills, technologies, and processes that provide the basics for what a company does well
Make-to-Stock
Producing product that is put into storage
Economies of Scale
Efficiencies created by producing large quantities of the same item to spread fixed costs
Make-to-Order
producing product only to meet actual customer demand
Assemble-to-Order
an inventory strategy where the product is partially completed and kept in a generic form, then finished when the order is received
Engineer-to-Order
A demand-driven approach to manufacturing where the requirements and specifications are not known until the order has been placed
Insourcing
The practice of using an organization’s own personnel or other resources to accomplish a task that was previously outsourced
Economies of Scope
Efficiencies formed by variety, not volume
