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Logistics > Midterm > Flashcards

Midterm Flashcards

1
Q

Economic Utility and Customer Needs

A
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2
Q

Understanding Economic Utility

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3
Q

Economic utility refers to the value or usefulness of a product in fulfilling customer needs and wants

A

impacting purchasing decisions.

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4
Q

It encompasses various forms of utility: form

A

time

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5
Q

Example: A product that is available at the right time and place enhances its utility

A

making it more appealing to consumers.

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6
Q

Customized Customer Offerings

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7
Q

The concept of a customized customer signifies the demand for tailored products that meet specific preferences.

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8
Q

Mass customization allows companies to deliver highly personalized products

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enhancing customer satisfaction and loyalty.

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9
Q

Case Study: Nike’s ‘Nike By You’ program enables customers to design their own shoes

A

exemplifying mass customization.

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10
Q

Logistics Strategies and Approaches

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11
Q

Mass Logistics vs. Omnichannel Retailing

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12
Q

Mass logistics is a uniform approach where all customers receive the same level of service

A

which may not meet individual needs.

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13
Q

Omnichannel retailing integrates multiple sales channels

A

providing a seamless shopping experience across platforms (online

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14
Q

Example: Target’s omnichannel strategy allows customers to order online and pick up in-store

A

enhancing convenience.

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15
Q

Fragmented vs. Centralized Logistics

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16
Q

Fragmented logistics involves dividing logistics activities among various departments

A

potentially leading to inefficiencies.

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17
Q

Centralized logistics consolidates all logistics functions under one department

A

improving coordination and efficiency.

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18
Q

Pros and cons of each approach should be evaluated based on company size and operational complexity.

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19
Q

Technology in Logistics Management

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20
Q

Communication Systems and EDI

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21
Q

Effective communication systems are crucial for collaboration among stakeholders (employees

A

suppliers

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22
Q

EDI (Electronic Data Interchange) facilitates seamless data transmission

A

enhancing supply chain coordination.

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23
Q

Common EDI applications include invoicing

A

purchase orders

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24
Q

Warehouse Management Systems (WMS) and ERP

A
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25
Q

WMS software oversees storage and flow of materials

A

controlling inventory management and order processes.

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26
Q

ERP (Enterprise Resource Planning) systems integrate business processes

A

providing real-time data across functions.

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27
Q

Example: SAP ERP systems help companies automate and integrate their operations

A

improving efficiency.

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28
Q

Challenges and Solutions in Logistics

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29
Q

Addressing Pilferage and Productivity

A
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30
Q

Pilferage

A

or employee theft

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31
Q

Strategies to mitigate pilferage include implementing a zero-tolerance policy and enhancing security measures.

A
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32
Q

Productivity can be improved by reducing input while maintaining output

A

increasing output

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33
Q

Lean Six Sigma in Logistics

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34
Q

Lean Six Sigma combines quality improvement and efficiency strategies to enhance operational performance.

A
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35
Q

It emphasizes the importance of balancing quality and speed in logistics processes.

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36
Q

Companies adopting Lean Six Sigma report improved customer satisfaction and reduced operational costs.

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37
Q

Logistics Frameworks and Models

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38
Q

SCOR Model Overview

A
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39
Q

The SCOR Model identifies six key processes in supply chain management: Plan

A

Source

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40
Q

Each process plays a critical role in ensuring efficient supply chain operations and meeting customer demands.

A
41
Q

Example: The ‘Plan’ process involves balancing demand and supply to develop effective sourcing and production strategies.

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42
Q

Importance of Logistics Service Quality

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43
Q

Logistics service quality is essential for delivering products without defects or errors

A

impacting customer satisfaction.

44
Q

Companies must focus on improving logistics service quality to maintain competitive advantage.

A
45
Q

Metrics for assessing logistics service quality include delivery accuracy

A

order fulfillment speed

46
Q

Pilferage Management

A
47
Q

Understanding Pilferage

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48
Q

Pilferage refers to the theft of goods

A

particularly in transportation and warehousing operations

49
Q

Effective management of pilferage begins with the hiring process

A

ensuring that employees are trustworthy and reliable.

50
Q

Implementing a zero-tolerance policy towards pilferage can deter potential theft and promote a culture of integrity.

A
51
Q

Keeping goods moving through the supply chain reduces the opportunity for theft

A

as stagnant inventory is more susceptible to pilferage.

52
Q

The recent increase in pirate attacks highlights the need for enhanced security measures in logistics operations.

A
53
Q

Developing a comprehensive policy that addresses group dynamics can further minimize opportunities for pilferage.

A
54
Q

Strategies to Combat Pilferage

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55
Q

Regular audits and inventory checks can help identify discrepancies and deter theft.

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56
Q

Employee training programs focused on ethics and the importance of security can foster a culture of accountability.

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57
Q

Utilizing technology such as surveillance cameras and RFID tracking can enhance monitoring of goods in transit and storage.

A
58
Q

Establishing clear reporting procedures for suspicious activities encourages employees to take an active role in preventing theft.

A
59
Q

Collaborating with law enforcement and security experts can provide additional resources and strategies to combat pilferage.

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60
Q

Creating a reward system for employees who report theft or suspicious behavior can incentivize vigilance.

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61
Q

Warehouse Operations and Dock Door Types

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62
Q

Importance of Dock Door Selection

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63
Q

The choice of dock door is crucial and should align with the specific needs of the warehouse

A

including size and frequency of use.

64
Q

Common types of dock doors include sectional overhead doors

A

commercial roll-up doors

65
Q

Sectional overhead doors are ideal for high-traffic areas due to their durability and space-saving design.

A
66
Q

Commercial roll-up doors offer quick access and are often used in environments requiring frequent opening and closing.

A
67
Q

Swinging dock doors provide a wide opening but may require more space and are less common in modern warehouses.

A
68
Q

Safety considerations for employees and customers should be a priority when selecting dock doors.

A
69
Q

Supply Chain Management Concepts

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70
Q

SCOR Model Overview

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71
Q

The SCOR Model identifies six key processes in supply chain management: Plan

A

Source

72
Q

‘Plan’ involves balancing demand and supply to create actionable strategies for sourcing and production.

A
73
Q

‘Source’ focuses on procuring goods and services to meet demand

A

ensuring quality and reliability.

74
Q

‘Make’ refers to the transformation of raw materials into finished products

A

emphasizing efficiency and quality control.

75
Q

‘Deliver’ encompasses the logistics of providing finished goods to customers

A

including order and transportation management.

76
Q

‘Return’ deals with the processes for handling returns and post-delivery support

A

ensuring customer satisfaction.

77
Q

Agile Supply Chain

A
78
Q

An agile supply chain is characterized by its ability to quickly respond to changes in demand

A

both in volume and variety.

79
Q

Organizations that fail to maintain agility risk losing market share and profitability

A

as well as facing customer dissatisfaction.

80
Q

Key strategies for enhancing agility include flexible manufacturing processes and responsive logistics systems.

A
81
Q

Real-time data analytics can support agile decision-making by providing insights into market trends and customer preferences.

A
82
Q

Collaboration with suppliers and partners can enhance responsiveness and adaptability in the supply chain.

A
83
Q

Continuous improvement practices are essential for maintaining agility in a dynamic market environment.

A
84
Q

Procurement and Supplier Management

A
85
Q

Procurement Processes

A
86
Q

Procurement involves acquiring raw materials

A

parts

87
Q

A strategic approach to procurement can lead to reduced cycle times and improved product development collaboration.

A
88
Q

The procurement manager plays a critical role in aligning purchasing strategies with organizational goals and market demands.

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89
Q

Effective supplier management includes selecting

A

developing

90
Q

Supplier development initiatives

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such as reverse marketing

91
Q

Ethical procurement practices are essential to avoid issues such as bribery and ensure compliance with regulations.

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92
Q

Supplier Selection Process

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93
Q

The supplier selection process begins with identifying the organization’s needs

A

which involves defining requirements and expectations.

94
Q

Establishing evaluation criteria is crucial for objectively assessing potential suppliers

A

considering factors like quality

95
Q

Screening suppliers through market research and reference checks helps pre-qualify candidates for further evaluation.

A
96
Q

Requests for Proposals (RFPs) are solicited from top candidates

A

detailing project scope

97
Q

Evaluating and selecting suppliers involves scoring proposals based on predefined metrics to ensure the best fit for the organization.

A
98
Q

Auditing supplier sites is a critical step to verify capabilities and quality control measures before finalizing partnerships.

A

Logistics (1 decks)

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