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SUPPLY CHAIN MANAGEMENT > MIDTERM COVERAGE > Flashcards

MIDTERM COVERAGE Flashcards

1
Q

Are more on handling and delivering products but it can be a marketing tool.

A

LOGISTIC ACTIVITIES

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2
Q

A system of management based on the principle that every participant must be bound to committing to maintain high standards of work in every aspect of a company’s operations.

A

TOTAL QUALITY MANAGEMENT

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3
Q

is one that recognizes that everyone in the organization contributes in one form or another to the end product or service to the customer.

A

TOTAL

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4
Q

means that every function and every level in the organization is involved in the process

A

EVERYONE

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5
Q

starts with understanding customer needs and ends when those needs are satisfied

A

QUALITY

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6
Q

is often used to signify excellence of a product or a service

A

QUALITY

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7
Q

simply meeting the customer’s requirements

A

QUALITY

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8
Q

Not all business ventures are sweet successes. Failure is almost certain in every undertaking, and for many experts, the most obvious reason is the business’s inability to deliver value to its customers.

True or False?

A

TRUE

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9
Q

are lifeblood of a business

A

CUSTOMERS

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10
Q

they are the source of current profits and the foundation of future business growth.

A

CUSTOMERS

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11
Q

a marketing and business concept that attempts to analyze the satisfaction received by a customer from a purchase.

A

CONSUMER VALUE

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12
Q

It attempts to assess the likelihood as to whether the consumer will make repeat purchase

A

CONSUMER VALUE

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13
Q

The concept of value may be ____ and _____.

A

SIMPLE AND COMPLEX

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14
Q

It does not take much to give customer satisfaction. Just deliver the customer’s needs in the right quantity at the right time and at a reasonable price.

A

SIMPLE CONCEPT

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15
Q

customer value varies from the customers’ definition of what value is

A

COMPLEX CONCEPT

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16
Q

perceptions and opinions may be of opposing views as to the ones we have

A

COMPLEX CONCEPT

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17
Q

type of customer that is not specifically looking for a product or service. they are in search of products that fulfills their wants and needs.

A

PROSPECTIVE CUSTOMERS

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18
Q

means different things to different people. while selling products, its intrinsic characteristics do not change from one customer to another.

A

CUSTOMER VALUE

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19
Q

is tantamount to loss of sales and
the store is at the losing end.

A

OUT-OF-STOCK

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20
Q

a name , term, sign, symbol or combination of them
intended to identify and differentiate one from the
competition.

A

BRAND

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21
Q

A major way to differentiate one’s product or service from those of competitors

A

BRAND IMAGE

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22
Q

name associated with a specific
product, service, or organization, used to differentiate the organization’s offerings so as
to achieve market superiority over
competitors

A

BRAND IMAGE

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23
Q

PRODUCTS FLOW THROUGH A RETAILER IN THE FOLLOWING ORDER:

  1. The supplier ships purchased products to the retailer.
  2. The retailer displays the
    products so that the customers
    can see them.
  3. The customer buys and takes
    the products home.

TRUE OR FALSE?

A

TRUE

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24
Q

run through mainly the matching route as retailers, aside from a few more entailed strides mandatory to produce the products.

A

MANUFACTURERS

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25
Q

WHAT ARE THE INVENTORY PRACTICES STEPS?

A
  1. PURCHASING
  2. STORAGE
  3. SELLING
  4. TRACKING
  5. REORDER
  6. FORECASTING
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26
Q

is the act of taking care of the
customers’ needs by providing and delivering professional, helpful, high quality service and assistance before, during, and after the customer’s requirements are met

A

CUSTOMER SERVICE

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27
Q

Customer service adds value to the overall shopping __________.

A

EXPERIENCE

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28
Q

is the customer’s devotion or
fondness to a certain brand, store, manufacturer, or service provider.

A

CUSTOMER LOYALTY

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29
Q

is a set of activities that an organization carries out to create value for its customer.

A

VALUE CHAIN

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30
Q

focuses on systems, and how inputs are changed into the outputs purchased by consumers using.

A

PORTER’S VALUE CHAIN

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31
Q

are purchased from its fixes, pre-defined supplier only.

A

RAW MATERIALS

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32
Q

buys only one brand

A

UNDIVIDED LOYALTY

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33
Q

buys most of the time purchased brand but sometimes tries other brands.

A

OCCASIONAL LOYALTY

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34
Q

start to switch to other brand

A

SWITCHED BRAND

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35
Q

brand loyalty now divided into two

A

DIVIDED LOYALTY

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36
Q

now buying different brands

A

INDIFFERENCE

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37
Q

is a discipline mostly around detailing the shape and location of stocked goods.

A

INVENTORY MANAGEMENT

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38
Q

are physical goods used in operations and include raw materials, parts, supplies, tools,
equipment and repair items.

A

INVENTORIES

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39
Q

is how you track and control your business’ inventory as it is bought, manufactured, stored, and used.

A

INVENTORY MANAGEMENT

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40
Q

The inventory you use to make your
finished goods.

A

RAW MATERIALS

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41
Q

Partially finished products in various stages of completion that are awaiting further processing.

A

WORK IN PROCESS

42
Q

goods/ inventories ready for
sale. Products that you sell to customers.

A

FINISHED PRODUCTS

43
Q

The additional inventory you keep
in store to deal with supplier shortages or surges in demand

A

SAFETY STOCK

44
Q

This can mean buying raw materials
to turn into products, or buying products to sell on with no assembly required

A

PURCHASING

45
Q

Making your finished product from
its constituent parts. Not every company will get involved in manufacturing — wholesalers, for
instance, might skip this step entirely.

A

PRODUCTION

46
Q

Storing your raw materials before
they’re manufactured (if required), and your finished goods before they’re sold

A

HOLDING STOCK

47
Q

Getting your stock into customers’
hands, and taking payment

A

SALES

48
Q

Businesses need to know how
much it is selling, and how much money it makes on each sale.

A

REPORTING

49
Q

involves holding as little stock as possible, negating the costs and risks involved with keeping a large
amount of stock on hand

A

JUST-IN-TIME (JIT) INVENTORY

50
Q

TRUE OR FALSE:

JIT was introduced at Toyota during the 1950s and 1960s to address the challenge of coordinating successive production activities.

A

TRUE

51
Q

Traditional factories use a _______, which produces finished–goods inventory in advance of customer demand using a forecast of sales.

A

PUSH SYSTEM

52
Q

In a push system, a model that might not be selling well is still produced at the same
predetermined production rate and is held in ____________ for future sales. Whereas enough units of a model in high demand might not get produced

A

FINISHED GOODS INVENTORY

53
Q

a system in which employees at given operation produce the needed unit as they need them.

A

PULL SYSTEM

54
Q

This technique aims to identify the inventory that is earning you profit, by classifying goods into different tiers/ levels.

A

ABC INVENTORY ANALYSIS

55
Q

This technique is based on the assumption that buying in bulk is cheaper. The method is great if a business is sure that their products will sell but can pose challenges when demand suddenly changes

A

BULK SHIPMENTS

56
Q

is when a customer places an order for stock that is not yet available.

A

BACKORDERING

57
Q

This technique allows a consignor, usually a wholesaler, to give their goods to a consignee, usually a retailer, without the consignee paying for the goods up front. The consignor still owns the goods, and the consignee pays for the goods only when they actually sell

A

CONSIGNMENT

58
Q

refers to the minimum amount of product that must always be on hand.

A

STANDARD PAR LEVELS

59
Q

This is the simplest and probably the oldest trick in inventory management.

A

FIFO SYSTEM

60
Q

WHAT ARE THE BASICS OF AUDITING?

A
  1. CHECKING
  2. REVIEWING
  3. INSPECTING
  4. EXAMINING
  5. ASSESSING
  6. APPRAISING
61
Q

may be done regularly. However , regularity differs for most companies. Some do it on a monthly basis, quarterly, every six months or once a year.

A

AUDITING

62
Q

is a fundamental part of
Supply Chain Management. It is how businesses handle their storage.

A

WAREHOUSING

63
Q

is a place where goods and products are stored prior to it being distributed, sold or used.

A

WAREHOUSING

64
Q

Warehouse performs two types of storage:

A

PLANNED AND EXTENDED

65
Q

refer to storage required as planned for the purpose of meeting regular customer demand.

A

PLANNED STORAGE

66
Q

An inventory that is in excess of usual warehouse operation.

A

EXTENDED STORAGE

67
Q

TRUE OR FALSE

Primary Functions of a Warehouse
1. Storage of Goods
2. Shipping Hub

A

TRUE

68
Q

TRUE OR FALSE:

Secondary Functions of a Warehouse
1. Protection of Goods
2. Risk bearing
3. Processing
4. Grading and Branding/Packing

A

TRUE

69
Q

TRUE OR FALSE

Goods may either be perishable or non-perishable.

A

TRUE

70
Q

unloading of goods brought to
the warehouse

A

INBOUND ACTIVITY

71
Q

transferring the goods from
the inbound area to the storage area

A

TRANSFER TO STORAGE

72
Q

selecting the goods in the storage
as per order to be shipped and transferring it to shipment area

A

ORDER SELECTING

73
Q

checking and loading the goods
for shipment

A

OUTBOUND ACTIVITY

74
Q

facilities are usually for perishable items such as food and dairy products.

A

REFRIGERATED STORAGE

75
Q

These are usually intended for special promotions sometimes transactions.

A

GRADING AND BRANDING/PACKING

76
Q

It can either be a garage, a spare bedroom, or basement used by small businesses

A

SIMPLE STORAGE

77
Q

require a capital investment by the
owner but are usually found to be exceedingly cost effective in the long run.

A

PRIVATE WAREHOUSE

78
Q

are built and operated to store, preserve, and maintain the goods and merchandises of an individual, a partnership firm or a company and are usually rented on
contractual basis for a period of time.

A

PUBLIC WAREHOUSES

79
Q

These warehouses are owned, managed and controlled by central or state governments or public
corporations or local authorities.

A

GOVERNMENT WAREHOUSES

80
Q

These warehouses are owned, managed government as
well as private agencies. These warehouses are regulated by the public or private agencies with proper granted license.

A

BONDED WAREHOUSE

81
Q

These are typically described as large depots whose operations are highly automated and may be owned or rented by manufacturers.

A

Distribution Centers/Warehouses

82
Q

It provides storage for perishable goods whose temperature variation is controlled to meet the requirement of some sensitive
items.

A

COLD STORAGE

83
Q

These are usually located near ports where international trade is carried out. It provides storage facilities for goods awaiting onward
movements.

A

IMPORT AND EXPORT WAREHOUSES

84
Q

It handles storage for products that needs special handling conditions; Store many different products, often including those that need to
be kept at a specific temperature.

A

Climate Controlled Warehouses

85
Q

it provides storage for
agricultural produce located in strategic areas. They are usually depicted as assembling of
regulated markets.

A

AGRICULTURAL WARERHOUSES

86
Q

Facilitates distribution​; Protects the product; Provides important information about the product​

A

LOGISTICAL

87
Q

Designs & formats used to attract consumers​; For handling, convenience and sanitary purposes​

A

MARKETING

88
Q

Recycling / Reusable packages​; Biodegradable and environment-friendly materials used for packaging. ​

A

ENVIRONMENTAL

89
Q

sometimes referred to as Product Packaging and is designed to meet marketing objectives and is therefore basically done for the following reasons: convenience, market appeal, protecting the product from the effects of natural elements.

A

CONSUMER PACKAGING

90
Q

also referred to as Industrial Packaging, has a distinct and special purpose in the physical distribution process.

A

LOGISTICAL PACKAGING

91
Q

The material that first envelops the product and holds it. This is usually the smallest unit of distribution or use and is the package which is in direct contact with the contents. It refers to the graphics and text that provide information about product contents, and directions for proper handling and usage.​

A

PRIMARY PACKAGING

92
Q

It normally has the most information in terms of contents, branding instructions for use, expiration date and others.​

A

PRIMARY PACKAGING

93
Q

It is the box or crate into which a number of primary packages are grouped together and placed for ease of manual movement.​

A

SECONDARY PACKAGING

94
Q

Packaging used may be cardboard boxes or trays or shrink-wrapped packs and others may require the use of additional materials such as Styrofoam for product safety impact. ​

A

SECONDARY PACKAGING

95
Q

Used for bulk handling warehouse storage and transport shipping. ​

A

TERTIARY PACKAGING

96
Q

It makes use of pallets, shrink wraps and straps to secure the products. ​

A

TERTIARY PACKAGING

97
Q

bath towel size

A

25” x 50”

98
Q

face towel size

A

16” x 27”

99
Q

bath mat size

A

22” x 34”

100
Q

washcloth

A

12” x 12”

101
Q

par levels: ______ pars linen on hand

A

3 1/2

102
Q

the par for bedspreads, comforters should be _____

A

1 plus 10%

SUPPLY CHAIN MANAGEMENT (4 decks)

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