Supplier, Value, and Supply Chain

Question 1

the unprocessed materials used in the primary production or manufacturing of goods

Answer 1

Raw Materials

Question 2

Supplier Selection Process

Answer 2

1.Thinking strategically in selecting suppliers
2. Setting criteria for choosing a supplier
3. Identifying potential suppliers
4. Drawing up a shortlist of suppliers
5. Choosing a supplier

Question 3

a connected network of individuals, organizations, and activities that produces and distributes a specific product to the final consumer.

Answer 3

Supply chain

Question 4

refers to the management of the flow of goods and services, including all processes in transforming raw materials into finished products.

Answer 4

Supply chain management

Question 5

an approach in handling business interaction with current and potential customers. This process provides a structure for maintaining and developing relationships with customers.

Answer 5

Customer relationship management

Question 6

represents the business to the customer. It provides a system of responding to customer complaints, concerns, questions, and comments.

Answer 6

Customer Service Management

Question 7

a process used to forecast, plan, and manage the demand for products and services.

Answer 7

Demand Management

Question 8

this process involves generating, filling, delivering, and providing service for customer’s orders.

Answer 8

Order Fulfillment

Question 9

includes all activities needed to obtain, implement, and manage manufacturing flexibility in the supply chain.

Answer 9

Manufacturing Flow Management

Question 10

provides support for developing and maintaining good relationships with highly valued suppliers in order to gain performance advantages.

Answer 10

Supplier relationship management

Question 11

This process provides the structure for working with customers and suppliers to develop products and offer them to the market.

Answer 11

Product development and commercialization

Question 12

is a process that enables the business firm to manage volumes of returned products efficiently while minimizing the costs.

Answer 12

Returns management

Question 13

Logistics Component of Supply Chain

Answer 13

1. Sourcing and procurement
2. Production planning and scheduling
3. Order processing
4. Inventory control
5. Storage and materials handling
6. Transportation

Question 14

is a step-by-step activity needed to create a product or a service.

Answer 14

Value Chain

Question 15

is a general-purpose value chain that a business may use to examine all the activities involved in creating value for its customers.

Answer 15

Michael Porter’s Value Chain