MKT 16

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  1. logistics
    activities that focus on getting the right amt of the right products to the right place at the right time at the lowest possible cost
  2. logistics mgmt
    practice of organizing the cost-effective flow of raw materials, in-process inventory, F/G, & related info from the pt. of origin to pt. of consumption to satisfy customer requirements
  3. supply chain
    sequence of firms that perform activities required to create and deliver a product or service to ultimate consumers or industrial users
  4. customer service
    ability of logistics mgmt to satisfy users in terms of time, dependability, communication, & convenience
  5. extranet
    Internet-based network that permits secure business-to-business communication between a manufacturer and its suppliers, distributors, & sometimes other partners
  6. total logistics cost
    expenses associated with transportation, material handling & warehousing, inventory, stockouts (being out of inventory), order processing, & return goods handling
  7. electronic data intercharge (EDI)
    combining proprietary coputer & telecommunication technologies to exchange electronic invoices, payments, & info among suppliers, manufacturers, & retailers
  8. supply chain mgmt
    integration & organization of info & logistic activities across firms in a supply chain for purpose of creating & delivering products & services that provide value to ultimate consumers
  9. lead time;
    order cycle time; replenishment time
    time lag from ordering an item until it is received & ready for use or sale
  10. quick response;
    efficient consumer response
    inventory magmt systems that are designed to reduce a retailer's lead time for receiving merchandise, which then lowers a retailer's inventory investment, improves customer service levels, and reduces logistics expense
  11. communication
    • process of conveying a msg to others that requres 6 elements:
    • a source, message, channel of communication, receiver, & processes of encoding & decoding;
    • 2-way link between buyer & seller that helps monitoring service & anticipating future needs
  12. convenience
  13. 3rd-party logistics providers
    firms that perform most or all of the logistics functions that manufactureers, suppliers, and distributors would normally perform themselves
  14. transportation (6 basic service criteria)
    Frequency, Accessibility, Capability, Time, Dependability, Cost
  15. cost
    charges for transportation
  16. time
    speed of transit
  17. capability
    what can be realistically carried with this mode
  18. dependability (consistency of replenishment)
    3 elements
    consistent lead time, safe delivery, & complete delivery
  19. dependability
    reliability of service regarding time, loss, and damage;
  20. accessibility
    convenience of the mode's routes (such as pipeline availability)
  21. frequency
  22. intermodal transportation
  23. trailer on flatcar (TOFC);
  24. freight forwarders
  25. less-than-truckload (LTL)
  26. storage warehouses
  27. distribution centers
  28. materials handling
  29. reasons for inventory (6)
  30. inventory costs
    Risk costs, Storage costs, Inventory service costs, Capital costs
  31. capital costs
    (these are related to interest rates)
    opportunity costs resulting from tying up funds in inventory instead of using them in other, more profitable investments
  32. inventory service costs
    items such as insurance and taxes that are present in many states
  33. storage costs
    warehousing space and materials handling
  34. risk costs
    possible loss, damage, pilferage, perishability, and obsolescence
  35. just-in-time (JIT) concept
    inventory supply system that operates with very low inventories and requires fast, on-time delivery
  36. vendor-managed inventory (VMI)
    inventory-mgmt systeme whereby the supplier determines the product amt & assortment a customer (such as a retailer) needs & automatically delivers the appropriate items
  37. reverse logistics
    process of reclaiming recyclable and reusable materials, returns, and reworks from the point of consumption or use for repair, remanufacturing, redistribution, or disposal
Card Set:
MKT 16
2012-04-18 00:40:53

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