Marketing ch 9

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Marketing ch 9
2012-09-09 17:30:58
Using Supply Chains Create Value Customers

key terms
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  1. SKU (stock-keeping unit)
    A label used to distinguish a product that is unique because of some characteristic, such as manufacturer, size, color, or model.
  2. collaborative planning, forecasting, and replenishment (CPFR)
    A practice whereby supply chain partners share information and coordinate their operations.
  3. cross-docking
    The practice of moving products between supply chain intermediaries so that they spend little or no time in warehouses as they are transported.
  4. demand planning
    The process of estimating how much of a good or service customers will buy from you.
  5. demand-planning software
    Software that can synthesize a variety of factors to better predict a firm’s demand.
  6. distribution center
    A warehouse or storage facility where the emphasis is on processing and moving goods on to wholesalers, retailers, or consumers rather than on storage.
  7. electronic data interchange (EDI)
    A special electronic format companies use to exchange business documents from computer to computer.
  8. electronic product code (EPC)
    A barcode that can distinguish between two seemingly identical products. It contains information about where the product was manufactured and where it was shipped from and bound to.
  9. environmental sustainability
    The idea that firms should engage in business practices that have the least impact on the environment so that it is sustained for future generations.
  10. freight forwarder
    An organization whose duties include consolidating small loads of freight, negotiating rates for their shipment, and booking space for them on transportation vehicles and in warehouses.
  11. insourcing
    When firms move activities, such as logistics, in-house.
  12. intermodal containers
    Metal boxes used to ship consumer goods.
  13. inventory control
    The process of ensuring your firm has an adequate amount of products and a wide enough assortment of them meet your customers’ needs.
  14. just-in-time inventory systems
    A system in which a firm keeps very little inventory on hand. Instead, its suppliers ship it inventory as needed.
  15. lead time
    The amount of time it takes for a customer to receive a good or service once it’s been ordered.
  16. logistics
    The physical flow of materials in the supply chain.
  17. mass customization
    Mass producing goods customized to the specifications of individual consumers.
  18. offshoring
    Outsourcing work to a company abroad.
  19. outsource
    Hiring an organization to do a task your firm previously performed.
  20. procurement
    The process of purchasing goods and services for your organization.
  21. production scheduling
    The management of the resources, events, and processes need to create an offering.
  22. radio-frequency identification (RFID) tag
    A tag that emits radio signals that can record and track a shipment as it comes in and out of a facility.
  23. reverse logistics
    Running broken, defective, and scrap products backward through the supply chain so as to extract value from them.
  24. safety stock
    Backup inventory that serves as a buffer in case the demand for a product surges or the supply of it drops off for some reason.
  25. shrinkage
    A term used to describe a reduction or loss in inventory due to shoplifting, employee theft, paperwork errors, and supplier fraud.
  26. social responsibility
    The idea that companies should manage their businesses not just to earn profits but to advance the well-being of society.
  27. sourcing
    The process of evaluating and hiring individual businesses to supply goods and services to your organization.
  28. stockout
    A situation that occurs when a firm runs out of a product a customer wants to buy.
  29. supply chain visibility
    A situation in which supply chain partners share information with one another so they can see how well the chain is working.
  30. third-party logistics (3PLs) firms
    Firms to which other companies outsource their entire order processing and shipping departments.
  31. track and trace systems
    Systems that electronically record the paths shipments take.
  32. value chain
    A term that is sometimes used interchangeably with the term supply chain. The idea behind the value chain is that your supply chain partners should do more for you than perform just basic functions.
  33. vendor-managed inventory (VMI)
    The practice of having your suppliers monitor your inventory levels.