Buad 331 Exam 1 Questions & Answers Solved 100%

Supply Chain Management - Answers the management of upstream and downstream relationship with suppliers and customers order to deliver superior customer value at less cost to supply chain as a whole Demand chain management - Answers should be the name because the chain should be driven by the market not the suppliers Porter's Supply Chain Management - Answers firm the delivers value to its customers by performing these activities in a more efficient way than its competitors or in a unique way The 3 C's - Answers Customers § Needs § Seek benefits for acceptable prices o Competitor § Assets § Utilization of assets o Company § Assets § Utilizes good products that no longer sell themselves Competitors are more popular in an industry when their sector tends to be - Answers the lowest-cost producer or the supplier providing a product with the greatest differentiated values When a company is successful they either have a cost-advantage or value advantage or ________ - Answers both Cost Advantage - Answers One competitor that has the ability to be the low-cost producer · This competitor has the greatest sales volume in the sector · Experience curve Identities how to predict improvements in the rate of the output of workers as they become more skilled in their job Value Advantage - Answers Customers buy benefits · Buy products for the promise of achieving a goal o Ability to create better service and lower cost//assets Time Utility - Answers § Ensuring product availability when it is ordered § Demands vary on weather, seasons and everyday wants/needs Place Utility - Answers Value placed on the company a product is purchased from § Stores allow consumers to have easier access to purchasing products by not having them need to go to the warehouse Form Utility - Answers Value of a finished product § Consumer buys whole product so they don't have to buy the individual parts § Fiji Water Integration - Answers Establishment and implementation of "end to end" planning framework § Links and coordinates to extend upstream to suppliers and downstream to customers § Filled with inventory Operation - Answers Creating demand § Customer satisfaction and sales § Upstreamà procurement, raw materials to products Supply Chain vs Logistics - Answers o Logistics is a specialized part of the entire process. It focuses on the transportation and storage of goods The 4 R's - Answers Risk, Relationship, Responsible and Reliable Service - Answers Availability, support and commitment that is provided to customers Cost - Answers Transaction costs including the price and life cycle costs Time - Answers § The time it takes for the store to respond to the customers wants and needs for order