BUAD 331 Exam 4 Questions & Answers(SCORED A)

Logistics Management - ANSWERis the part of SCM that plans, implements, and controls the efficient, effective, forward and reverse flow and storage of goods, services, and related information between the point of origin and the point of consumption in order to meet customer requirements Supply Chain Management - ANSWERthe management of upstream and downstream relationships with suppliers and customers in order to deliver superior customer value at less cost to the supply chain as a whole Customer Value - ANSWER= perception of benefits / total cost of ownership What overarching goal should drive the design and execution of any company's supply chain? - ANSWERachieving customer value Customer Service - ANSWERactions that provide the time and place utility in the transfer of goods and services What are the 3 components of customer service? - ANSWER1) pre-transactional 2) transactional 3) post transactional Default Customer Service strategy - ANSWEReveryone gets the same level of service - "average" supplier to key accounts - superior supplier to other customers - high inventories - excessive expediting Tailored Customer Service strategy - ANSWERcustomer and/or product segments get different levels of service - stronger franchise with best customers - lower logistics costs - higher inventory turns - reduced expediting How do you create financial value in an organization? - ANSWERReturn on Asset improvement The Perfect Order - ANSWER= # of orders perfect on all elements / total orders "if you ain't perfect, you've failed" Walmart elements examples: - ANSWER Capital costs - ANSWERinvestment ($) in inventory interest/financing expenses Service costs - ANSWERinsurance on inventory taxes on inventory