IDIS 343 Exam 1 Latest Version Graded A+

IDIS 343 Exam 1 Latest Version Graded A+ Primary Key Act/Processes setting customer service goals, transportation, inventory management, location Secondary Key Act/Processes warehousing, materials handling, acquisition, protective packaging, product scheduling, order processing Customer Service Triangle inventory, transportation, and location strategy customer desires in the supply chain quick response & mass customization an integral part of company strategy generate revenue & improve profit logistics is a key to trade & an increased standard of living logistics adds value with time & place utilities two largest cost categories in logistics transportation & inventory most frequent trade off in logistics is btwn transportation cost & inventory cost 4 P's of Marketing price, product, place & promotion make to order dell computers make to stock all retail Objectives of Logistics Strategy minimize cost minimize investment maximize customer service 4 problem areas of supply chain planning customer service facility location inventory decisions transportation decisions levels of logistical planning strategic, tactical, operational Return on Logistics Assets (ROLA) (revenue-costs)/logistics assets strategic planning multiple years tactical planning months to year operational planning day to day Six Concepts for Logistics Strategy Formulation Total cost concept, differentiated distribution, mixed strategy, postponement, shipment consolidation, product standardization functional products (predictable demand) efficient supply chain (supply to STOCK) innovative products (unpredictable demand) responsive supply chain (supply to ORDER) examples of functional products staple foods, jello, corn flakes, light bulbs, pens, auto tires, some industrial chemicals examples of innovative products electronics, new music, new comp. games, fashion clothes, art, movies capital reduction strategy directed towards minimizing the level of investment in the logistics system main difference btwn 3 levels of logistical planning time