SCM 300 Exam 2 questions 2023 with 100% correct answers- ASU Davila

Brick-and-Mortar Business a business that operates in a physical store without an internet presence Online or E-tailing All products and services are sold to customers through an online website. Example: A Brick and Clicks Companies that use both a physical store and the Web to sell their products and services. Clicks and Calls In addition to taking orders via the company website, some companies will also offer sales via the phone. Examples: Lands' End and L.L. Bean Omni-channel retailing Retailers that are fully committed to engaging customers via catalogs, phone calls, websites, email, internet chatrooms, social media sites or mobile apps, and of course also in stores. Retail sources of supply manufacturers, wholesalers, drop shippers drop shippers An organization that ties manufactures and/or wholesalers directly to consumers. They never posses the product, they just take orders to fulfill by another party. Chargebacks effectively penalties charged by retail organizations to their suppliers/vendors for any number of minor and major supply chain offenses Collaborative Planning, Forecasting, and Replenishment (CPFR) A formalized effort by supply chain partners to share data and collectively develop forecast in an attempt to reduce supply chain cost through better planning vendor-managed inventory (VMI) An arrangement where retailers allow vendors to monitor in-store inventories, initiate orders/shipments to the store when inventories are low, and also bring the items into the store and onto the shelf. Last Mile the portion of the supply chain between the final inventory holding facility and the end consumer Prototype Stores A series of stores that have common design, construction and layout. Standardized plans that will work across many stores for chain retailers. Rationalized Retailing This retail strategy has retail chains develop rigid control structures to develop and manage processes such that all the retail outlets are managed in the same way. An employee would easily be able to work at almost any store since everything is done the same way. Planogram A map of where every product goes on a retail store shelf. Customers cost for waiting lines Time Company cost for waiting line Money paid to maintain the line (employees) Waiting line Input Source The population of people that might want service Waiting Line The area in which customers wait for service Waiting line Service Facility The area in which customers actually receive service Infinite population of customers The number of possible customers that may come into the store is very high (or unlimited). When a customer enters the system, the odds of another entering the system are not impacted in any significant manner. Finite Population of Customers number of customers is limited Balking When a potential customer sees the line, but never joins the line because they think it looks too long and/or too slow. Reneging When a customer joins the line, gets frustrated and leaves the line λ Lambda Lambda Number of customers arriving/unit of time ex. 15 customers per hour μ Mu Mu Number of customers helped/unit of time ex. 24 customers per hour ρ Rho ρ=λ/μ Percentage of time worker is busy