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D174 Module 10
Supply Chain, Logistics
| Question | Answer |
|---|---|
| Supply Chain | A complex logistics network characterized by high levels of coordination and integration among its members. |
| Supply Chain Management | The process of managing the aspects of the supply chain. |
| Value Network | An overarching system of formal and informal relationships within which the firm participates to procure, transform, and enhance, and ultimately supply its offerings in final form within a market space. |
| Value Co-creation | the combining of capabilities among members of a value network to create value |
| Network Organization (Virtual organization) | Organization that eliminates many in-house business functions and activities in favor of focusing only on those aspects for which it is best equipped to add value. |
| Nimble | Being in a position to be maximally flexible, adaptable, and speedy in response to the many key change drivers affecting business. |
| Channel of Distribution | A system of interdependent relationships among a set of organizations that facilitates the exchange process. |
| Intermediaries | Organizations that play a role in the exchange process between producers and consumers. |
| Merchant Intermediaries | Intermediaries who take title to the product during the exchange process. |
| Agent Intermediaries | Intermediaries who do not take title to the product during the exchange process. |
| Direct Channel | A channel that has no intermediaries and operates strictly from producer to end-user consumer or business user. |
| Indirect Channel | A channel that contains one or more intermediary levels. |
| Physical Distribution (Logistics) | he integrated process of moving input materials to the producer, in-process inventory through the firm, and finished goods out of the firm through the channel of distribution. |
| Breaking Bulk | A shipping method used by manufacturers to better match quantities needed in terms of the space constraints and inventory turnover requirements of their buyers. |
| Accumulating Bulk | A function performed by intermediaries that involves taking product from multiple sources and sorting it into different classifications for sales through the channel. |
| Sorting | The process of classifying products for sale through different channels. |
| Creating Assortments | The process of accumulating products from several sources to then make those products available down the channel as a convenient assortment for consumers. |
| Reducing Transactions | The process of lowering the number of purchasing transactions carried out by a firm by utilizing the services of intermediaries. |
| Transportation and Storage | Commonly provided intermediary functions for producers that do not perform these functions themselves. |
| Facilitating Function | Activities that help fulfill completed transactions and also maintain the viability of the channel relationships. |
| Disintermediation | The shortening or collapsing of marketing channels due to the elimination of one or more intermediaries. |
| Outsourcing (3rd Party Logistics-3PL) | Handing over one or more of its core internal functions, such as most or all of its supply chain activities, to other (third-party) companies that are experts in those areas allows the firm to better focus on its core business. |
| Vertical Marketing System (VMS) | Vertically aligned networks behaving and performing as a unified system. |
| Corporate VMS | The investment of a channel member in backward or forward vertical integration by buying controlling interests in other intermediaries. |
| Vertical Integration | Integrating both forward or backward |
| Contractual VMS | the binding of otherwise independent entities in the vertical marketing system legally through contractual agreements. |
| Franchise Organization | A contractual relationship between a franchisor, who is the grantor of the franchise, and the franchisee, who is the independent entity entering into an agreement to perform at the standards required by the franchisor. |
| Retailer Cooperative | The binding of retailers across a variety of product categories to gain cost and operating economies of scale in the channel. |
| Wholesaler cooperative | When retailers contract for varying degrees of exclusive dealings with a particular wholesaler. |
| Administered VMS | the sheer size and power of one of the channel members place it in a position of channel control. The lead player in such situations may be referred to as the channel captain or channel leader, |
| Channel Captain (Channel Leader) | The lead player in an administered Vertical marketing system |
| Partner Relationship Management (PRM) Strategies | Strategies to improve inventory management, invoice processing, and product development that serves the consumer marketplace |
| Channel Power | Degree to which any member of a marketing channel can exercise influence over the other members of the channel. With the administered VMS, power can directly influence the relationships within the channel. |
| Channel Conflict | occur in which channel members experience disagreements and their relationship can become strained or fall apart. Unresolved channel conflict will impact ultimate users |
| Coercive Power | involves an explicit or implicit threat that a channel captain will invoke negative consequences on a channel member if it does not comply with the leader’s request or expectations |
| Reward Power | A channel member’s ability to coerce vendors by offering them incentives. |
| Expert Power | Often, channel members adopt an approach of utilizing their unique competencies to influence others in the channel. This may take the form of sharing important product knowledge. |
| Referent Power | When a channel member is respected, admired, or revered based on one or more attributes, that member enjoys this power |
| Legitimate Power | results from contracts such as franchise agreements or other formal agreements. |
| Distribution Intensity | The number of intermediaries involved in distributing the product. |
| Intensive Distribution | A distribution strategy designed to saturate every possible intermediary, especially retailers. |
| Convenience goods | Frequently purchased, relatively low-cost products that customers have little interest in seeking new information about or considering other product options. |
| Impulse Goods | Goods whose sales rely on the consumer seeing the product, feeling an immediate want, and being able to purchase now. |
| Shopping Goods | Products that require consumers to do research and compare across product dimensions like color, size, features, and price. |
| Selective Distribution | A distribution strategy in which goods are distributed only to a limited number of intermediaries. |
| Exclusive Distribution | Distribution strategy built on prestige, scarcity, and premium pricing in which a producer only distributes its products to one or very few vendors. |
| Outbound Logistics | The process of a product’s movement from production by the manufacturer to purchase by the end-user consumer. |
| Inbound Logistics | The process of sourcing materials and knowledge inputs from external suppliers to the point at which production begins. |
| Reverse Logistics | The process of moving goods back to the manufacturer or intermediary after purchase. |
| Stock-Out | When an item is not in stock. |
| Enterprise Resource Planning (ERP) Systems | A software application designed to integrate information related to logistics processes throughout the organization. |
| JIT Just in Time inventory control system | An inventory management system designed to balance levels of overstock and stock-out in an effort to reduce warehousing costs. |
| Materials requirement planning (MRP) | The overall management of the inbound materials from suppliers to facilitate minimal production delays. |
| Exclusive dealing | When a supplier creates a restrictive agreement that prohibits intermediaries that handle its product from selling competing firms’ products |
| Exclusive territory | The protection of an intermediary from having to compete with others selling a producer’s goods. |
| Tying Contract | A formal requirement by the seller of an intermediary to purchase a supplementary product to qualify to purchase the primary product the intermediary wishes to buy. |
| Retailing | Any business activity that creates value in the delivery of goods and services to consumers for their personal, nonbusiness consumption and is an essential component of the supply chain. |
| Electronic Commerce (e-commerce) | Any action that uses electronic media to communicate with customers; facilitate the inventory, exchange, and distribution of goods and services; or facilitate payment. |
| Electronic Retailing (e-tailing or e-retailing) | The communication and sale of products or services to consumers over the Internet. e-mail Mail communications delivered by electronic device. |
| Omnichannel Retailing | uses a variety of channels in a customer’s shopping experience, including research before a purchase. Such channels include physical stores, online stores, etc |
| Market Makers | Websites that bring buyers and sellers together. |
| Customer Communities | are, as the name suggests, websites (often gated) where customers come to engage with other customers, the sponsoring firm, and others in the ecosystem to share ideas and collaborate on topics of mutual interest. |
| Push strategy | Promotional and distribution strategy in which the focus is on stimulating demand within the channel of distribution. |
| Pull strategy | Promotional and distribution strategy in which the focus is on stimulating demand for an offering directly from the end user. |
| Slotting allowance (Shelf fee) | Extra incentives paid to wholesalers or retailers by the manufacturer for placing a particular product into inventory. |
| Specialty goods | Unique products in which consumers’ purchase decision is based on a defining characteristic. |
| Facilitating agent | Entity that assists in the performance of distribution tasks other than buying, selling, and transferring title (examples include trucking companies, warehouses, importers, etc.). |
Created by:
mkale
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