Marketing Final Exam

Front 1

Logistics

Back 1

consists of those activities that focus on getting the right amount of the right products to the right place at the right time at the lowest possible cost.

Front 2

Logistics Management

Back 2

is the practice of organizing the cost-effective flow of raw materials,in-process inventory, finished goods, and related information from point of origin to point of consumption to satisfy customer requirements.

Front 3

A Supply Chain

Back 3

consists of a sequence of firms that perform activities required to create and deliver a good or service to consumers or industrial users.

Front 4

Supply Chain Management

Back 4

is the integration and organization of information and logistic activities across firms in a supply chain for the purpose of creating and delivering goods and services that provide value to consumers.

Front 5

Electronic Data Interchanges (EDIs)

Back 5

combine proprietary computer and telecommunication technologies to exchange electronic invoices, payments,and information among suppliers, manufacturers, and retailers.

Front 6

Total Logistics cost

Back 6

consists of expenses associated with transportation, materials handling and warehousing, inventory, stockouts (being out of inventory), order processing, and return goods handling.

Front 7

Customer Service

Back 7

is the abilityof logistics management to satisfy users in terms of time, dependability, communication, and convenience.

Front 8

Lead Time

Back 8

is the lag from ordering an item until it is received and ready for use or sale. Also called order cycle time or replenishment time.

Front 9

Quick Response

Back 9

, in inventory management systems, are designed to reduce the retailer’s lead time forreceiving merchandise which then lowersa retailer’s inventory investment, improves customer service levels, and reduces logistic expenses. Also called efficient consumer response.

Front 10

Efficient Consumer Response

Back 10

, in inventory management systems, are designed to reduce the retailer’s leadtime for receiving merchandise whichthen lowers a retailer’s inventory investment, improves customer service levels, and reduces logistic expenses. Also called quick response.

Front 11

Third party logistics providers

Back 11

are firms that perform most orall of the logistics functions that manufacturers, suppliers, and distributors would normally perform themselves.

Front 12

Just in time concept

Back 12

is an inventory supply system that operates with very low inventories and requires fast, on-time delivery

Front 13

Vendor Managed Inventory

Back 13

isan inventory-management system whereby the supplier determines the product amount and assortment a customer (such asa retailer) needs and automatically delivers the appropriate items

Front 14

Reverse Logistics

Back 14

is a processof reclaiming recyclable and reusable materials, returns, and reworks from the point of consumption or use for repair, remanufacturing, redistribution,or disposal.