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33 Cards in this Set
- Front
- Back
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Supply Chain Management
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The set of approaches and techniques firms employ to efficiently and effectively integrate their suppliers, manufacturers, warehouses, stores, and transportations intermediaries to efficiently have the right quantities at the right locations, and at the right time
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Stock Out
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a situation occuring when an SKU that a customer wants is not available
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EDI- Electronic data interchange
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The computer to computer exchange of business documents from retailer to vendor and back
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Pull Supply Chain
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Strategy in which orders for merchandise are generated at the store level on the basis of demand data captured by point-of-sale terminals
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Push Supply Chain
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Strategy in whish orders for merchandise is allocated to stores on the basis of historical demand, the inventory position at the distirbutoe center, and the stores' needs
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Cross Docking
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Unloading merchandise form one truck just to reload it into another
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Reverse Logistics
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The process of moving returned goods back through the supply chain from the customer, to the stores, distribution centers, and vendors
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Bull Whip
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The buildup of inventory in an uncoordinated channel
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VMI- Vendor-managed inventory
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an approach for improving supply chain efficiency in which the vendor is responsible for maintaining the retailer's inventory leveles in each of its stores
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CPFR- collaboration, planning, forecasting, and replenishment
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a collaborative inventory management system in which a retailer shares information with vendors, it uses data to construct a comuter generated replnishment forecast that is shared by the retailer and vendor before it's executed
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Share of wallet
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the percentage of total purchases made by the customer in the store
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Data Mining
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technique used to identify patterns in data found in data warehouses, typically patterns that the analyst is unaware of prior to searching through the data
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Market basket analysis
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specific type of data analysis that focuses on the composition of the backer (or bundle) of the products purchased by a household during a single shopping occasion
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Opt in (europe)
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consumers OWN their personal information
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Opt Out US
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takes the perspective that personal information is generally viewed as being in the public domain
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cookies
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computer text files that identify visitors when they return to a website
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LTV- livetime customer value
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the expected contribution from the customer to the retailer's profits over his or her entire relationship with the retailer
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RFM- recency, frequency, monetary analysis
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often used by catalog retailers and direct marketers, a scheme for segmenting customers on the basis of how recently they have made a purchase, how frequently they make purchases, and how much they have bought
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Merchandise management
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the process by which a retailer attempts to offer the right quantity of the right merchandise in the right place at the right time while meeting the company's financial goal
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SKU- stock keeping unit
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the smallest unit available for keeping inventory control SIZE, COLOR, STYLE
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Category management
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the process of managing a retail business with the objective of maxmizing the sales and profits of a category
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Category captain
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a supplier that forms an alliance with a retailer to help gain consumer insight, satisfy consumer needs, and improve the performance and profit potential across the entire category
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GMROI- gross margin return on investment
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gross margin dollars divided by average (cost) inventory
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Fad
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a merchandise category that generates a lot of sales for a relatively short time- often less than a season
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Fashion
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a type of product or a way of behaving that is temporarily adopted by a large number of consumers because the product, service, or behavior is considered to be socially appropriate for the time and place
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Fashion Merchandise
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category of merchandise that typically lasts several seasons, and sales can vary dramatically from one season to the next
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Staple (basic) merchandise
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inventory that has continuous demand by customers over an extended period of time
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Product acailability
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a measurement of the rpercentage of demand for a particular SKU that is satisfied
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Back Up Stock (safety/buffer stock)
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the inventory used to guard against going out og stock when demand exceeds forecasts or merchandise is delayed
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Lead Time
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the amount of time between the recognition that an order needs to be placed and the point at which the merchandise arrives in the store and is ready for sale
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Base (cycle) stock
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the inventory that goes up and down due to the replenishment process
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order point
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the amount of inventory below which the quantity available shouldn't go or the iten will be out of stock before the next order arrives
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Open to buy
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the plan that keeps track of how much is spent in each month and how much is left to spend
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