Stm- Chapter 4

Front 1

general term that refers to a sequence of interlinked undertakings that an organization operating in a specific industry engages in

Back 1

Value Chain

Front 2

As global markets widen, businesses have to pay closer attention to where their raw materials come from, how they are produced, how finished products are stored and transported

Back 2

Value Chain Analysis

Front 3

a broad continuum of specific activities employed by a company

Back 3

Supply Chain Management

Front 4

supply management which includes the sourcing, ordering and inventory storing of raw materials, parts and services

Back 4

Purchasing

Front 5

also known as manufacturing and assembly

Back 5

Production and operations

Front 6

efficient warehousing, inventory tracking, order entry, management, distribution and delivery to customers

Back 6

Logistics

Front 7

includes promoting and selling to customers

Back 7

marketing and sales

Front 8

Supply Management

Back 8

Sourcing and ordering

Inventory Management

Front 9

Production/Operations

Back 9

Manufacturing

Assembly

Front 10

Logistics

Back 10

Warehousing

Scheduling

Transportation

Delivery

Front 11

Marketing and Sales

Back 11

Promotion

Selling

Front 12

a popular term used for purchasing which was formerly termed as procurement

Back 12

Supply Management

Front 13

establishing and managing supplier relationship

Back 13

Value

Front 14

value is generated when supplier relationships are created and managed in delivering quality product, delivering in on time, delivering a competitive prices, providing good service back-up when needed and keeping promises

Back 14

Sourcing and Ordering

Front 15

Another facet of supply management

Back 15

Inventory Management

Front 16

Its role is to buffer uncertainty

Back 16

Inventory

Front 17

it includes all purchase materials and goods, partially completed materials in component partd and finished goods

Back 17

Inventory

Front 18

Inventory management is ordering the right quantity of SKUs at minimum inventory costs

Back 18

Inventory Models

Front 19

ordering the right quantity of SKUs at minimum inventory costs

Back 19

Inventory management

Front 20

the sum total of ordering costs and carrying costs

Back 20

Inventory Cost

Front 21

variable costs associated with placing an order with the supplier like managerial and clerical costs in preparing the purchase

Back 21

Ordering costs (set-up costs)

Front 22

costs incurred for holding inventory in storage like handling charges, warehousing expenses, insurance, pilferage and costs of capital

Back 22

Carrying costs / holding costs

Front 23

answers two questions: "how much to order?" and "when to order?"

Back 23

Inventory Order

Front 24

refers to the span of time (in days) it takes for a stock to be delivered from the tine it was ordered

Back 24

Lead time

Front 25

operational strategy whereby the company estimates its demand for raw materials and makes sure that they are delivered on time

Back 25

Just-in-time (JIT)

Front 26

processes that transform operational input into output to satisfy consumer needs and requirements

Back 26

Production and operations

Front 27

process of producing goods using people or machine resources

Back 27

Manufacturing

Front 28

the process of putting together raw materials into a desired output

Back 28

Assembly

Front 29

Now a popular term in supply chain management, logistics management includes the supervisions of certain sequential processes

Back 29

The Logistics Circle

Front 30

function of physically packing finished good or merchandises in a building, room or any space for temporary storage

Back 30

Warehousing

Front 31

the act of organizing these inventory units and booking them for delivery

Back 31

Scheduling

Front 32

products are for transfer; this may include posting, mailing, shipping out, transmitting, forwarding or releasing commodities

Back 32

Dispatching

Front 33

scheduling and other logistics are necessary to make dispatching cost efficient

Back 33

Transportation

Front 34

specified site is undertaken. It closes the entire logistics circle

Back 34

Delivery

Front 35

Products are produced and services are rendered for ultimate release to customers

Back 35

Marketing and Sales

Front 36

produced and services are rendered for ultimate release to customers

Back 36

Products

Front 37

complete sequence of processes that includes purchasing, production and operation, delivery and marketing and sales

Back 37

Supply Chain Management

Front 38

Its adoption and implementation is one of the most important considerations for every organization

Back 38

Growth Strategies

Front 39

mode adopted by an organization to achieve its main objectives of increasing in volume and turnover

Back 39

Growth Strategy

Front 40

approaches adopted within the company

Back 40

Internal Growth Strategies

Front 41

suggests that for an organization to increase its growth, market penetration can be actualized by selling more of its current products

Back 41

Market Penetration

Front 42

the process where company can sell more of its current products by seeking and tapping new markets

Back 42

Market Development

Front 43

internal growth strategy where the company sells 'new' products to an existing market

Back 43

Product Development

Front 44

product / market mix growth strategy that involves creating differentiated products for bew customers

Back 44

Diversification

Front 45

adopted by organizations to deal with the competitiveness in the industry milieu

Back 45

Growth Strategies

Front 46

Organizations cannot avoid the permeating competition existing in the businesd environment

Back 46

Competitive Strategies

Front 47

long-term action plans prepared with the end goal of directing how an organization will survive and complete

Back 47

Competitive Strategies

Front 48

to offer products and services at the lowest cost possible

Back 48

Low-cost Leadership Strategy

Front 49

to provide a variety of products, services or product/service features that competitors do not offer

Back 49

Broad Differentiation Strategy

Front 50

a combination of the low-cost leadership and broad differentiation strategies

Back 50

Best-cost provider strategy

Front 51

implemented when the organization concentrates on a limited market segment and creates a market niche based on lower costs

Back 51

Focused/market-niche Lower Cost Strategy

Front 52

implemented when the organization concentrates on a limited market segment and creates a market niche based on differentiated features

Back 52

Focused/market-niche differentiation Strategy

Front 53

includes innovation strategy, operational effectiveness strategy, economies of scales, and technology strategy

Back 53

Other Competitive Strategies

Front 54

anything that is new and original

Back 54

Innovation Strategy

Front 55

some organizations operate with a high degree of inefficiencies in there internal business procceses like wastes, downtime, longer cycle times, complaints, rejects, loses, absences and others

Back 55

Operational Effectiveness Strategy

Front 56

Lowers cost because of volume when applied as a competitive strategy

Back 56

Economies of scales

Front 57

The advantage of gearing toward technology cannot be overemphasized

Back 57

Technology Strategy

Front 58

In the context of the horizontal boundaries of the firm, it is worth reviewing the product life cycle

Back 58

Life cycle Strategies

Front 59

any product/service refers to the lifespan that a commodity/service undergoes from its introduction stage to its growth, maturity and declin stages

Back 59

Lifecycle

Front 60

the period of launching the product/service for the acceptance

Back 60

introduction stage

Front 61

phase where the products/service gains acceptable by the consumers

Back 61

Growth Stage

Front 62

the period where the product has reached its penultimate level

Back 62

maturity stage

Front 63

period where the product/service begins to reach or is reaching its lowest point

Back 63

Decline stage

Front 64

For organizations that are doing fine or doing better in their existing business , they may choose not to implement any growth strategy

Back 64

stability strategies

Front 65

sometimes companies encounter serious difficulties . when a company's survival is threatened or when it is not competing effectively , it usually takes time to sit down and review its current situation

Back 65

retrenchment strategies

Front 66

most radical action a company takes when a company is losing money and thus is further compounded by a disinterest on the part of the stockholders to do anything more to save it

Back 66

liquidation

Front 67

implemented when a company consistently fails to reach the set objectives or when the company does not fit well in the organization

Back 67

divestment

Front 68

adopted when the organization has reach a significant level of non performance , non productivity , demoralization , and profitability and therefore has to implement restorative strategies

Back 68

turnaround strategy

Front 69

the toughest and most challenging area of any organization undergoing a turnaround strategy

Back 69

climate and culture

Front 70

a review of the products offered and services rendered is needed; ask questions like what products or services are marketable in the industry

Back 70

products and services

Front 71

in the implementation of turnaround strategies this is the easiest phase to sort out and manage

Back 71

production and operation

Front 72

turnaround strategies can easily achieve significant improvements when the infrastructure is correctly assessed and appropriate interventions are introduced or reinforced

Back 72

infrastructure

Front 73

when an organization needs a turnaround strategy , it is because its finances are waving a red flag

Back 73

finances