Strategic (Chapter4)

Front 1

Is a broad continuum of a specific activities employed by a company that is consist of the following

*purchasing supply management

* production and operation

* logistic

*marketing and sales

Back 1

Supply change management

Front 2

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

Back 2

Value chain

Front 3

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

Back 3

Supply chain

Front 4

Is coded with brief but complete details like date identification number the originating department ,

the account to be change, complete description of the materials or service date needed, any special instruction and signature of authorized person making the request

Back 4

Stock keeping unit( SKU)

Front 5

Use ______ when the needs is clear commodities are in constant use and quotation are easily obtainable

Back 5

Request for quotation

Front 6

Use______ when the buyer has complex requirements and plans to use negotiation determined price and terms

Back 6

Request for proposal

Front 7

Use when the desire is a competitive bid process

Back 7

request for bid

Front 8

Is a written requisition placement to purchase supplies

Back 8

Purchase order (PO)

Front 9

The rule is to buffer and uncertainly

Back 9

Inventory

Front 10

Includes the materials and supplies used when producing the product but are not parts of the product

Back 10

Maintenance, repair operating supplies(MRO)

Front 11

Is ordering the right quantity of SKUs at minimum inventory cost

Back 11

Inventory management

Front 12

the sum total of ordering cost and carrying cost

Back 12

Inventory cost

(Set-up cost)

Front 13

Are cost is incurred for holding inventory in storage like handling charges,warehousing expenses ,insurance, pilferage shrinkage taxes and cost of capital

Back 13

Carrying cost

(Holding cost)

Front 14

Seeks to determine an optimal order quantity where the sum of the annual ordering cost and annual carrying cost is minimized

Back 14

Economic order quantity(EQQ)

Front 15

Refers to the span of time it takes for a stock to be delivered from the time it was order

Back 15

Lead time

Front 16

Delivery of stock all at the same time

Back 16

Instantaneous replenishment

Front 17

Is an operational strategy whereby the company estimates its demand for raw materials and make sure that they are deliver on time

Back 17

JIT

(JUST IN TIME)

Front 18

Are process that transform operational unit into output to satisfy customer needs and requirements

Back 18

Production and operations

Front 19

Is the process of producing goods using people or machine resources

* commonly refers to industrial production where raw materials are converted into finished goods

Back 19

Manufacturing

Front 20

Is the process of putting together raw materials into a desired output

Back 20

Assembly

Front 21

A popular term in supply chain management includes the supervision of certain sequential process including warehousing scheduling dispatching transportation delivery

Back 21

Logistic management/ the logistic circle

Front 22

The function of physically packing finished goods or merchandise in a building or room of any space for temporary storage

Back 22

Warehousing

Front 23

The act of organizing this inventory unit and booking them for delivery

Back 23

Scheduling

Front 24

*product are for transfer

*this may include posting mailing shipping out, transmitting, forwarding or releasing commodities.

Back 24

Dispatching

Front 25

the goal is to minimize transportation cost

Back 25

Transportation

Front 26

It closes the entire logistics

Back 26

Delivery

Front 27

Is a mode adopted By an organization achieve its main objectives increasing in volume and turnover

*it can be internal or integrated

Back 27

Growth strategy

Front 28

Our approaches adopted within the company.

it can be any of the following; *market penetration

* market development

*product development *diversification

Back 28

Internal growth strategies

Front 29

*Suggest that for organization to increase if growth market penetration can be actualized by selling more of its current products or services to its current customer or buyer

* it is the list risky for any company to pursue

Back 29

Market penetration

Front 30

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

- it is a little bit more challenging

Back 30

Market development

Front 31

is an internal growth strategy where the company sells new product to an existing market.

organization needs to become more creative in coming up with differentiated product and services

Back 31

Product development

Front 32

Is a product /market mix growth strategy that involves creating differentiated product for a new customer

Back 32

Diversification

Front 33

Are designed to deal with this so-called reality of hypercompetition

are essentially long-term action plans prepare with the end goal of directing how an organization will survive the compete

Back 33

Competitive strategy

Front 34

The objective is to offer product and services at the lowest cost possible in the industry

Back 34

Low cost leadership strategy

Front 35

The objective is to provide a variety of products services or product/ service features that competitors do not offer or are not able to offer to customer

implemented when the organization offer a unique product/ service with distinct traits and features that will appeal better to its customer or buyer

Back 35

Broad differentiation strategy

Front 36

This strategy is a combination of the low leadership and broad differentiation on strategy

- this is implemented when the organization gives its customer more value for money by emphasizing but low cost product and service with unique features

Back 36

Best cost provider strategy

Front 37

this strategy is implemented when organization concentrate on a limited market segment and creates a market ni che based on lower cost

Back 37

Focus / market niche lower cost strategy

Front 38

This strategy is implemented when organization concentrates on a limited market segment and creates a market niche based on differentiated features e like design utility and practicality

Back 38

Focus market niche differentiation strategy

Front 39

The goal is to radically catapult are leapfrog the organization by introducing completely new and highly differentiated products and services that give an organization competitive posturing

Back 39

Innovation strategy

Front 40

the objective is to make an organization perform better by making the structure lean streamlining wasteful and inefficient process harnessing better facility and equipment maintenance and increasing workforce productivity

Back 40

Operational effectiveness strategy

Front 41

It lower cause because of volume

the more a product / service is produced the lower the costs are for producing the product and rendering the service

Back 41

Economies of scale

Front 42

The advantage of gearing towards technology cannot be overemphasized

it can be applied system wise to though digital integration

Back 42

Technology strategy

Front 43

Refers to the lifespan that a commodity or service under goes from its introduction stage to its growth maturity and decline stage

Back 43

Life cycle

Front 44

is the period of launching the product/ service for acceptance.

it includes promotion giving discounts and market development among others

this paste either be short or long

Back 44

Introduction stage

Front 45

Is the place where the product/ service gains acceptance by the consumers.

the organization can focus on branding building customer loyalty and promoting repeat business through customer patronage

Back 45

Growth stage

Front 46

is the period where the product has reached its penultimate level.

the established product tends to remain steady and the number of competitors increases

organization should the start reinventing its product service to maintain their current levels

Back 46

Maturity stage

Front 47

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

- sales and profit declined and price competition is intense

- organization can choose to keep the status quo ,reduced prices to generate more sales, consolidate with other organizations or simply exit the market

Back 47

Decline stage

Front 48

Companies and encounter serious difficulties.

when a company's survival is threatened or when it is not competing effectively usually takes time to sit down and review its current situation

Back 48

Retrenchment strategies

Front 49

The most radical action a company takes when the 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

the business may be terminated and its assets sold

Back 49

Liquidation

Front 50

Is implemented when a company consistently fails to reach the set of objective or when the company does not fit well in the organization the stockholders would preferably sell it or set it as a separate corporation

Back 50

Divestment

Front 51

is a adopted when organization has reached a significant level of non-performance, non productivity, demoralization and un profitability and therefore has to implement restorative strategies

-organization on should focus on the following areas

1)climate and culture

2) products and services

3) product and operations

4)infrastructure

5)finances

Back 51

A turnaround strategy

Front 52

The toughest and most challenging area for any organization undergoing a turnaround strategy

Back 52

Climate and culture

Front 53

a review of the product offered and services rendered is needed

Back 53

Product and services

Front 54

In the implementation of turnaround strategies

this is the easiest phase to sort out and manage

Back 54

Production operation

Front 55

Term around strategy can easily achieved significant improvements when it is correctly assessed and appreciate intervertion are introduced or rainforce

Back 55

Infrastructure

Front 56

This may mean that the organization is losing money or its marginally profitable causing concern to investor

Back 56

Finances

Front 57

Death of business or organization

Back 57

Atrophy

Front 58

Logistic

Back 58

Warehousing scheduling transportation delivery

Front 59

Market and sales

Back 59

Promotion selling

Front 60

production operation

Back 60

Manufacturing assembly

Front 61

Supply management

Back 61

sourcing and ordering inventory management