Intro to Supply Chain Management 140

Which statement best describes how companies should conduct business in a supply chain?

"Focus on your core competencies and partner with matching companies"

What are the components of a basic supply chain?

A company, a supplier, and a customer.

What is forecasting?

A prediction of customer demand used to calculate future inventory levels.

Which statement best describes the goal of just-in-time production?

Develop flexible and responsive processes to reduce inventory levels.

What type of supply chain would be best suited for products that are low cost and mass produced?

Efficient

Which type of products are best suited for a highly responsive supply chain? Products that are:

Expensive and critical.

Companies are developing long-term relationships with suppliers to:

Increase responsiveness through information sharing.

Inventory, distribution schedules, and forecasts within a supply chain involve exchanges of:

Materials and information.

The best way for a company to distinguish itself from the competition is to:

Offer superior customer service.

From the customer's perspective, value is most affected by:

Reasonable pricing and timely delivery.

Marketing efforts rewarding "preferred customers" and "customer loyalty" are signs that supply chain management emphasizes:

Retaining current customers.

Traditionally, the history of supply chains focused on:

The flow of materials within a company.

Which is the best definition of supply chain management?

The network of companies that uses the flow of materials and information to meet the needs of customers.