SCMN 2150 BRIAN GIBSON TEST 1

What is Supply Chain Management? - Answer- the art of managing the flow of materials, products, information, and financial resources from source to user. Why is SCM important? (4) - Answer- It provides valuable opportunities to create competitive advantage: 1. develop collaborative, trusting relationships 2. rationalize product touch points 3. drive out costs and achieve tremendous efficiencies 4. improve customer satisfaction Competitive advantage: - Answer- requires delivering more value and satisfaction to target consumers than competitors Who participates in SCM? (5) - Answer- Suppliers, manufacturers, distributors, retailers, consumers Primary processes of SCM: - Answer- Plan, Buy, Make, Move (purchasing, production, distribution) What are the goals of SCM? - Answer- Customer care, competitiveness, efficiency, responsiveness and resilience; these goals focus on making BETTER, FASTER, AND CHEAPER, MORE RESPONSIVE supply chains than your competition. Lower Cost + Higher Sales = _________? - Answer- Greater Profits 7 Principles of SCM - Answer- 1. Segment customers based on service needs 2. Customize the logistics network 3. Drive operations from demand 4. Differentiate product closer to the customer 5. Source strategically 6. Develop supply chain-wide technology strategy 7. Use supply chain spanning performance measures How can an organization build competitive advantage via SCM? (6) - Answer- 1. Cost (be low cost provider) 2. Quali