SCM 300 Exam 2
4 Retailing Options - CORRECT ANSWER-Brick and Mortar
Online
Bricks and Clicks
Clicks and Calls
Brick and Mortar - CORRECT ANSWER-All products and services are sold to
customers from physical stores. Example: McDonald's
Online - CORRECT ANSWER-All products and services are sold to customers
through an online website. Example: Amazon.com
Bricks and Clicks - CORRECT ANSWER-Products can be bought from a
physical store or from an online system. Example: Barnes and Noble and
BN.com
Clicks and Calls - CORRECT ANSWER-In addition to taking orders via the
company website, some companies will also offer sales via the phone. Examples:
Lands' End and L.L. Bean
Omni-Channel Retailing - CORRECT ANSWER-Retailers that are fully committed
to engaging customers via catalogs, phone calls, websites, email, internet chat
rooms, social media sites or mobile apps, and of course also in stores
3 Retail Sources of Supply - CORRECT ANSWER-Manufactures
Wholesalers
Drop Shipper
Manufacturers - CORRECT ANSWER-These are the companies that actually
create the finished goods. Retailers then buy the goods and that retailer is
responsible for distribution and storage.
Wholesalers - CORRECT ANSWER-These organizations purchase goods from
manufacturers. Typically they purchase an assortment of goods from many
,manufacturers, thus a retail company could purchase all of their electronics from
a single wholesaler versus having to purchase from each individual manufacturer
Drop Shippers - CORRECT ANSWER-Organization that ties manufacturers
and/or wholesalers directly to customers.
Chargebacks - CORRECT ANSWER-These are effectively penalties charged by
retail organizations to their suppliers/vendors for any number of minor and major
supply chain offenses.
CPFR (Collaborative, Planning, Forecasting, and Rescheduling) - CORRECT
ANSWER-A formalized effort by supply chain partners to share data and
collectively develop forecasts in an effort to reduce supply chain costs through
better planning.
VMI - CORRECT ANSWER-An arrangement where retailers allow vendors to
monitor in-store inventories, initiate orders/shipments to the store when
inventories are low, and also bring the items into the store and onto the shelf
Last Mile - CORRECT ANSWER-In supply chain the last mile typically refers to
the portion of the supply chain between the final inventory holding facility and the
end consumer
4 Types of Retail Ownership - CORRECT ANSWER-Independents
Chains
Franchise
Cooperatives
Independents - CORRECT ANSWER-One store, one owner. Usually they are
trying to satisfy a very specialized market or locale. Example: Family owned
corner stores, Boutique store that is run by the owner
Chains - CORRECT ANSWER-Multiple stores/facilities, one owner/company.
Example: Home Depot, Wal-Mart, Costco, Gap, Macy's, Safeway (Amazon.com
probably best fits this category
, Franchise - CORRECT ANSWER-A franchisor owns the rights to a company and
the name. A franchisee is allowed to open an outlet under that name. The
franchisee must abide by the rules and processes of the franchise. Examples:
Jiffy Lube, McDonald's, 7-eleven, Buffalo Wild Wings, Massage Envy
Cooperatives - CORRECT ANSWER-Retailer that is owned by its customer
members. These organizations typically try and fit the very special needs of the
consumers that organized the cooperative. Examples: REI (Recreational
Equipment Inc.)
Prototype Stores - CORRECT ANSWER-series of stores that have common
design, construction and layout
Rationalized Retailing - CORRECT ANSWER-● This retail strategy has retail
chains develop rigid control structures to develop and manage processes such
that all the retail outlets are managed in the same way.
Planogram - CORRECT ANSWER-● A map of where every product goes on a
retail store shelf.
4 Store Security Issues - CORRECT ANSWER-○ Employees
○ Store Assets
○ Customers and their Assets
○ Data
Goal of Waiting Line Management - CORRECT ANSWER-Balance the cost paid
by the customers (time) with the cost paid by the company (money paid to
maintain the system)
Parts of a Waiting Line System - CORRECT ANSWER-Input Source
Waiting Line
Service Facility
Input Source - CORRECT ANSWER-This is the population of people that might
want service
4 Retailing Options - CORRECT ANSWER-Brick and Mortar
Online
Bricks and Clicks
Clicks and Calls
Brick and Mortar - CORRECT ANSWER-All products and services are sold to
customers from physical stores. Example: McDonald's
Online - CORRECT ANSWER-All products and services are sold to customers
through an online website. Example: Amazon.com
Bricks and Clicks - CORRECT ANSWER-Products can be bought from a
physical store or from an online system. Example: Barnes and Noble and
BN.com
Clicks and Calls - CORRECT ANSWER-In addition to taking orders via the
company website, some companies will also offer sales via the phone. Examples:
Lands' End and L.L. Bean
Omni-Channel Retailing - CORRECT ANSWER-Retailers that are fully committed
to engaging customers via catalogs, phone calls, websites, email, internet chat
rooms, social media sites or mobile apps, and of course also in stores
3 Retail Sources of Supply - CORRECT ANSWER-Manufactures
Wholesalers
Drop Shipper
Manufacturers - CORRECT ANSWER-These are the companies that actually
create the finished goods. Retailers then buy the goods and that retailer is
responsible for distribution and storage.
Wholesalers - CORRECT ANSWER-These organizations purchase goods from
manufacturers. Typically they purchase an assortment of goods from many
,manufacturers, thus a retail company could purchase all of their electronics from
a single wholesaler versus having to purchase from each individual manufacturer
Drop Shippers - CORRECT ANSWER-Organization that ties manufacturers
and/or wholesalers directly to customers.
Chargebacks - CORRECT ANSWER-These are effectively penalties charged by
retail organizations to their suppliers/vendors for any number of minor and major
supply chain offenses.
CPFR (Collaborative, Planning, Forecasting, and Rescheduling) - CORRECT
ANSWER-A formalized effort by supply chain partners to share data and
collectively develop forecasts in an effort to reduce supply chain costs through
better planning.
VMI - CORRECT ANSWER-An arrangement where retailers allow vendors to
monitor in-store inventories, initiate orders/shipments to the store when
inventories are low, and also bring the items into the store and onto the shelf
Last Mile - CORRECT ANSWER-In supply chain the last mile typically refers to
the portion of the supply chain between the final inventory holding facility and the
end consumer
4 Types of Retail Ownership - CORRECT ANSWER-Independents
Chains
Franchise
Cooperatives
Independents - CORRECT ANSWER-One store, one owner. Usually they are
trying to satisfy a very specialized market or locale. Example: Family owned
corner stores, Boutique store that is run by the owner
Chains - CORRECT ANSWER-Multiple stores/facilities, one owner/company.
Example: Home Depot, Wal-Mart, Costco, Gap, Macy's, Safeway (Amazon.com
probably best fits this category
, Franchise - CORRECT ANSWER-A franchisor owns the rights to a company and
the name. A franchisee is allowed to open an outlet under that name. The
franchisee must abide by the rules and processes of the franchise. Examples:
Jiffy Lube, McDonald's, 7-eleven, Buffalo Wild Wings, Massage Envy
Cooperatives - CORRECT ANSWER-Retailer that is owned by its customer
members. These organizations typically try and fit the very special needs of the
consumers that organized the cooperative. Examples: REI (Recreational
Equipment Inc.)
Prototype Stores - CORRECT ANSWER-series of stores that have common
design, construction and layout
Rationalized Retailing - CORRECT ANSWER-● This retail strategy has retail
chains develop rigid control structures to develop and manage processes such
that all the retail outlets are managed in the same way.
Planogram - CORRECT ANSWER-● A map of where every product goes on a
retail store shelf.
4 Store Security Issues - CORRECT ANSWER-○ Employees
○ Store Assets
○ Customers and their Assets
○ Data
Goal of Waiting Line Management - CORRECT ANSWER-Balance the cost paid
by the customers (time) with the cost paid by the company (money paid to
maintain the system)
Parts of a Waiting Line System - CORRECT ANSWER-Input Source
Waiting Line
Service Facility
Input Source - CORRECT ANSWER-This is the population of people that might
want service
