SCM 300 Exam 2 ASU
Omni-channel Retailing - CORRECT ANSWER-Retailers that are fully committed
to engaging customers via catalogs, phone calls, websites, email, internet
chatrooms, social media sites or mobile apps, and of course also in stores. Ex.
Nordstorm
3 Retail sources of supply - CORRECT ANSWER-Manufacturers ‚ 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 –
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 – This
one is not really a source of supply, but rather an organization that ties
manufacturers and/or wholesalers directly to consumers.
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, 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 (Vendor Managed Inventory) - 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-5 Independents. 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 – Multiple stores/facilities, one owner/company. Example: Home Depot,
Wal-Mart, Costco, Gap, Macy’s, Safeway (Amazon.com probably best fits this
category). Franchises – 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
–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-A 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. Example: Employee can
work at different locations without much change.
Planogram - CORRECT ANSWER-·       A map of where every
product goes on a retail store shelf.
4 Store security issues - CORRECT ANSWER-Employees – Managers, store
employees, and potentially vendors
Store Assets – Inventory, cash, store property Customers and their
Assets – Store visitors, their cars and also any other personal property
Data – Company, customer, and vendor 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 ‚This is the population of people that might want service.
Waiting Line – The area in which customers wait for service.
, Service Facility – The area in which customers actually receive service
4 Managerial Considerations in Queues - CORRECT
ANSWER-¬∑¬†¬†¬†¬†¬†¬† Customers ‚ How many are there? How quickly are
they arriving?
The Waiting Lines – What types of lines? How many lines?
Employees – Who’s working in the system? How many? Skill level and
speed?
Service Facilities – How effective and efficient is the process? Tools?
Basic waiting line terminology - CORRECT ANSWER-¬∑¬†¬†¬†¬†¬†¬† Queue ‚
Line. Channel ‚ Line. Here it often refers to the number of lines available at each
step. Phase – A single step in a process. Example: Phases in college
enrollment might include: Application process, Registration, Orientation,
Scheduling your courses for the first semester.
Infinite population of customers - CORRECT ANSWER-The number of possible
customers that may come into the store is very high (or unlimited). When a
customer enters the system, the odds of another entering the system are not
impacted in any significant manner.
Finite population of customers - CORRECT ANSWER-·       – The
number of customers is limited. Example: If you have a bus company that has 10
busses, then your company’s repair shop has a finite population of 10 busses.
If 1 bus is in the shop only 9 others are left in the population. The odds of a 2nd
bus entering the system decline.
Balking - CORRECT ANSWER-When a potential customer sees the line, but
never joins the line because they think it looks too long and/or too slow.
Reneging - CORRECT ANSWER-When a customer joins the line, gets frustrated
and leaves the line.
Product development and commercialization - CORRECT
ANSWER-·       What does the customer want? When? Can we
organize the right suppliers, manufacturers, distributors, and retail organizations
to get the job done right?
Omni-channel Retailing - CORRECT ANSWER-Retailers that are fully committed
to engaging customers via catalogs, phone calls, websites, email, internet
chatrooms, social media sites or mobile apps, and of course also in stores. Ex.
Nordstorm
3 Retail sources of supply - CORRECT ANSWER-Manufacturers ‚ 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 –
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 – This
one is not really a source of supply, but rather an organization that ties
manufacturers and/or wholesalers directly to consumers.
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, 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 (Vendor Managed Inventory) - 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-5 Independents. 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 – Multiple stores/facilities, one owner/company. Example: Home Depot,
Wal-Mart, Costco, Gap, Macy’s, Safeway (Amazon.com probably best fits this
category). Franchises – 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
–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-A 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. Example: Employee can
work at different locations without much change.
Planogram - CORRECT ANSWER-·       A map of where every
product goes on a retail store shelf.
4 Store security issues - CORRECT ANSWER-Employees – Managers, store
employees, and potentially vendors
Store Assets – Inventory, cash, store property Customers and their
Assets – Store visitors, their cars and also any other personal property
Data – Company, customer, and vendor 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 ‚This is the population of people that might want service.
Waiting Line – The area in which customers wait for service.
, Service Facility – The area in which customers actually receive service
4 Managerial Considerations in Queues - CORRECT
ANSWER-¬∑¬†¬†¬†¬†¬†¬† Customers ‚ How many are there? How quickly are
they arriving?
The Waiting Lines – What types of lines? How many lines?
Employees – Who’s working in the system? How many? Skill level and
speed?
Service Facilities – How effective and efficient is the process? Tools?
Basic waiting line terminology - CORRECT ANSWER-¬∑¬†¬†¬†¬†¬†¬† Queue ‚
Line. Channel ‚ Line. Here it often refers to the number of lines available at each
step. Phase – A single step in a process. Example: Phases in college
enrollment might include: Application process, Registration, Orientation,
Scheduling your courses for the first semester.
Infinite population of customers - CORRECT ANSWER-The number of possible
customers that may come into the store is very high (or unlimited). When a
customer enters the system, the odds of another entering the system are not
impacted in any significant manner.
Finite population of customers - CORRECT ANSWER-·       – The
number of customers is limited. Example: If you have a bus company that has 10
busses, then your company’s repair shop has a finite population of 10 busses.
If 1 bus is in the shop only 9 others are left in the population. The odds of a 2nd
bus entering the system decline.
Balking - CORRECT ANSWER-When a potential customer sees the line, but
never joins the line because they think it looks too long and/or too slow.
Reneging - CORRECT ANSWER-When a customer joins the line, gets frustrated
and leaves the line.
Product development and commercialization - CORRECT
ANSWER-·       What does the customer want? When? Can we
organize the right suppliers, manufacturers, distributors, and retail organizations
to get the job done right?
