Exam (elaborations)
scm 300 exam 2 set questions and answers
- Course
- Institution
scm 300 exam 2 set questions and answers
[Show more]
Content preview
scm 300 exam 2 set questions andanswers
4 Retailing Options - Answer -1. brick and mortar
2. online and e-tailing
3. bricks and clicks
4. clicks and calls
Brick and Mortar - Answer -All products and services
are sold to customers from physical stores.
Example: McDonald's
Online or E-tailing - Answer -All products and services
are sold to customers through an online
website. Example: Amazon.com
Bricks and clicks - Answer -Products can be bought
from a physical store or from an online
system. Example: Barnes and Noble and
BN.com
Clicks and calls - 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 - 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
Nordstrom Rack (Secondary market - Outlets...)
Online
Clearance (Internal and external - Via retailer or vendor)
Charities
Manufacturers - 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 - 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.
CPFR (Collaborative, Planning, Forecasting,
Rescheduling) - 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) - 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.
(from lecture)- Inventory planning and replenishment system where supplier(vendor)
accepts negotiated
responsibilities that typically include monitoring and restocking.
-Value to Vendor and "Retailer"
• Common Goal - End Customer is the Focus (Retail consumer)
• Learning opportunities
- Vendor and Retailer learn about each other and their needs.
- Vendor has more interactions with end customers in the retail environment.
• Retailer - Fewer responsibilities, Decreases costs
• Vendor - Better understanding of demand rates, Fewer retailer errors, Responsive
• These are systems where buyers share inventory information with suppliers. Suppliers
in turn take on the responsibility of managing inventory levels for the buyer by placing,
delivering, and sometimes even stock the buyer's shelves. This system benefits all
parties: Shelves are full so customers are satisfied, suppliers know the sales patterns of
their product from each store, the store is less likely to experience stock outs since
suppliers can better plan demand and deliveries.
Challenges of VMI - Answer -Goal Alignment - Vendor, Retailer, Customer
• Everything must be defined and discussed prior to arrangement
• Process Related - Different ways of getting things done
,• Schedule Related - When should things get done?
• Performance and Quality Related - Metrics, Motivation, Discipline, Reliability,
Consistency
• People Related - Everyone must BUY-IN, Culture clashes, Equity issues, attire,
professionalism
• IT compatibility, Sharing Concerns
4 Types of Retail Ownership - Answer -1. Independents
2. Chains
3. Franchises
4. Cooperatives
Independents - 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 - Answer -Multiple stores/facilities, one
owner/company. Example: Home Depot,
Wal-Mart, Costco, Gap, Macy's, Safeway
(Amazon.com probably best fits this
category)
Franchises - 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 - 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 - Answer -A series of stores that have common design,
construction and layout
Rationalized Retailing - 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 - Answer -A map of where every product goes on a
retail store shelf.
Empolyees - Answer -Managers, store employees,
and potentially vendors
Store Assets - Answer -Inventory, cash, store
property
Customers and their Assets - Answer -Store visitors,
their cars and also any other personal
property
Data - Answer -Company, customer, and vendor data
Goal of waiting line management - Answer -Balance the cost paid by the customers
(time) with the cost paid by the company
(money paid to maintain the system)
Find the Proper BALANCE between Long Lines/Unhappy Customers and Idle Staff/
High Cost.
Parts of a Waiting Line System - Answer -Input Source
Waiting Line
Service Facility
Input Source - Answer -This is the population of
people that might want service
*How Many Potential Customers?*
- FINITE Pool - Few potential customers. Every customer in the store
significantly decreases the chance of another customer arriving. Example:
Retail store that sells jumbo jet airplanes.
- INFINITE Pool - Many potential customers. Odds barely affected by new
arrivals. Example: McDonald's (All our calculations should be assumed to be
infinite pools.)
*Degree of Variability*
- Type of customers - Prepared/unprepared customer, Big/small orders, high/
low maintenance customers, Paying cash vs. check
- Arrival rates - Steady stream of customers? Busy and slow time periods?
Busy and slow days of week? Seasonal trends?
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller millyphilip. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
70840 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now