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SCM 300 Exam 2 Questions With Correct Solutions
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SCM 300 Exam 2 Questions With Correct Solutions
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SCM 300 Exam 2 Questions With CorrectSolutions
4 Retailing Options CORRECT ANSWERS 1) Brick and Mortar - All products and
services are sold to customers from physical stores. Example: McDonald's
2) Online or E-tailing- All products and services are sold to customers through an online
website. Example: Amazon.com
3) Bricks and clicks - Products can be bought from a physical store or from an online
system. Example: Barnes and Noble and BN.com
4) Clicks and calls - 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 ANSWERS - 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 ANSWERS 1) 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.
2) 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.
3) 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 ANSWERS - 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 ANSWERS - 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 ANSWERS - 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 ANSWERS - Portion of the supply chain between the final
inventory holding facility and the end consumer
, 4 Types of Retail Ownership CORRECT ANSWERS 1) 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
2) Chains - Multiple stores/facilities, one owner/company. Example: Home Depot, Wal-
Mart, Costco, Gap, Macy's, Safeway (Amazon.com probably best fits this category)
3) 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
4) 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 ANSWERS - A series of stores that have common design,
construction and layout
- Example: Starbucks
Rationalized Retailing CORRECT ANSWERS - 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 ANSWERS - A map of where every product goes on a retail
store shelf.
4 Store Security Issues CORRECT ANSWERS 1) Employees - Managers, store
employees, and potentially vendors
2) Store Assets - Inventory, cash, store property
3) Customers and their Assets - Store visitors, their cars and also any other personal
property
4) Data - Company, customer, and vendor data
Goals of Waiting Line Management CORRECT ANSWERS - 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 ANSWERS 1) Input Source - This is the
population of people that might want service
2) Waiting Line - The area in which customers wait for service
3) Service Facility - The area in which customers actually receive service
4 Managerial Considerations in Queues CORRECT ANSWERS 1) Customers - How
many are there? How quickly are they arriving?
2) The Waiting Lines - What types of lines? How many lines?
3) Employees - Who's working in the system? How many? Skill level and speed?
4) Service Facilities - How effective and efficient is the process? Tools?
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