SCM 300 EXAM 2 WITH COMPLETE QUESTIONS AND
CORRECT VERIFIED ANSWERS (DETAILED ANSWERS)
ALREADY GRADED A+ 100% GUARANTEED TO PASS
CONCEPTS!!!.
4 Retailing Options - ANSWER-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 - 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 - ANSWER-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 - 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) - 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
Last Mile - ANSWER-- Portion of the supply chain between the final inventory
holding facility and the end consumer
4 Types of Retail Ownership - ANSWER-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 - ANSWER-- A series of stores that have common design,
construction and layout
- Example: Starbucks
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.
Goals 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)
Parts of a Waiting Line System - ANSWER-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
Planogram - ANSWER-- A map of where every product goes on a retail store
shelf.
4 Store Security Issues - ANSWER-1) Employees - Managers, store employees,
and potentially vendors
2) Store Assets - Inventory, cash, store property
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