MKTG 3340 Quiz 4 (9, 11, 12) Verified Written Questions 2024.

MKTG 3340 Quiz 4 (9, 11, 12) Verified Written Questions 2024. sourcing - correct answer evaluating and hiring suppliers procurement - correct answer purchasing goods and services from suppliers safety stock - correct answer Backup inventory that serves as a buffer in case the demand for a product surges or the supply of it drops off for some reason. logistics - correct answer The physical flow of materials in the supply chain. track and trace systems - correct answer Systems that electronically record the paths shipments take. third party logistics (3PLs) firms - correct answer Firms to which other companies outsource their entire order processing and shipping departments. Collaborative Planning, Forecasting, and Replenishment (CPFR) - correct answer a practice whereby supply chain partners share information and coordinate their operations lead time - correct answer The amount of time it takes for a customer to receive a good or service once it's been ordered. mass customization - correct answer Mass producing goods customized to the specifications of individual consumers. demand-planning software - correct answer Software that amalgamates data from a variety of sources to better predict a firm's demand stockout - correct answer A situation that occurs when a firm runs out of a product a customer wants to buy