LOGISTICS MANAGEMENT 344 QUESTIONS AND ANSWERS A+ GRADED .Buy Quality Materials!
economic utility (4 types) & the goal
the usefulness of something on fulfilling customer needs/wants
goal: customer satisfaction
possession utility
the value that comes from a customer being able to take possess...
LOGISTICS MANAGEMENT 344 QUESTIONS AND ANSWERS A+
GRADED .Buy Quality Materials!
economic utility (4 types) & the goal
the usefulness of something on fulfilling customer needs/wants
goal: customer satisfaction
possession utility
the value that comes from a customer being able to take possession of a product
ex: sellers allowing to pay by credit or loans ect.
form utility
a product in the form that can be used by the customer and is of value to the customer
ex: chick fil a has soda for their soda machine
place utility
having products available where they are needed by customers
time utility
having products available when they are needed by customers
logistics definition (7 parts)
1. part of supply chain management
2. includes planning, implementing, and controlling flow and storage
3. efficient
4. effective
5. reverse logistics gains attention
6. info about the package is as important as the package itself
7. expanded to multi tier customers (meets customer requirements
5 factors that increased the importance of logistics
1. a reduction in economic regulation
2. changes in consumer behavior
3. technology advances
4. advances in retailing
5. globalization of trade
Reduction in economic regulation
before:
- every customer got the same logistic service
- no control over price
- no competition
now:
- tailored service and price
- competition
changes in consumer behavior
customized services
3d printing
no longer one size fits all
home delivery/same day
24 hour grocery store
raising expectations
, technology advances
allows channel design w/o intermediaries b/w producer and consumer
plan, implement, control
no more paper pick tickets
shipment tracking
advances in retailing
omnichannel retailing- seamless shopping experience regardless of sales channel
ex: place an online order you have the option to pick up in store or be delivered
globalization of trade
ocean logistics
shipping containers
international is more challenging than domestic
logistics is an example of a systems approach:
- Focuses on the compatibility b/w companies goals/objectives and major functional
area goals
- recognizes the interdependence of functional areas
--- aka keeping all logistics activities in balance
SKU's
stock keeping units- most often seen printed on product labels in a retail store. ... The
SKU is composed of an alphanumeric combination of eight-or-so characters. The
characters are a code that track the price, product details, and the manufacturer.
business logistics is made up of two elements:
1. logistics management
2. physical distribution
logistics management
movement and storage of materials in firms
physical distribution
storage of finished goods and movement to customer
total cost approach
- cost trade offs
- total logistics concept
cost trade offs: changes to one activity cause some cost to increase and others to
decrease
total logistics concept: integration of all activities into a unified whole that seeks to
minimize distribution costs in a manner that supports an organizations strategic
objectives
apple ships iPhone through air why?
less time, safer, more flexible, working capital (turning inventory into money)
ex of stakeholder management
Logistical relationships within the firm (3)
Finance, Production, Marketing
finance relationship
- budget, inventory, control machines, trucks
- finance department focuses on the value/dollar, while logistics focuses on the
units/turnover rate
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