Omni-channel retailing - ️️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.
Infinite population of customers - ️️The number of possible customers that ...
SCM 300 Exam 2 ASU Davila
Omni-channel retailing - ✔️✔️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.
Infinite population of customers - ✔️✔️The number of possible customers that may
come into the store is very high (or unlimited). When a customer enters the system, the
odds of another entering the system are not impacted in any significant manner.
Brick-and-Mortar Business - ✔️✔️a business that operates in a physical store without
an internet presence
Online or E-tailing - ✔️✔️All products and services are sold to customers through an
online website. Example: Amazon.com
Brick and Clicks - ✔️✔️Companies that use both a physical store and the Web to sell
their products and services.
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
Retail sources of supply - ✔️✔️manufacturers, wholesalers, drop shippers
drop shippers - ✔️✔️An organization that ties manufactures and/or wholesalers directly
to consumers. They never posses the product, they just take orders to fulfill by another
party.
Chargebacks - ✔️✔️effectively penalties charged by retail organizations to their
suppliers/vendors for any number of minor and major supply chain offenses
Collaborative Planning, Forecasting, and Replenishment (CPFR) - ✔️✔️A formalized
effort by supply chain partners to share data and collectively develop forecast in an
attempt to reduce supply chain cost through better planning
vendor-managed inventory (VMI) - ✔️✔️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 - ✔️✔️the portion of the supply chain between the final inventory holding
facility and the end consumer
, Prototype Stores - ✔️✔️A series of stores that have common design, construction and
layout. Standardized plans that will work across many stores for chain retailers.
Rationalized Retailing - ✔️✔️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. An employee would easily be able to work at almost any
store since everything is done the same way.
Planogram - ✔️✔️A map of where every product goes on a retail store shelf.
Customers cost for waiting lines - ✔️✔️Time
Company cost for waiting line - ✔️✔️Money paid to maintain the line (employees)
Waiting line Input Source - ✔️✔️The population of people that might want service
Waiting Line - ✔️✔️The area in which customers wait for service
Waiting line Service Facility - ✔️✔️The area in which customers actually receive
service
Finite Population of Customers - ✔️✔️number of customers is limited
Balking - ✔️✔️When a potential customer sees the line, but never joins the line
because they think it looks too long and/or too slow.
Reneging - ✔️✔️When a customer joins the line, gets frustrated and leaves the line
λ - ✔️✔️Lambda
Lambda - ✔️✔️Number of customers arriving/unit of time
ex. 15 customers per hour
μ - ✔️✔️Mu
Mu - ✔️✔️Number of customers helped/unit of time
ex. 24 customers per hour
ρ - ✔️✔️Rho
ρ=λ/μ - ✔️✔️Percentage of time worker is busy
n1=ρ[λ/(μ-λ)] - ✔️✔️Average number of customers in the line
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