Module 1 SCM 300

The four ways companies compete are cost, quality, speed/time, and flexibility. Cost refers to offering products or services at a lower price than competitors. Quality refers to providing superior products or services that meet or exceed customer expectations. Speed/time refers to delivering products or services quickly, reducing lead times and increasing efficiency. Flexibility refers to adapting to changes in the market or customer demands, offering customizable options or solutions. All of these factors contribute to a company's competitive advantage and can help them stand out in the market.

The supply chain needs to work with various departments within an organization, including IT, Marketing, Accounting, and Finance. IT plays a crucial role in managing and optimizing the technological aspects of the supply chain. Marketing is responsible for understanding customer demands and promoting products, which directly impacts the supply chain. Accounting ensures financial records are accurate and helps in budgeting and cost control. Finance manages the financial aspects of the supply chain, such as funding and investments. Therefore, all of these departments are essential for the successful functioning of the supply chain.

The correct answer is Shigeo Shingo's 7 types of waste. Shigeo Shingo, a Japanese industrial engineer, identified these 7 types of waste in manufacturing processes. They are considered as inefficiencies that can be eliminated to improve productivity and reduce costs. These wastes include defects, overproduction, transportation, motion, waiting, inventory, and over-processing. By identifying and addressing these wastes, businesses can streamline their operations and increase overall efficiency.

The primary goals of a business are to achieve sustainable long-term profits and maximize return on investment. Both these goals are crucial for the success and growth of a business. Sustainable long-term profits ensure the financial stability and viability of the business in the long run, while maximizing return on investment ensures that the business is utilizing its resources effectively to generate the highest possible returns. By achieving both these goals, a business can ensure its financial success and create value for its stakeholders.

The four competitive priorities mentioned in class are cost, quality, speed/time, and flexibility. These priorities are crucial for businesses to stay competitive in the market. Cost refers to the ability to offer products or services at a lower price than competitors. Quality relates to delivering products or services that meet or exceed customer expectations. Speed/time refers to the ability to quickly deliver products or services to customers. Flexibility involves being able to adapt and respond to changes in the market or customer demands.

Mass customization refers to the ability to produce customized products or services on a large scale. It involves combining the benefits of customization, where products are tailored to individual customer needs, with the advantages of volume flexibility, where a high volume of products can be produced efficiently. This approach allows businesses to meet the unique preferences of customers while still achieving economies of scale. Therefore, the correct answer is that mass customization encompasses both customization and volume flexibility.

Logistics involves the coordination and management of various activities such as distribution, warehousing, packaging, transportation, and documentation. The given duties, including distribution/warehousing and packaging, containerization, transportation, and documentation, are all part of logistics operations. Additionally, third-party management and communication are also essential aspects of logistics. Therefore, the correct answer for this question is logistics.

Brick and Mortar refers to traditional physical stores or businesses that operate in a physical location, such as a shop or a store. This term is used to distinguish them from online retailers or businesses that operate solely on the internet. Therefore, the correct answer is "Brick and Mortar" because it represents land-based commerce, unlike the other options which include online-only retailers or a combination of online and physical stores.

Amazon.com and Overstock.com are examples of internet-only retailers because they operate solely through online platforms. They do not have physical stores or brick-and-mortar locations where customers can visit and make purchases. Instead, they rely on e-commerce and online transactions to sell their products and services. Therefore, the correct answer is "Internet only retailer- Net commerce only."

All of the above options are needed in the process outside the supply chain. IT is required for managing and maintaining the technological infrastructure, Marketing is essential for promoting and advertising the products or services, and Accounting and Finance are necessary for handling financial transactions and ensuring the financial stability of the organization. Therefore, all three areas are needed in addition to the supply chain.

The given answer "Operations" is correct because all the mentioned duties - process management, plant management, capacity planning, scheduling jobs/people, waiting line management, and process involvement projects - are related to the operational aspects of a business. Operations management involves overseeing the day-to-day activities and processes within an organization to ensure efficient and effective production and delivery of goods and services.

The given answer, "Cost," is correct because all the mentioned costs in the question are related to the financial aspect of a business. Material costs, production costs, packaging, transportation, storage costs, quality costs, and other organizational costs all contribute to the overall cost of a product or service. Therefore, managing and reducing these costs is a crucial competitive priority for businesses to remain competitive in the market.

DHL Cargo, Boeing, and Consulting/Marketing Agencies are all examples of businesses that primarily cater to other businesses. They provide services and products to other companies rather than directly to individual consumers. This type of business model is known as Business-to-Business (B2B).

Procurement refers to the process of obtaining services, supplies, and equipment in accordance with corporate regulations. It involves sourcing, purchasing, and managing the necessary resources to meet the organization's needs. This process ensures that all procurement activities are conducted within the framework of established rules and regulations, ensuring compliance and adherence to corporate guidelines. By effectively managing procurement, organizations can optimize their supply chain, control costs, and ensure the availability of necessary resources to support their operations.

The four trends of supply chain refer to expanding the supply chain, increasing its responsiveness, greening of the supply chain, and cost reduction. These trends highlight the key areas that organizations focus on to improve their supply chain operations. Expanding the supply chain involves reaching new markets and customers, while increasing responsiveness aims to enhance the ability to quickly meet customer demands. Greening the supply chain focuses on implementing sustainable practices, and cost reduction aims to optimize operational expenses. Therefore, the correct answer is "Four trends of supply chain."

The given duties such as Supplier Selection, Purchasing Negotiations, Supplier relationship management, and Materials/Inventory management all fall under the umbrella of procurement. Procurement refers to the process of acquiring goods or services from external sources, which includes tasks related to sourcing suppliers, negotiating contracts, managing supplier relationships, and overseeing inventory and materials. Therefore, the correct answer is procurement.

Amazon, Best Buy, Burger King, and Dillards are all well-known consumer-facing companies that directly sell products or services to individual customers. This indicates that they operate under the B2C (Business-to-Consumer) model. B2C model refers to businesses that primarily focus on selling products or services directly to end consumers. In this model, the companies aim to attract and cater to individual customers rather than other businesses. Therefore, the given answer of "B2C model" is correct.

The given answer, "Business Models," is correct because it accurately describes the mechanism by which a business generates revenue and profits. A business model outlines how a company plans to serve its customers and achieve its strategic goals. It includes key elements such as the target market, value proposition, revenue streams, cost structure, and competitive advantage. By defining the business model, a company can effectively plan its operations and make informed decisions to drive profitability and success.

The given answer, Supply Chain Management, is correct because it encompasses the efficient integration of all parties involved in the delivery of a final product. Supply chain management involves coordinating and managing the flow of goods, services, and information from the suppliers to the manufacturers, warehouses, retailers, and ultimately to the end customers. It involves activities such as procurement, production, transportation, warehousing, and distribution. By effectively managing the supply chain, companies can optimize their operations, reduce costs, improve customer satisfaction, and gain a competitive advantage in the market.

The given statement describes the design, operation, and improvement of production systems that efficiently transform inputs into finished goods and services, maximizing productivity. This aligns with the concept of "operations" which refers to the management of processes involved in producing and delivering goods and services. Operations management focuses on optimizing efficiency, quality, and productivity in order to meet customer demands and achieve organizational goals. Therefore, "operations" is the correct answer in this context.

Product/Customization and Volume are forms of flexibility in the context of logistics. Flexibility refers to the ability to adapt and adjust to changing circumstances or requirements. In logistics, flexibility is crucial as it allows companies to customize their products or services to meet specific customer needs, as well as to efficiently handle varying volumes of goods or services. Therefore, the correct answer is flexibility.

Core competencies are primary skills or knowledge that are intangible and difficult to learn, copy, or acquire. These competencies are unique to an individual or organization and give them a competitive advantage in their industry. By possessing these core competencies, individuals or organizations are able to differentiate themselves from others and excel in their respective fields. Therefore, the correct answer is "All of the above" as all the options mentioned are characteristics of core competencies.

Inventory visibility refers to the ability to track and monitor the availability and location of inventory items in real-time. It involves using technologies such as barcodes and SKUs to accurately identify and record inventory items. MRP (Material Requirements Planning) is a system that helps in planning and managing the production and procurement of materials, while inventory visibility focuses on providing real-time information about the inventory levels and location. Therefore, inventory visibility is the correct answer as it encompasses the use of SKUs, barcodes, and MRP in managing and tracking inventory.

Supply chain management involves various aspects such as monitoring performance metrics, ensuring visibility throughout the supply chain, and managing relationships with suppliers and partners. These factors play a crucial role in optimizing the supply chain and improving overall efficiency. By monitoring performance metrics, companies can identify areas for improvement and make data-driven decisions. Supply chain visibility allows for better coordination and communication between different stakeholders, leading to smoother operations. Relationship management involves building strong partnerships with suppliers and customers, fostering collaboration and trust. Together, these elements contribute to effective supply chain management.