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Business Logistics Chapter 1&2 Quiz flashcards |
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  • Big-box Retailer

    Stores with large amounts of both floor space and products for sale

    Co-Branding

    Refers to an alliance that allows customers to purchase products from two or more name-brand retailers at one store location

    Container

    A uniform sealed reusable metal "box" in which goods are shipped

    Cost Trade-offs

    Changes to one logistics activity cause some costs to increase and others to decrease

    Disintermediation

    The removal of levels (Layers) from a channel of distribution

    Economic utility

    Refers to the value or usefulness of a product in fulfilling customer needs and wants

    Form utility

    Refers to a product's being in a form that can be used by the customer and is of value of the customer

    Humanitarian logistics

    The process and systems involved in mobilizing people, resources, skills, and knowledge to help people who have been affected by either a natural or human-made disaster

    Landed costs

    Price of a product at its source plus transportation costs to its destination

    Logistics

    1. Logistics is that part of the supply chain
    2. Process that plans, implements, and controls the efficient
    3. Effective forward and reverse flow and storage
    4. Of goods, services, and related information
    5. Between the point of origin and the point of consumption
    6. In order to meet customers' requirements

    Marketing Channels

    A set of institutions necessary to transfer the title to goods and to move goods from the point of production to the point of consumption and, as such, which consists of all the institutions and all the marketing activities in the marketing process

    Materials Management

    The movement and storage of materials into a firm

    Physical Distribution

    Storage of finished product and movement to the customers

    Place utility

    Having products available where they are needed by customers

    Possession utility

    Refers to the value or usefulness that comes from a customer being able to take possession of a product

    Postponement

    The delay of value-added incentives such as assembly, production, and packaging to the latest possible time

    Sorting function

    Bridges the discrepancy between the assortment of goods and services generated by the producer and the assortment demanded by the customer

    Stock-keeping units (SKUs)

    Each separate type of item that is accounted for in an inventory

    Stockouts

    Being out of an item at the same time there is a willing buyer for it

    Sustainable Products

    Refers to products that meet present needs without compromising the ability of future generations to meet their needs

    Systems approach

    A company's objectives can be realized by recognizing the mutual interdependence of the major functional areas of the firm, such as marketing, production, finance, and logistics.

    Tailored logistics

    Groups of customers with similar logistical needs and wants are provided with logistics service appropriate to those needs and wants

    Time utility

    Having products available when they are needed by customers

    Total Cost Approach

    Concept that suggests that all relevant activities in moving and storing products should be considered as a whole, not individually.

    Application Specific software

    Refers to software that has been developed for managers to deal with specific logistics functions or activities

    Big data

    The collection of large amounts of near real-time data collected through a variety of sources, such as sensors, smart phones, RF tags and business-to-business data exchanges

    Cloud Computing

    Worldwide public cloud services market - where software, services, or information are shared via the Internet without the users having control over the technology infrastructure

    Data mining

    Utilizes sophisticated quantitative techniques to find hidden patterns in large volumes of data

    Data Warehouse

    A central repository for all relevant data collected by an organization

    Electronic Data Interchange (EDI)

    Computer-to-computer transmission of business data in a structured format

    Electronic Procurement (e-procurement)

    Uses the internet to make it easier, faster, and less expensive for an organization to purchase goods and services

    Enterprise resource planning (ERP) system

    Lets a company automate and integrate the majority of its business processes, share common data and practices across the enterprise, and produce and access information in a real-time environment

    Global positioning systems (GPS)

    Use satellites that allow companies to compute vehicle positions, velocity, and time

    Information

    A body of facts in a format suitable for decision making

    Logistics Information System (LIS)

    People, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to logistics decision makers

    Logistics optimization models

    Utilize spreadsheet software and add-ins to help logisticians make complex judgments and decisions about key logistics issues at strategic, tactical, operational and collaborative levels

    On-demand software (Software-as-a-service)

    Refers to software that users access on a per-use basis instead of software they own or license for installation

    Radio-frequency identification (RFID)

    The use of radio frequency to identify objects that have been implanted with an RFID tag.

    Reverse Auction

    A buyer invites bids from multiple sellers, and the seller with the lowest bid is often awarded the business

    Simulation

    A technique that models a real-world system, typically using mathematical equations to represent the relationships among components of the real-world system

    Transportation Management System (TMS)

    A software package that automates the process of building orders, tending loads, and tracking shipments, audits, and payments.

    Warehouse Management System (WMS)

    Software packages that control the movement and storage of materials within a warehousing facility

    Wireless communication

    Refers to communication without cables and cords, and includes infrared, microwave, and radio transmissions

    Office automation system

    Provides effective ways to process personal and organizational business data, to perform calculations, and to create documents

    Office automation system examples

    Spreadsheet applications to calculate optimal order quantities

    Communication system

    Helps people work together by interacting and sharing information in many different forms

    Communication system examples

    Virtual meetings via computer technology

    Transaction processing system (TPS)

    Collects and stores information about transactions; controls some aspects of transactions

    Transaction processing system (TPS) examples

    EDI; Point-of-sale systems, bar codes

    Management information system (MIS) and Executive information system (EIS)

    Converts TPS data into information for monitoring performance and managing an organization; provides executives information in a readily accessible format

    MIS and EIS examples

    Logistics information system (LIS)

    Decision support system (DSS)

    Helps people make decisions by providing information, models, or analysis tools

    Decision support system (DSS) examples

    Simulation, data mining

    Enterprise system

    Creates and maintains consistent data processing methods and an integrated database across multiple business functions

    Enterprise system examples

    Logistics modules of enterprise resource planning systems

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