MKT 16

activities that focus on getting the right amt of the right products to the right place at the right time at the lowest possible cost

practice of organizing the cost-effective flow of raw materials, in-process inventory, F/G, & related info from the pt. of origin to pt. of consumption to satisfy customer requirements

sequence of firms that perform activities required to create and deliver a product or service to ultimate consumers or industrial users

ability of logistics mgmt to satisfy users in terms of time, dependability, communication, & convenience

Internet-based network that permits secure business-to-business communication between a manufacturer and its suppliers, distributors, & sometimes other partners

expenses associated with transportation, material handling & warehousing, inventory, stockouts (being out of inventory), order processing, & return goods handling

combining proprietary coputer & telecommunication technologies to exchange electronic invoices, payments, & info among suppliers, manufacturers, & retailers

integration & organization of info & logistic activities across firms in a supply chain for purpose of creating & delivering products & services that provide value to ultimate consumers

time lag from ordering an item until it is received & ready for use or sale

inventory magmt systems that are designed to reduce a retailer's lead time for receiving merchandise, which then lowers a retailer's inventory investment, improves customer service levels, and reduces logistics expense

• process of conveying a msg to others that requres 6 elements:
• a source, message, channel of communication, receiver, & processes of encoding & decoding;
• 2-way link between buyer & seller that helps monitoring service & anticipating future needs

firms that perform most or all of the logistics functions that manufactureers, suppliers, and distributors would normally perform themselves

Frequency, Accessibility, Capability, Time, Dependability, Cost

charges for transportation

speed of transit

what can be realistically carried with this mode

consistent lead time, safe delivery, & complete delivery

reliability of service regarding time, loss, and damage;

convenience of the mode's routes (such as pipeline availability)

scheduling

Risk costs, Storage costs, Inventory service costs, Capital costs

opportunity costs resulting from tying up funds in inventory instead of using them in other, more profitable investments

items such as insurance and taxes that are present in many states

warehousing space and materials handling

possible loss, damage, pilferage, perishability, and obsolescence

inventory supply system that operates with very low inventories and requires fast, on-time delivery

inventory-mgmt systeme whereby the supplier determines the product amt & assortment a customer (such as a retailer) needs & automatically delivers the appropriate items

process of reclaiming recyclable and reusable materials, returns, and reworks from the point of consumption or use for repair, remanufacturing, redistribution, or disposal