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Exam 1 - Logistics Overview | SCM 373 - Logistics & Transportation Mgt, Quizzes of Introduction to Business Management

Class: SCM 373 - Logistics & Transportation Mgt; Subject: Supply Chain Management; University: Michigan State University; Term: Fall 2015;

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Download Exam 1 - Logistics Overview | SCM 373 - Logistics & Transportation Mgt and more Quizzes Introduction to Business Management in PDF only on Docsity! TERM 1 What is Logistics? DEFINITION 1 The forward and reverse flow and storage of goods, services and related information TERM 2 Which Activities does Logistics comprise? DEFINITION 2 -Customer service-Demand Forecasting/Planning-Inventory Management-Logistics Communications-Material Handling- Order Packaging TERM 3 Role of Logistics in the economy DEFINITION 3 Accounts for approximently 10% of the US GDP. Accounts for 15 billion jobs and 14% of the total labor force TERM 4 Components of logistics DEFINITION 4 -Motor Carriers (49%)-Inventory Carrying Cost (22%)- Warehousing (11%)-Other Carriers (13%)-Other Costs (4%) TERM 5 7 R's of Logistics DEFINITION 5 -Right Product-Right Quantity-Right Condition/Quality-Right Place-Right Time-Right Customer-Right Cost TERM 6 Competitive Advantage DEFINITION 6 Set of business processes that consistently provides superior value to the customer. Logistics adds Time and Place Utility/Value. TERM 7 Types of Utility DEFINITION 7 Place (Logistics)Time (Logistics)PossessionForm TERM 8 Economies of Scale DEFINITION 8 Occur when cost per unit decline as the volume produced increases TERM 9 Economies of Scope DEFINITION 9 Occur when the cost for one firm to complete activities A &B is less than it would cost for two firms to seperately complete each activity TERM 10 Economies of Density DEFINITION 10 Refers to the benefits that result from greater demand for transportation between two locations