TERM 1
Supply Chain Management
DEFINITION 1
Set of approaches and techniques em ployed to effectively
integrate their suppliers, manufactur ers, stores, and transportation
intermediaries into a seamless value chain in which merchandise
is produced and distributed in the right quantities to the right
locations at the right time as well as t o minimize system-wide
costs while satisfying the service leve ls their customers require.
TERM 2
Wholesalers
DEFINITION 2
firms engaged in buying, taking, storing, and physically
handling goods in large quantities, then reselling in smaller
quantities to retailers or owners.
TERM 3
Marketing Channel
DEFINITION 3
The set of institutions that transfer ownership of and move
goods from the point of production to the point of
consumption. (Virtually the same as a supply chain.
TERM 4
Logistics Management
DEFINITION 4
The integration of two or more activities for the purpose of
planning, implementing, and controlling the efficient flow of
raw materials, in process inventory and finished goods from
the point of origin to the point of consumption.
TERM 5
Supply Chain Management Value
DEFINITION 5
1) Streamlines Distribution - reduces the time to process and
deliver an order, reduces inventory requirements, improves
manufacturing scheduling, and reduces errors. 2) Affects
Marketing - Sales department must coordinate delivery
promises and advertising and promotion must be
coordinated with inventory and transportation departments.
