Forwarded_Exam1StudyGuide.docx - MIDTERM 1 EXAM REVIEW MKT...

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MIDTERM 1 EXAM REVIEW- MKT 431- Fall 2015 Thursday October 8 th in class NOTE- THIS IS SUBJECT TO CHANGE. THE EARLY PARTS WILL NOT CHANGE 250 points total – Exam will be long for many of you. ~ Short answer/short essay; several sentences, bullets, explanations and applications Plan on around 7-8 multi-part essay-type questions. WRITE YOUR NAME ON THE BACK OF THE EXAM ONLY PLAIN calculator is allowed—no smartphones, dictionaries, etc., no notes or formula sheets NO HATS! I will move some people who have 4 at a table This hits the high points--- anything we have covered or that has been assigned is fair game. Exam will cover the book, readings, class discussions and videos. A question related to the guest speaker from Textron logistics will be included among the Pick 2 (or 3) or 5. Study tips: I recommend that you go through the topics (Chapters on-line) along with the PPT. Review the types of in-class exercise that we did. Look at the summary points at the end of the PPT to help understand the key points. Be able to answer discussion questions that we had in class and that are in the PPT, and the end of topic discussion and practice questions for each topic on my, whether we discussed them or not. Review the exam review sheet to verify that you have not missed anything major. The exam will focus on applying ideas that we have learned, so be sure to understand, not just memorize. Week 1/2- Intro to course, what is logistics? - TOPIC 1 ON MY EDUCATOR - Intro – importance of logistics o logistics is responsible for movement, storage, and the coordination of goods in the supply chain o Logistics vs supply chain definitions (types of logistics) Logistics the formal definition of Logistics Management is…. “That part of supply chain management that plans, implements, and controls the efficient, effective forward and reverses flow and storage of goods, services and related information between the point of origin and the point of consumption in order to meet customers' requirements” Scope: Focus: Relation to SC: Supply Chain “Encompasses the planning and management of all activities involved in sourcing and procurement, conversion, and all logistics management activities. Importantly, it also includes coordination and collaboration with channel partners, which can be suppliers, intermediaries, third party service 1
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providers, and customers. In essence, supply chain management integrates supply and demand management within and across companies” Scope: Focus: Relation to Logistics: - Logistics Seven rights o the right product o to the right customer o at the right time o in the right condition o in the right quantity o at the right place o at the right cost - Logistics adds value- o Five economic utilities (perceived values) - how logistics contributes to these and what each is Possession Utility (creating desire) What it is: marketing figures out what people need, promote the products value, and facilitate the exchange so customers can own the product (“possess” it)...
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