Supply Chain Stages
What is a supplier?
The company that provides raw materials or parts to a factory
What is inventory
The goods a company keeps in stock
The number of stages in a product life cycle
four
What is just-in-time
A strategy where parts arrive exactly when needed, so storage costs are lower
What is a manufacturer
This stage turns materials into a finished product
What are raw materials
Basic natural substances like wood or cotton used to make products
What is introduction
In this first stage, the product is launched and sales are low
What is the bullwhip effect
A small change in customer demand grows bigger at each step back up the chain
What is a distributor (or wholesaler)
It stores goods in warehouses and ships them in bulk to shops
What is lead time?
The time between placing an order and receiving it
What is growth
Sales rise fast and competitors start to enter the market
About 80 to 90 percent of world trade by volume moves by this type of transport
sea (ships)
What is a retailer
Amazon and Walmart are examples of this stage, which sells to customers
What is logistics
Planning how to move, store and deliver goods
What is maturity
Sales are at their highest point, but they stop growing
What is Fast fashion
Companies design, make and deliver new styles very quickly. Speed is important, but waste can increase.
What is reverse logistics
The process of moving products back from the customer to the company, for example returns
What is distribution?
The process of delivering goods to shops or customers
What are extension strategies?
Companies use these, like new flavors, new packaging or new markets, to avoid decline
the number of life-cycle surprises
3