MKT 431 Study Guide - Midterm Guide: Asset Turnover, Asset Management, Systems Theory
Document Summary
Summary: logisics has a huge impact on company success through the seven rights and generaing uility. Logisics must serve the needs of the customer cost compeiively. Logisics provides the essenial movement, storage and processing for supply chains: logisics has a tremendous impact on the global economy. Major impact on a country"s economic acivity/trade. Large impact on standard of living: a fundamental concept in logisics is that there are trade-ofs. Intro importance of logisics: logisics is responsible for movement, storage, and the coordinaion of goods in the supply chain, logisics vs supply chain deiniions (types of logisics) Supply chain management: encompasses the planning and management of all acivated involved in sourcing and procurement, conversion, and all logisics management aciviies. Logisics seven rights: product, customer, ime, condiion, quanity, place, cost. Logisics adds value: five economic uiliies- how logisics contributes to these and what each is. All other utilities must satisfy this utility created by marketing.
