Operations Management Chapter 15, 16, 17, 18, & 19

Universal Design/Product
A product that is designed to serve multiple functions and/or multiple customer segments.
Product Pooling
The practice of using a single product to serve two demand segments that were previously served by their own product version.
Revenue Management
Also known as yield management. The set of tools used to maximize revenue given a fixed supply.
Bullwhip Effect
The propagation of demand variability up the supply chain.
Order Synchronization
A cause of the bullwhip effect. This described the situation in which two or more firms submit orders at the same moments in time.
Order Batch
A cause of the bullwhip effect. A firm order batches when it orders only in integer multiples of some batch quality.
Trade Promotion
A temporary price discount off the wholesale price that a supplier offers to its retailer customers.
Channel Stuffing
the practice of inducing retailers to carry more inventory than needed to cover short-term needs.
Demand-Pull
An inventory policy in which demand triggers the ordering of replenishments,
Forward Buying
If a retailer purchases a large quantity during a trade promotion, then the retailer is said to forward buy.
Diverters
Firms that practice diversion.
Diversion
The practice by retailers of purchasing product from a supplier only to resell the product to another retailer.
Efficient Consumer Response
The collective name given to several initiatives in the grocery industry to improve the efficiency of the grocery supply chain.
Vender-Managed Inventory (VMI)
The practice of switching control of inventory management from a retailer to a supplier.
Buy-Back Contract
A contract in which a supplier agrees to purchase leftover inventory from a retailer at the end of the selling season.
Sustainable Operation
An operations paradigm built around the idea of not depleting or destroying scarce resources, including the atmosphere, water, materials, land, and people.
Business Model Innovation
A substantial shift in a firm’s business model either relative to others in the industry or to its previous practice.
Innovation
A novel match between a solution and a need that creates value.
Preference Fit
The firm’s ability to provide consumers with the product or service they want or need.
Transactional Efficiency
Measures how easy it is to do business with a firm.
Energy
Water
Materials
Name the first 3 resources