international logistics KEY TERMS.docx
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international logistics KEY TERMS.docx
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internationallogisticsKEYTERMS
internationallogistics
KEYTERMS
●CHAPTERONE
AbsoluteAdvantage
Aneconomictheory,developedbyAdamSmith,thatholdsthatwhenanationcanproduceacertaintypeofgoodsmoreefficientlythanothercountries,itisinitsbestinteresttomanufacturemoreofthosegoodsthanitneeds,andtradewithcountriesthatproduceothergoodsmoreefficientlythanthatnationcan.
Cluster
Anobservation,firstmadebyMichaelE.Porter,thatafirmcandevelopasubstantialcompetitiveadvantageinmanufacturingcertaingoodswhenalargenumberofitscompetitorsandsuppliersarelocatedincloseproximity,becausetheareathenattractsthemosttalentedemployeesandtheextraordinarycompetitionbetweenthefirmsgeneratesagreaterneedtoinnovateandbecomeefficient.Suchagroupingofcompaniesiscalledacluster.
ComparativeAdvantage
Aneconomictheory,developedbyRobertTorrensandDavidRicardo,thatholdsthatnationswilltradewithoneanotheraslongastheycanproducecertaingoodsrelativelymoreefficientlythanoneanother.
Euro
Thecommoncurrencyoftwelveofthetwenty-fivecountriesoftheEuropeanUniondevelopedintheearly1990sandplacedincirculationonJanuary1,2002.
FactorEndowment
Aneconomictheory,developedbyHecksherandOhlin,thatholdsthatacountrywillenjoyacomparativeadvantageoverothercountriesifitisnaturallyendowedwithagreaterabundanceofoneofthefactorsofeconomicproduction,suchasland,labor,
capitalorentrepreneurship.
InternationalProductLifeCycle
Aneconomictheory,developedbyRaymondVernon,thatholdsthat,overitslifecycle,aproductwillbemanufacturedfirstinthecountryinwhichitwasfirstdeveloped,theninotherdevelopedcountries,andeventuallyindevelopingcountries.
Outsourcing
Apracticewhichconsistsofabusinesscontractingwithotherbusinessestohavethemperformsomeoftheoperationsthatitusedtohandlein-house.Itdecidedthattheseoperationsweredeemedun-essentialtoitscorecompetency.
●CHAPTERTWO
DistributionResourcesPlanning(DRP)
Acomputer-basedmanagementtoolthatallowsaretailfirmtodeterminewhattoorderfromitssuppliersinfunctionofwhatitsellstoretailcustomers.Suchinformationissharedwiththesuppliers,sothattheyknow,inturn,whattomanufacture,andinwhichquantity.
Just-In-Time
Amanagementphilosophythatconsistsofplanningthemanufacturingofgoodsinsuchawaythattheyareproducedjustbeforetheyareneededinthenextstepoftheassemblyprocess,inordertominimizetheamountofinventorythatafirmcarries.Thephilosophyextendstosupplyparts,thatneedtobedeliveredjustbeforetheyareusedintheassemblyprocessaswell.
InternationalLogistics
Internationallogisticsistheprocessofplanning,implementing,andcontrollingtheflowandstorageofgoods,services,andrelatedinformationfromapointoforigintoapointofconsumptionlocatedinadifferentcountry.
InternationalSupplyChainManagement
SupplyChainManagementencompassestheplanningandmanagementofallactivitiesinvolvedinsourcingandprocurement,conversion,andallLogisticsManagementactivities.Importantly,italsoincludescoordinationandcollaborationwithchannelpartners,whichcanbesuppliers,intermediaries,third-partyserviceproviders,andcustomers,whethertheyarelocatedintheUnitedStatesorabroad.Inessence,SupplyChainManagementintegratessupplyanddemandmanagementwithinandacrosscompanies.
Logistics
Logisticsisthatpartofthesupplychainprocessthatplans,implements,andcontrolstheefficient,effectiveforwardandreverseflowandstorageofgoods,services,andrelatedinformationbetweenthepointoforiginandthepointofconsumptioninordertomeetcustomers'requirements
ManufacturingResourcePlanning(MRPII)
Acomputer-basedmanagementtoolthatusesMRPatitscore,andthatallowsamanufacturingfirmtodeterminewhattomanufacture,andinwhichquantity,infunctionofwhatitsellstoitscustomers.MRPIIalsoincludesfinancialandcostinformationandincludesotherfunctionsinthefirm,suchasprocurementandpurchasing.
MaterialsRequirementPlanning
Acomputer-basedmanagementtoolthatallowsamanufacturingfirmtodeterminewhattoproduce,andinwhichquantity,infunctionofwhatitsellstoitscustomers.Suchinformationissharedwiththesuppliers,sothattheyknow,inturn,whattomanufacture,andinwhichquantity.
SupplyChainManagement
SupplyChainManagementencompassestheplanningandmanagementofallactivitiesinvolvedinsourcingandprocurement,conversion,andallLogisticsManagementactivities.Importantly,italsoincludescoordinationandcollaborationwithchannelpartners,whichcanbesuppliers,intermediaries,third-partyserviceproviders,andcustomers.Inessence,SupplyChainManagementintegratessupplyanddemandmanagementwithinandacrosscompanies.
●CHAPTERTHREE
Berth
Thelocation,inaport,whereashipisloadedandunloaded.
Draft
Theminimumdepthofwaterthatashipneedsinordertofloat.
LandBridge
AtermcoinedtodescribethepracticeofshippinggoodsfromAsiatoEuropethroughtheUnitedStates.BytakingthecontainerizedgoodstoaWestCoastport,loadingthemontotrains,transportingthemacrosstheUnitedStatesandloadingthemagainonashipfromanEastCoastport,shippersavoidthecostsanddelaysofcrossingthePanamaCanal.
LeapFrogging
Theideathatsomecountrieswill“skip”aparticulartechnologytoadoptthemostrecentoneavailable.Forexample,severaldevelopingcountriesneverhadareliabletelephoneinfrastructure;however,ratherthanspendfundsoncreatinganinfrastructurebasedonlandlines,theywillbuildacellular-basedphonesystem,thereby“leapfrogging”theoldertechnology.
●CHAPTERFOUR
BindingAgent
Anagentthatcanmakedecisionsthatarebindingontheprincipal;theprincipalmustabidebywhateverstatementstherepresentativehasmade.
CounterfeitGoods
Goodsthatappeartohavebeenproducedbythelegitimatemanufacturer,butwereactuallyproducedbyanothercompanyintentondeceivingcustomersandimitatingthegenuinegoods.Counterfeitgoodsaregenerallysoldforamuchlowerpricethantheauthenticgoods.
Franchising
Aprocessbywhichafirmpossessingagroupofseveralintellectualpropertyitems(patents,copyrights,trademarks,tradesecrets)grantsanothercompanytherighttousetheseintellectualpropertyitemsinexchangeforroyalties.Ingeneral,thefirmthatisgrantedtherightstousetheitems(calledthefranchisee)andthefirmgrantingtherightstotheuseoftheitems(calledthefranchisor)are,intheeyesoftheircustomers,indistinguishable
Franchisor
Theownerofanarrayofseveralintellectualpropertyitemsthatgrantsanotherfirm,theLicensee,therightstousethatgroupofintellectualpropertyitemsinexchangeforthepaymentofroyalties.
Franchisee
Thepartythatisgrantedtherighttouseanarrayofintellectualpropertyitemsownedbyanotherpartyinexchangeforpaymentofroyalties.
GrayMarket
AprocessbywhichentrepreneursbuytheproductsofacompanyincountryA,exportthemtocountryB,andresellthemtoretailersandotherintermediariesincountryB.Sincetheentrepreneursareoperatingoutsideofthenormaldistributionchannelsfortheseproducts,andsincetheyarenotauthorizeddistributors,theproductsthemselvesaredubbedparallelimportsaswell.
IntellectualProperty
Atypeofintangiblegoodthatanindividualorafirmcanown;itiseitheracopyright(therightstoaworkofart,amusicalpieceorawrittenarticle),apatent(therightstoaprocess,amaterialoradesign),atrademark(therightstoacommercialnameorslogan),oratradesecret(auniquewaytomanufactureaparticularproduct).Copyrights,patentsandtrademarksareprotectedbygovernments,preventingnon-ownerstoinfringeuponthem;tradesecretsareprotectedbybeingkept...secret.
Licensing
Aprocessbywhichafirmpossessingsomeintellectualpropertyitem(apatent,acopyright,atrademark,atradesecret)grantsanothercompanytherighttousetheintellectualpropertyiteminexchangeforapayment,calledaroyalty.
Licensor
Theownerofanintellectualpropertyitemthatgrantsanotherfirm,theLicensee,therightstousethatintellectualpropertyinexchangeforthepaymentofaRoyalty.
Licensee
ThepartythatisgrantedtherighttouseanintellectualpropertyitemownedbyanotherpartyinexchangeforpaymentofaRoyalty.
Royalty
TheamountofmoneythathastobepaidbytheLicenseetotheLicensorfortherighttousetheLicensor’sintellectualproperty.
Principal
Thepartyrepresentedbytheagentinaninternationalagencyagreement;theexporter.
●CHAPTERFIVE
Offer
Theinitialstepintheformationofacontract;whenoneofthepartiestoapotentialsalecontactstheotherparty,itdoessowithanoffertoenterintoacontract.UndertheConventiononContractsfortheInternationalSaleofGoods[CISG],theoffermadebyoneofthepartiesisvaliduntilitsstatedexpirationdate;undertheUnitedStates’UniformCommerceCode[UCC],however,anoffercanbewithdrawnatanytimebeforeitsexpirationdate,withoutprejudice.
Acceptance
Thesecondstepintheformationofacontract;afteranofferhasbeenmadebyoneoftheparties,thecontractisformediftheotherpartyacceptsthetermsoftheoffer.UndertheConventiononContractsfortheInternationalSaleofGoods[CISG],thesecondpartymustagreewithallthetermspresentedintheoffer,exactly,otherwiseitisarejectionoftheoffer;undertheUnitedStates’U
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