Bsop 434 Week 1 Homework

2. Distinguish between possession, form, time, and place utility.

Possession, form, time, and place utility all create utility or usage and benefit in different forms for its consumers. They differ based on the ways in which they can create utility and satisfaction. For example, possession of knowledge can create higher utility whereas getting medicine at the right time creates better utility as well. In the same way possession utility refers to the value that an asset creates when it is owned or possesses. Form utility is the value that is gained when an object is given a particular form; like glass being given the shape of a bottle. Time utility refers to the utility created based on time and place utility refers to the value created because of an object or goods and services being made available at a particular place. An example would be food packets being made available at the place of floods and other natural calamities.

4. Why do contemporary supply chains need to be fast and agile?

Today’s business climate, supply chains are crucial for competitive advantage. Successful business models have their key source of competitive advantage in their supply chain. Companies like ECCO shoes, PepsiCo or Dell are highly dependent on a fast and agile supply chain. The supply chain in today’s businesses are having a far important role than only delivering goods. The supply chain today is integrated with strategy, marketing, new product development and even human resource functions. Contemporary supply chain used to only serve as a delivering mechanism from finished goods to end users however now it has to reduce inventory, lead time, provide forecasting data, customer feedback , understand customer requirements and develop partnerships as well. Today the world supply chain needs to be more agile to bridge the gap between customer expectation and available products. In the world of globalization the first mover advantage is key to success and so developing a...