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Ans. Logistics is one of the oldest and also the newest activities of business management. It involves combining diverse functions and services providers who may be culturally or objectively different. Logistics is about moving materials, information and funds from one business to another or from a business to the consumer.
Basically the Greeks defined logistics as "the science of Correct reasoning by means of mathematics". The first modern use of the term was in military to identify the process of planning and coordinating the movement of army and weapon support systems. Good logistics brings out the ability to move faster and accurately to the battlefront. If one applies to the same to the business organization, it is one's ability to reach the product to the consumer at the right time, right place, and right quantity and at lowest cost.
With the increasing competition in the market place, managements starts focusing on customer services in the early 1950's in the developed markets such as Europe and the U.S. In the late 1960's some of the logistics concepts were tested. Following oil crises is 1976 and the concepts of Just-in-time (JIT) in manufacturing. Customer servicing standards were given more importance and new integrated logistics models and solutions were born. The emergence of organized distribution system by departmental stores and super fast courier services, organizations gave a boost to logistics concepts and strategies. Today all businesses are looking for seamless transaction systems to coordinate their information and material requirements along with the value chain.
Michel Porter in his famous book "Competitive advantage" has spoken of the value chain approac ...
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