ENTREPRENEURIAL OPERATIONS
SUPPLY CHAIN MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Suppliers
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Suppliers’ supplier
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Customers’ customer
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All of the above
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Detailed explanation-1: -Supply chain management is the management of the flow of goods and services and includes all processes that transform raw materials into final products. It involves the active streamlining of a business’s supply-side activities to maximize customer value and gain a competitive advantage in the marketplace.
Detailed explanation-2: -Supply chain management maintains the balance between the demand and supply and involves activities right from procurement of materials and converting them into finished goods to ensuring delivery at the right time to reach the end-consumer. Hence, supply chain management is the lifeline of an organization.
Detailed explanation-3: -These solutions are now the basis of each stage of the evolution of supply chain management. Starting from the early 1980s, businesses focused on products. They focused more on quality and the key performance metrics were – inventory turns and production cost.