ENTREPRENEURSHIP

Detailed explanation-1: -A supply chain begins with the sourcing of raw materials, whether that means mining diamonds, curing leather, or manufacturing sheet metal. That is the first step in the process. From there, the raw materials are hauled to a wholesaler, who sells them in batches to manufacturers.

Detailed explanation-2: -The upstream portion of the supply chain includes the organization’s suppliers and the processes for managing relationships with them. The downstream portion consists of the organizations and processes for distributing and delivering products to the final customers.

Detailed explanation-3: -Procurement is the process of purchasing goods and services. In a B2B sale, the procurement function will usually manage both the sourcing and the purchasing functions ensuring an organisation has everything required to manufacture a product or deliver a service, including materials, supplies, tools and equipment.