GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The transport of goods by sea or some other means
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The sequence of processes involved in the production and distribution of a product or service
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The commercial activity of transporting goods to customers
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The amount of a commodity, product, or service available and the desire of buyers for it
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Detailed explanation-1: -Quick definition: A supply chain is the sequence of processes involved in producing and distributing a commodity. Key takeaways: A supply chain is a series of processes that ensures merchants have products in the right place, at the right time, and in the right quantities.
Detailed explanation-2: -A supply chain normally encompasses the following three functions:-Supply of materials to a manufacturer; -The manufacturing process; and, -The distribution of finished goods through a network of distributors and retailers to a final customer.
Detailed explanation-3: -Process sequencing is a part of process planning that generate the sequence of processes need to manufacture part. Process sequencing is performed with a goal to minimize time and/or cost of manufacturing.
Detailed explanation-4: -What is Supply Chain Management Process? The Supply Chain Management Process includes the building blocks of Supply Chain Management are Strategic Planning, Demand Planning, Supply Planning, Procurement, Manufacturing, Warehousing, Order Fulfillment and Transportation business processes.
Detailed explanation-5: -A supply chain is the sequence of organizations-their facilities, functions, and activities-that are involved in producing and delivering a product or service (Stevenson, 2021).