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Supply chain management refers to a relatively new business phenomenon:
Supply chain management refers to a relatively new business phenomenon: A. The comprehensive management of a networks of suppliers.
B. The meaningful integration of service with customer fulfillment.
C. The collaboration between operations and suppliers.
D. The management of upstream and downstream relationships with suppliers and customers to deliver superior customer value at less cost to the supply chain as a whole.
E. The procurement, movement, and storage of product and information flows through the organization to maximize profit through cost-effective order fulfillment.
Final answer:Supply chain management optimizes the relationships between suppliers and customers to improve customer value and reduce costs for the entire chain. So the correct option is (D) The management of upstream and downstream relationships with suppliers and customers to deliver superior customer value at less cost to the supply chain as a whole.Explanation:Supply chain management refers to the management of upstream and downstream relationships with suppliers and customers to deliver superior customer value at less cost to the supply chain as a whole.This comprehensive management encompasses the entire process of transforming raw materials into finished products and then distributing these products to consumers. A well-designed supply chain integrates major business functions and processes into a cohesive business model that can respond effectively to market demand changes and maximize profitability.The purpose of supply chain management includes enhancing the efficiency of production, inventory management, and transportation, and ensuring that supply meets demand in a timely and cost-effective manner.Technological advancements, transportation improvements, and strategic labor practices are critical for resolving supply chain issues and maintaining continuity during national emergencies. The ultimate goal is to provide customers with high-quality products at competitive prices while protecting labor rights and fostering sustainable business practices....