11 Questions
Which of the following is NOT an example of how social factors can impact supply chain relationships?
Labour practices
What is the importance of understanding cultural differences in a global supply chain?
All of the above
Why is it important for companies to work closely with their suppliers to ensure ethically sourced and produced products?
To meet consumer demands
Which economic factor can significantly impact the cost of materials in a supply chain relationship?
Exchange rates
What can a company do to manage the increased cost of goods sold due to rising inflation?
Manage pricing with suppliers
Which government economic policy can make a supplier less competitive and prompt the need to find alternative suppliers?
Trade tariffs
Which environmental factor can disrupt supply chains, such as in the case of coffee production?
Climate change
Which of the following is NOT an example of how technological factors can impact supply chain relationships?
Reduced costs and increased profitability through economic factors
Which of the following is NOT a cultural aspect that can influence supply chain relationships?
Changing consumer trends
What is one way changing consumer trends can affect supply chain relationships?
Shift in the types of products in demand
How can health and safety concerns affect supply chain relationships?
By requiring companies to adjust production schedules and implement safety protocols
Test your knowledge on STEEPLED and its importance in supply chain management. Enhance your ability to anticipate external changes and make strategic decisions to optimize your supply chain relationships. Adaptability and foresight are key!
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