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Questions and Answers
What does the term 'supply chain' encompass?
What does the term 'supply chain' encompass?
- Functions within each company involved in product development
- Only manufacturers and suppliers
- All stages involved in fulfilling a customer request (correct)
- Only movement of products from suppliers to manufacturers
According to the text, what may be a more accurate term than 'supply chain'?
According to the text, what may be a more accurate term than 'supply chain'?
- Manufacturing loop
- Distribution channel
- Supply network (correct)
- Logistics chain
Which of the following is considered a stage in a typical supply chain?
Which of the following is considered a stage in a typical supply chain?
- Human resources
- Marketers
- Financial analysts
- Retailers (correct)
What is emphasized as an integral part of the supply chain?
What is emphasized as an integral part of the supply chain?
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What does the supply chain include in addition to the movement of products?
What does the supply chain include in addition to the movement of products?
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Study Notes
Definition of Supply Chain
- Encompasses the entire flow of goods and services, from the initial supplier to the final customer.
- Involves various processes such as sourcing, production, distribution, and logistics.
More Accurate Term
- "Supply network" may be a more precise term that reflects the complexity and interconnectedness of supply relationships.
Stages in Supply Chain
- Key stages include sourcing raw materials, manufacturing, warehousing, and delivering to customers.
Integral Parts of Supply Chain
- Collaboration and communication among various stakeholders are emphasized as crucial for optimizing the supply chain.
Additional Components of Supply Chain
- Beyond the movement of products, it includes information flow, financial transactions, and inventory management.
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