What is the term used in the text to describe the actions of companies seeking new suppliers due to geopolitical tensions?
Understand the Problem
The question is asking for a specific term used in a text related to companies looking for new suppliers because of geopolitical tensions. It presents multiple choice options to select the correct answer.
Answer
Diversifying the supplier base
The term used to describe the actions of companies seeking new suppliers due to geopolitical tensions is 'diversifying the supplier base'.
Answer for screen readers
The term used to describe the actions of companies seeking new suppliers due to geopolitical tensions is 'diversifying the supplier base'.
More Information
Companies diversify their supplier base to reduce dependency on a single supplier or region, minimizing the risks associated with geopolitical tensions.
Tips
A common mistake is to assume that merely identifying new suppliers is sufficient. Effective diversification involves not only identification but also establishing and maintaining relationships with multiple suppliers.
Sources
- Geopolitical risks and their impact on supply chains. - Craft.co - enterprise.craft.co
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