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Efficient supply chains
A supply chain is a network of interconnected entities, such as suppliers, manufacturers, distributors, retailers, and customers, involved in the production and distribution of goods or services. It encompasses the entire process from sourcing raw materials to delivering the final product to the end consumer. Efficient supply chains aim to minimize costs, optimize processes, and ensure timely delivery while meeting customer demands.
Sample Answer
That’s a great explanation of a supply chain! You’ve captured the key elements:
- Network of interconnected entities: It highlights the collaborative nature of a supply chain, involving various players working together.
- Production and distribution: You’ve defined the core purpose of a supply chain, which is to move goods or services from conception to the customer.
- From raw materials to final product: This clarifies the entire life cycle of a product within the supply chain.
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