Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can you respond to this with an open - ended question at the end? Thank you! Supply Chain Management is the concept of receiving goods

Can you respond to this with an open-ended question at the end? Thank you!
Supply Chain Management is the concept of receiving goods with the intention of turning around and selling these goods. This vicious circle has goals of buying goods at the lowest prices available and selling them at the highest price possible (what is the consumer willing to spend?). There is much more to it than this "simple concept". In order to get these goods, a person must arrange a way to receive them, whether be from buying directly from the production facility, a third party warehouse, a farm, or producing the goods themself.
Supply Chains are drastically different depending on the products. A farmer may grow their own crops and sell them at a local farmers market. This allows the farmer to avoid paying the "middle man" for the products, but also requires the farmer to contribute much of their work and time into the growth. A place like Wal-Mart relies on being able to purchase their inventory from a production company or warehouse at a low price, place it on their shelves and sell it. This is a concept that is ever changing, and is based on supply and demand more than anything else.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Economics and Business Strategy

Authors: Michael R. baye

7th Edition

978-0073375960, 71267441, 73375969, 978-0071267441

More Books

Students also viewed these Economics questions

Question

4. What is the core functionality of Selenium? (3 Points)

Answered: 1 week ago

Question

Which period is known as the chalolithic age ?

Answered: 1 week ago

Question

Explain the Neolithic age compared to the paleolithic age ?

Answered: 1 week ago