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In business, what is a 'supply chain'?
A series of businesses that supply products to one another
The chain of command in a corporation
A network of all entities involved in producing and delivering a product
The total stock of a product in a market
A network of all entities involved in producing and delivering a product
A supply chain encompasses the entire system of organizations, people, activities, information, and resources involved in moving a product or service from supplier to customer. It integrates processes from the raw material procurement stage through manufacturing and distribution to the final delivery.
A supply chain encompasses the entire system of organizations, people, activities, information, and resources involved in moving a product or service from supplier to customer. It integrates processes from the raw material procurement stage through manufacturing and distribution to the final delivery.
Under the Indian Constitution, the regulation of trade and commerce is covered under the Seventh Schedule, specifically in the Union List (Entry 41: Trade and commerce with foreign countries) and State List (Entry 26: Trade and commerce within the State).
Supply chain management (SCM) focuses on minimizing waste and maximizing efficiency at every stage.
The process involves three main flows: product flow, information flow, and financial flow.
Logistics is a critical component of the supply chain, dealing specifically with the transportation and storage of goods.
Vertical integration occurs when a company owns several stages of its supply chain to reduce dependency on external suppliers.
Just-in-Time (JIT) is a lean supply chain strategy aimed at reducing inventory costs by receiving goods only as they are needed in the production process.
Option A is limited in scope as it only highlights B2B relationships, while C covers the end-to-end process from raw material to end-consumer.
Option B refers to organizational hierarchy, which is internal management structure rather than the external flow of goods.
C is correct тАФ A supply chain is a network of all entities involved in producing and delivering a product, from raw material sourcing to the end consumer.
Link this to 'Economic Reforms 1991' in History, as the liberalization policy drastically transformed India's supply chain infrastructure, shifting the focus from protectionism to global integration.
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