Intro to Supply Chains

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Last updated 11:12 PM on 5/20/26
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4 Terms

1
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What is the definition of a supply chain?

An interlinkes chain of companies that convert raw materials into consumer products via the flow of information, cash, and material.

2
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What is supply chain management?

The management of the flow of goods and information upstream and downstream supply chain members in order to deliver superior customer value at less cost too the supply chain as a whole.

3
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What is the difference between cost and value advantage?

Cost advantage is being able to sell the same product for a cheaper price, while value advantage is the features, quality, variety and brand a product has.

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