Supply management is planning and acquiring the current and future needs of an organization via A. Strategic Orientation, Cross-functional Groups, Process-driven Approach and Supply base Management. B. Strategic sourcing, Cross-functional Groups, Process-driven Approach and Supply Base management. C. Strategic Orientation, Cross-national Groups,Process-driven Approach and Supply Base Management. D. Strategic Orientation, Cross-functional Groups, Process-driven Approach and Supplier Management
Question
Supply management is planning and acquiring the current and future needs of an organization via A. Strategic Orientation, Cross-functional Groups, Process-driven Approach and Supply base Management. B. Strategic sourcing, Cross-functional Groups, Process-driven Approach and Supply Base management. C. Strategic Orientation, Cross-national Groups,Process-driven Approach and Supply Base Management. D. Strategic Orientation, Cross-functional Groups, Process-driven Approach and Supplier Management
Solution
The correct answer is B. Strategic sourcing, Cross-functional Groups, Process-driven Approach and Supply Base management.
Here's why:
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Strategic sourcing is a method of managing procurement processes for an organization. It's about harnessing purchasing power to find the best value in the marketplace.
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Cross-functional groups refer to teams made up of people with different functional expertise working towards a common goal. In supply management, this could include people from purchasing, logistics, quality assurance, etc.
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A process-driven approach in supply management means focusing on improving specific processes to increase efficiency and effectiveness.
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Supply base management involves managing relationships with suppliers and evaluating their performance to ensure they meet the company's needs.
The other options contain terms like "Strategic Orientation" and "Cross-national Groups" which are not typically associated with supply management. Also, "Supplier Management" in option D is a narrower term than "Supply Base Management". The latter encompasses not just suppliers but all potential suppliers in the market.
Similar Questions
The key question in strategic supply management isMultiple ChoiceHow can supply and supply chains contribute effectively to organizational objectives and strategy?How can the supply manager develop a network of suppliers that contribute to the supply department’s goals?How can first-tier suppliers contribute to the buying organization's objectives and strategy?How can key suppliers contribute to the buying organization's objectives and strategy?How can supply strategy be kept separate from, but equal to, organizational strategy?
Supply management’s contribution may be measured along the following dimensions: strategic, operational, direct, and indirect.
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