g Taraj is considering changing careers. She has heard about opportunities with supply chain, but is unsure what the industry really is. How would you describe a supply chain?

A supply chain refers to a network that involves the production and delivery of goods or services from the manufacturer to the end user (consumer).

Explanation:

Supply chain management can be defined as the effective and efficient management of the flow of goods and services as well as all of the production processes involved in the transformation of raw materials into finished products that meet the insatiable want and need of the consumers. Generally, the supply chain management involves all the activities associated with planning, execution and supply of finished goods and services to the consumers.

The key principle of supply chain management can be best summed up as collaboration between multiple firms. These multiple firms include a company that is saddled with the responsibility of manufacturing, a wholesaler, and a retailer who typically sells the products to the customers or consumers.

Basically, these three (3) firms or individuals are required to collaborate with each other so as to meet the needs of the customers in a timely manner or fashion and at a fair price too.

Generally, the four (4) stages of a supply chain include the following;

I. Supply management.

II. Supply chain management.

III. Supply chain integration.

IV. Demand-supply collaboration.

answerindividual preferences are not revealed in the market for the good;