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supply management - --focused on the acquisition process recognizing the supply chain and organizational contexts
-special emphasis on decision making that aligns the supplier network and the acquisition process with organizational goals and strategies and ensures short and long term value for funds spent
-the supply function and suppliers is critical for - -the organization's success, competitive advantage, and customer
-to increase long-term shareholder value, the company must - -increase revenue, decrease costs, or both
-Negotiation is receiving - -increasing emphasis, as opposed to competitive bidding
-Longer term contracts are replacing - -short-term buying techniques
-E-commerce tools - -permit faster and lower-cost solutions, not only on the transaction side of supply but also in management decision support
-it is ideal and important for suppliers to meet these supply objectives - --quality
-quantity
-delivery
-price
-service
-continuous improvement
-some challenges organizations have to face are - --rapidly changing supply scene
-cycles of abundance and shortages
-varying prices
-lead times
-availabilityÂÂ
-environmental, security, and financial regulatory requirements
-the 21st century has brought new challenges in the areas of - --sustainability
-supply chain security
-risk management
-in large supply organizations, supply professionals often are divided into these two categories - --the tacticians who handle day-to-day requirements
-the strategic thinkers who process strong analytical and planning skills and are also involved in strategic sourcing
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