A Relationship Between a Firm and Its Supplier Where the Supplier

question 28

Multiple Choice

A relationship between a firm and its supplier where the supplier agrees to meet the firms' quality standards and the firm enters into a long-term purchasing agreement with the supplier is known as

• A)outsourcing.
• B)vertical integration.
• C)partnering.
• D)conformance.

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Definitions:

Just-In-Time Operations

An approach to manufacturing and inventory management where materials and products are produced or delivered only as needed, minimizing waste and reducing costs.

Organizational Change

The process through which a company or organization changes its structure, strategies, operational methods, or culture to effect improvement or to keep up with external demands.

Core Competency

Fundamental strength or advantage of an organization or individual that is central to its identity and competitiveness, often reflected in unique skills, technologies, or resources.

Globalization

The process of interaction and integration among people, companies, and governments worldwide, often driven by international trade and investment and aided by information technology.