A relationship that exists when a buyer and its supplier adopt mutually beneficial objectives,policies,and procedures for the purpose of lowering the cost and/or increasing the value of products and services delivered to the ultimate consumers is known as:

Question

Quizplus · Accepted Answer

The relationship described in the question is commonly known as a supply partnership. A supply partnership involves a closer and more collaborative relationship between a buyer and its supplier, with both parties working together to improve the efficiency, effectiveness, and overall value of the supply chain. This type of relationship can lead to lower costs, better quality products, and increased customer satisfaction.

A Relationship That Exists When a Buyer and Its Supplier