A relationship that exists when a buyer and its supplier adopt mutually beneficial objectives, policies, and procedures for the purpose of lowering the cost or increasing the value of products and services delivered to the ultimate consumer is referred to as a
A)supply partnership.
B)supplier development agreement.
C)reciprocal arrangement.
D)shareholder relationship.
E)strategic alliance.

Question

Quizplus · Accepted Answer

A supply partnership refers to a collaborative relationship between a buyer and supplier aimed at achieving mutually beneficial objectives such as lowering costs or increasing the value of products and services. This partnership involves the adoption of common policies and procedures that facilitate effective communication and coordination between the two parties. This approach fosters a long-term relationship that leads to increased efficiency, improved quality, and reduced costs, ultimately benefitting the end consumer.

A Relationship That Exists When a Buyer and Its Supplier