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 customer 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 is a long-term relationship between a buyer and supplier in which both parties work together towards a common goal of reducing costs and increasing value for the end customer. This partnership involves sharing information, resources, and risks in order to achieve these goals. Therefore, A) supply partnership is the correct answer. The other options (B) supplier development agreement, (C) reciprocal arrangement, (D) shareholder relationship, and (E) strategic alliance, do not fully capture the idea of a mutually beneficial partnership with shared objectives and policies.

Relationship That Exists When a Buyer and Its Supplier Adopt