Answered: Describe the importance of supply chain…

Describe the importance of supply chain management (SCM) in the retail business. Provide specific examples based on the two real-world situations you studied.

Contemporary Marketing

18th Edition

ISBN:9780357033777

Author:Louis E. Boone, David L. Kurtz

Publisher:Louis E. Boone, David L. Kurtz

Chapter15: Distribution Channels And Supply Chain Management

Section15.5: Key Priorities Of Warehousing And Storage

Problem 1LO

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Concept explainers

Fundamentals of CRM

Customer Relationship Management, also called CRM, is a set of technology and techniques for managing a company's customer and potential customer relationships and interactions. It is a customer relationship management system that allows businesses to manage and analyze data and customer interactions across the customer lifecycle. The goal of CRM is to "Improve Business Relationships". CRM helps businesses stay connected, streamline procedures, and increase profitability. CRM systems collect client data from various channels (or contact points) between the customer and the company. It makes use of a company's website, social media pages, telephones, marketing emails, live chat, live video, and so on.

Question

Describe the importance of supply chain management (SCM) in the retail business. Provide specific examples based on the two real-world situations you studied.

Study of the supply of goods and services between businesses and from businesses to customers. Supply chain management includes demand and supply planning, negotiation techniques, supplier relations, supply chain optimization, analysis, and integration.

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