Explain the concept of supply chain management with an appropriate example.
Supply Chain Management (SCM) in retail refers to the strategic coordination of business functions within a company and across its supply chain partners to improve the long-term performance of both the company and the supply chain as a whole. It involves managing the flow of goods, information, and finances from the point of origin to the point of consumption efficiently and cost-effectively. SCM ensures that the right products reach the right place at the right time in the right quantity, minimizing waste and maximizing customer satisfaction.
In the context of खुदरा व्यापार (retail business), supply chain management is crucial because it directly impacts product availability, pricing, and overall customer experience. The key components of SCM in retail include procurement, production, ___ __________ _____ _________ _________ __________.
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