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.  

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