SUPPLIERS are other businesses that provide products/services to a firm.
SUPPLY CHAIN consists of a group of businesses that are involved in the different processes required to make a finished product/service.
Suppliers are important because:
- Lower costs --> impacts competitive advantage
- Impact of a good relationship --> impacts trade credit and leaves suggestions for improvement
- Provides raw materials to make product
- Impact on customer service
Factors to consider when choosing a supplier
- Quality of suppliers…