Explain the concept of supply chain management.

Supply chain management involves the oversight and management of the flow of goods and information from the initial stages of production to the final delivery to the customer. This encompasses various activities, including sourcing raw materials, manufacturing, warehousing, inventory management, logistics, and customer service. The goal of supply chain management is to enhance efficiency, reduce costs, and improve overall customer satisfaction by ensuring that products are delivered in a timely manner while also maintaining quality standards.

Effective management of the supply chain requires coordination among various stakeholders, including suppliers, manufacturers, distributors, and retailers. By managing the flow of goods and information, businesses can respond quickly to market demands, optimize their operations, and create a competitive advantage. This holistic view of the supply chain is crucial in today's interconnected market, where delays or inefficiencies at any stage can affect the entire process.