Understanding Supply Chain Concepts

The video explains the concept of supply chains, detailing their components and the flow of products from raw materials to consumer purchase. It highlights the importance of support systems like human resources and logistics in maintaining efficient supply chains. The impact of disruptions, such as those experienced during the 2020 pandemic, is discussed to emphasize the necessity of robust supply chains. The video concludes with a recap of the supply chain process and its significance in ensuring product availability.

What is the primary purpose of a supply chain?

• To create new products

• To increase product prices

• To reduce the number of products in stores

• To ensure products are available to consumers

Which of the following best describes a supply chain?

• A network of stores selling products

• A list of products available in a store

• A financial report of a company

• A series of connected activities from raw materials to customer delivery

What is NOT a component of a supply chain?

• Raw material procurement

• Product manufacturing

• Customer feedback

• Product distribution

Which department is NOT typically involved in supporting a supply chain?

• Marketing

• Human resources

• Catering

• Legal

What happens when a supply chain is efficient?

• Customer satisfaction decreases

• Stores have fewer products

• Products are always available when needed

• Product prices increase

What was a major issue with supply chains during the 2020 pandemic?

• Decrease in product demand

• Lack of product availability

• Increase in product quality

• Overstock of products

Why is an efficient supply chain beneficial?

• It decreases the variety of products

• It ensures products are available when needed

• It reduces the number of employees needed

• It increases the complexity of logistics

What is the final step in a supply chain?

• Product purchase by consumers

• Distributing the product

• Manufacturing the product

• Raw material procurement

What does the flow of a supply chain include?

• Only the physical movement of products

• Only the financial transactions

• The flow of materials, information, and money

• Only the decision-making processes