Question

1. Why in in the current modern trade, the integration of economic affairs from design to completion is an important priority to every Manufacturing Companies?
2. Define the parties involved directly and indirectly in supply chain and their role for smooth running of business?

Answer 1

Answers with Explanations:

1. Why in the current modern trade, the integration of economic affairs from design to completion is an important priority to every Manufacturing Companies?

Compared to traditional style of trading, the current modern trade is faster and more organized. This is because of the arising needs of the society and the tight competition in the market. So, in order to address these things, the integration of economic affairs from design to completion is deemed as an important priority to every Manufacturing Company. When everything is seamlessly connected, the innovation will become faster and the supply chains will act as if they are in a single platform. This will give customers better tailored products that suits their needs.

2. Define the parties involved directly and indirectly in supply chain and their role for smooth running of business?

A "supply chain" refers to a process involved between a company and its suppliers from production and distribution of goods to buyers or customers.

Parties in the supply chain could either be "directly" or "indirectly" involved. Those who are directly involved in the supply chain are the company, suppliers and the buyers.

Those which are not directly involved are the transporters, warehouses, retailers, distributors and the like.

The chain actually starts with the supplier, who supplies the raw materials. These materials are then manufactured by manufacturers and distributed (via wholesalers). The retailers will then sell them to the customers or buyers.