Final answer:
Supply chain management controls material and information flows in the journey from suppliers to the end consumer, coordinating raw material sourcing, production, and distribution— often across global networks. This system benefits from technological and transportation advancements which help address challenges such as those revealed by the COVID-19 pandemic. Specialization in international trade has resulted in a segmented value chain, enhancing economic efficiency and innovation.
Step-by-step explanation:
True: Supply chain management indeed involves managing the flow of materials and information from suppliers and buyers to the final customer, encompassing the entire journey from sourcing to delivery.
Supply chain management is the orchestration of a network that transports materials and goods from the point of origin through the production process to the end user. It is a complex system requiring the synchronization of various entities, from the suppliers of raw materials to manufacturers, warehouses, and retailers. With the advancement of technology and transportation methods, companies have been better equipped to tackle supply chain complexities. However, disruptions, such as those experienced during the COVID-19 pandemic, highlighted the fragility of global supply chains and the need for resilient and adaptable strategies. Effective supply chain management ensures the safeguarding of labor rights, leverages technology, and adapts to the ever-changing market demands and economic climates. Specialization has led to the 'splitting up of the value chain,' where different components of a product are manufactured in various countries, resulting in intra-industry trade that fosters economic growth through specialization and innovation.