Final answer:
A supply chain is a network that includes all the individuals, organizations, and activities involved in the creation and distribution of a product or service. It has recently shifted towards customer-centricity, meaning supply chains need to prioritize the end customers and be flexible and responsive to their needs. By understanding and meeting the demands of the end customers, supply chains can ensure customer satisfaction and loyalty.
Step-by-step explanation:
A supply chain is a network that includes all the individuals, organizations, and activities involved in the creation and distribution of a product or service. It encompasses everything from the acquisition of raw materials to the delivery of the final product to the end customer.
In recent years, there has been a shift in focus within supply chain management towards customer-centricity. This means that supply chains now need to prioritize the customers at the end of the supply chain and be flexible and responsive to their needs. By understanding and meeting the demands of the end customers, supply chains can ensure customer satisfaction and loyalty.
For example, a clothing retailer may use data analytics to understand customer preferences and buying patterns. This information can then be used to tailor their supply chain operations, such as inventory management and order fulfillment, to meet customer demands efficiently. Ultimately, a customer-focused supply chain can lead to improved customer satisfaction, increased sales, and a competitive advantage in the market.