Final answer:
Supply chain management is the comprehensive management of the flow of goods from raw materials through to the end consumer, encompassing manufacturing, transportation, warehousing, distribution, and retail.
Step-by-step explanation:
The management of products and services from the acquisition of raw materials through manufacturing, warehousing, distribution, wholesaling, and retailing is called supply chain management. This process is integral to how companies run their business, as it concerns itself with the production of goods, including the handling of raw resources, marketing, and distribution. More specifically, supply chain management involves a number of important decisions that define the behavior of firms, encompassing transportation, distribution, wholesale and retail sales. Additionally, it includes any process or service that creates value, highlighting the importance of efficiently managing the movement of products, money, and people.
As the United States progressed through the Industrial Revolution and into the mid-20th century, manufacturing became a significant portion of the economy, signaling the importance of strong supply chain management. Analysis of the creation, distribution, and management of key natural resources can also affect the patterns of movement of products, money, and people, making the study of these areas essential within the field of supply chain management.