Final answer:
The statement is partially true as low-cost domestic suppliers can lead to a shift away from outsourcing and offshoring, but many companies still use these strategies as part of their business operations, influenced by global economic dynamics.
Step-by-step explanation:
The statement 'The availability of low-cost domestic supplier alternatives has led to the shift away from outsourcing and offshoring' addresses the recent trend where companies are reconsidering their global supply chain strategies. The premise is true to some extent as various companies are increasingly sourcing from domestic suppliers due to various factors such as political pressure, trade tariffs, supply chain uncertainties, and rising foreign labor costs. However, this is not the entire story; many companies still engage in outsourcing and offshoring as part of their operations.
Outsourcing is the practice where a company contracts an outside firm to perform tasks that could be performed internally, whereas offshoring refers to relocating business processes or production to another country to capitalize on lower labor costs. The availability of low-cost domestic supplier alternatives can make onshoring (returning production and services to the company's home country) more appealing, but global economic dynamics and company-specific considerations continually shape these decisions.