Final answer:
Supply chain management is a strategic coordination to deliver superior customer value at lower costs. Advances in technology, transportation, and labor policies are crucial for addressing supply chain issues, as exemplified by a messenger company's ability to expand services due to lower gasoline prices.
Step-by-step explanation:
The concept in question revolves around supply chain management, which concerns the strategic coordination of business functions within a company and across businesses within the supply chain, to improve the long-term performance of the individual companies and the supply chain as a whole. It involves managing upstream and downstream relationships with suppliers and customers to deliver superior customer value at a lower cost. During the COVID-19 pandemic, many supply chain issues arose due to business shutdowns, which led to a slow down in production and an increase in prices.
Advancements in technology, transportation methods, and vehicles, along with effective labor policies and national emergency policies, are considered pivotal in alleviating supply chain disruptions. For instance, if a messenger company's main cost is gasoline, a decrease in gasoline prices would allow it to deliver packages more cheaply, thus increasing supply and potentially expanding service areas due to higher profits. Companies are encouraged to invest in their labor force and enact changes in labor policies to maintain a resilient and efficient supply chain.