Final answer:
The supply chain refers to the sequence of steps in which value is added to products or services for customer usefulness, which is a true statement.
Step-by-step explanation:
The statement is true: the supply chain indeed refers to the sequence of business functions in which customer usefulness is added to products or services.
The supply chain encompasses the entire process from the initial sourcing of raw materials to the final delivery of the product to the consumer. It includes transportation, production, distribution, and retail sales. The value added to products or services at each step is what ultimately leads to customer satisfaction and market success.
Advancements in technology, transportation methods, and vehicle efficiency, along with strategic policies, can remedy most supply chain issues.
During crisis situations like national emergencies, maintaining robust supply chains is vital to prevent business shutdowns and production slowdowns that lead to market instability and price increases. Furthermore, knowledge sharing and technology transfer to developing countries result in the faster production of refined products.
Moreover, the value chain is integral to the concept of international trade. The production of a single product, such as the iPhone, demonstrates specialization and the distribution of tasks across countries, leveraging the global economy's fine-grained specialization.
Each stage of production—from design and engineering to assembly and marketing—may occur in different countries. This global distribution of tasks contributes to economic gains through specialization, learning, and innovation.
It is also necessary to emphasize the importance of protecting labor rights within the supply chain. Companies must strive for changes in labor policies and a greater investment in their workforce to ensure the ethical and sustainable operation of supply chains.