Final answer:
Supply chains are managed through three key macro processes: Customer Relationship Management, Internal Supply Chain Management, and Supplier Relationship Management. Specialization allows firms to focus on parts of the value chain, boosting efficiency and innovation. Advancements in technology and fair labor policies are essential for maintaining robust supply chains.
Step-by-step explanation:
The three macro processes that can be classified into the two process views of a supply chain are: Customer Relationship Management (CRM), Internal Supply Chain Management (ISCM), and Supplier Relationship Management (SRM). These processes ensure that the supply chain functions efficiently from the procurement of raw materials to the delivery of the final product to the consumer.
In an era where specialization is finely split, the value chain can be divided among various firms and countries, harnessing advancements in communication technology and transportation. This international trade, known as intra-industry trade, allows firms to focus on specific parts of the value chain, consequently improving learning, innovation, and efficiency.
Supply chain issues, such as those experienced during national emergencies like the COVID-19 pandemic, can often be mitigated through advancements in technology, transportation, and robust policies. Ensuring the smooth operation of supply chains also entails a commitment from companies to improve their labor policies and to invest in their workforce at both international and national levels.