Final answer:
An effective supplier relationship management process includes collaborating with suppliers, evaluating supplier performance, and streamlining processes between a firm and its suppliers. Option A, B and D are correct.
Step-by-step explanation:
An effective supplier relationship management process includes collaborating with suppliers by exchanging information, evaluating supplier performance, and streamlining processes between a firm and its suppliers. These actions help to establish strong relationships with suppliers, enhance communication, monitor supplier performance, and improve efficiency in the supply chain.
Supplier relationship management (SRM) is the systematic approach to evaluating vendors that supply goods, materials and services to an organization, determining each supplier's contribution to success and developing strategies to improve their performance.
Supplier relationship managers are responsible for developing and maintaining the relationship between an organization and its suppliers. Generally, they implement strategies to create value for both businesses.