What is meant by 'supply chain management'?

Supply chain management refers to the comprehensive oversight of the flow of goods and services, encompassing all processes that transform raw materials into final products delivered to consumers. This involves a series of steps that include sourcing, production, and distribution, all aimed at effectively meeting customer demands while optimizing resources.

In the context of supply chain management, this concept emphasizes the coordination and integration of these activities to ensure efficiency and reduce costs. It involves managing relationships with suppliers, logistics providers, and distribution networks, ensuring that products move smoothly from their origin to the final consumer. Effective supply chain management not only helps organizations respond quickly to market changes but also improves customer satisfaction by ensuring timely delivery of products.

The other options focus on different aspects of business management that do not encompass the complete flow of goods from origin to customer, which is vital in supply chain management. Thus, the correct choice encapsulates the essence of what supply chain management entails.