Supply Chain Management is known as the strategic coordination of the supply chain to integrate supply and demand management.
What is demand management?
- A planning technique called demand management is used to predict, organize, and control consumer demand for goods and services.
- This can happen both at macrolevels in the economy and at microlevels within specific companies.
- At the macroeconomic level, for instance, a government may control interest rates to manage financial demand.
- To lessen demand during peak hours, a cellular service provider may offer free night and weekend use at the micro level.
- For businesses that create goods and services, demand management includes a defined set of procedures, tools, and best practices.
What kind of demand management is that?
- Demand planning and forecasting are part of demand management.
- The following tasks serve as illustrations of demand management: client evaluation, sales forecasting, modeling, and communication.
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