supply management - --focused on the acquisition process recognizing the supply chain and organizational contexts

-special emphasis on decision making that aligns the supplier network and the acquisition process with organizational goals and strategies and ensures short and long term value for funds spent

-the supply function and suppliers is critical for - -the organization's success, competitive advantage, and customer satisfaction

-to increase long-term shareholder value, the company must - -increase revenue, decrease costs, or both

-Negotiation is receiving - -increasing emphasis, as opposed to competitive bidding

-Longer term contracts are replacing - -short-term buying techniques

-E-commerce tools - -permit faster and lower-cost solutions, not only on the transaction side of supply but also in management decision support

-it is ideal and important for suppliers to meet these supply objectives - --quality

-quantity

-delivery

-price

-service

-continuous improvement

-some challenges organizations have to face are - --rapidly changing supply scene

-cycles of abundance and shortages

-varying prices

-lead times

-availability 

-environmental, security, and financial regulatory requirements

-the 21st century has brought new challenges in the areas of - --sustainability

-supply chain security

-risk management

-in large supply organizations, supply professionals often are divided into these two categories - --the tacticians who handle day-to-day requirements

-the strategic thinkers who process strong analytical and planning skills and are also involved in strategic sourcing