What is the process of coordinating the flow of materials, information, and services among companies in the value chain called?

The process of coordinating the flow of materials, information, and services among companies in the value chain is known as supply chain management. This concept encompasses all activities related to the procurement, production, and distribution of goods and services. It aims to optimize the efficiency and effectiveness of these processes across various organizations involved in the production and delivery of products or services to consumers.

Supply chain management is crucial because it ensures that the right products are delivered to the right place at the right time, while also reducing costs and improving customer satisfaction. It involves not only the logistics of transporting goods but also the management of relationships with suppliers, manufacturers, and retailers.

In contrast, global sourcing refers specifically to the strategy of procuring goods and services from international suppliers to take advantage of cost efficiencies or resource availability. The value cycle pertains more to the stages that a product goes through in creating value, while the product cycle relates to the life cycle of a product from introduction to decline. These concepts, while important in the broader context of international business, do not capture the comprehensive coordination aspect inherent in supply chain management.