4.
Explanation
Logistics Management:
1. Focus: Logistics management primarily concentrates on the movement, storage, and transportation of goods, ensuring they reach their destination efficiently.
2. Functions: It involves activities such as inventory management, warehousing, transportation, order fulfillment, and distribution.
3. Objective: The main goal is to streamline and optimize these specific operational processes to reduce costs and enhance efficiency.
4. Scope: It has a narrower scope, dealing with the physical aspects of getting products from point A to point B
5. Operational: Logistics management is often more operationally focused and concerned with tactical aspects of moving goods.
Supply Chain Management:
1. Focus: Supply chain management takes a more holistic approach, focusing on the entire network of activities and processes involved in delivering a product to the end customer.
2. Functions: It encompasses not only logistics but also procurement, production, demand forecasting, vendor relationships, and strategic planning.
3. Objective: The primary goal is to optimize the entire supply chain, ensuring efficient coordination between all parties involved, from suppliers to end customers.
4. Scope: It has a broader scope, involving a strategic perspective that considers the overall flow of materials, information, and finances.
5. Strategic: Supply chain management is more strategic in nature, requiring long-term planning and coordination to achieve competitive advantages.
In summary, logistics management deals with the operational aspects of moving goods, while supply chain management encompasses a wider range of activities, including logistics, to optimize the entire process from sourcing to delivery.