SUPPLIER Meaning and
Definition
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A supplier is a term commonly used in the business world to refer to a company, organization, or individual that provides goods, services, or resources to another entity. It is a fundamental concept in supply chain management and plays a crucial role in ensuring the smooth functioning of businesses and industries.
A supplier can manufacture or produce products or services themselves, or they can procure them from other sources and distribute them to their customers. They may specialize in supplying specific types of goods or services, such as raw materials, components, equipment, or even specialized skills and expertise.
The relationship between a supplier and its customers is often governed by a contractual agreement, such as a purchase order or a supply agreement. This agreement outlines the terms and conditions of the supply, including pricing, quality standards, delivery schedules, payment terms, and other relevant aspects. Suppliers are expected to fulfill their obligations outlined in these agreements and maintain a consistent level of quality and reliability.
Suppliers play a critical role in ensuring the availability of goods and services in the market. They are responsible for sourcing, producing, and delivering products to meet the demands of their customers. Their efficiency and effectiveness directly impact the overall performance of the supply chain and the success of the businesses they supply.
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One who supplies; demand and supply, two important terms in political economy, the former denoting a deficiency in some article of commerce in a market, and the latter, the furnishing of the articles wanted to satisfy that deficiency.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
Top Common Misspellings for SUPPLIER *
* The statistics data for these misspellings percentages are collected from over 15,411,110 spell check sessions on www.spellchecker.net from Jan 2010 - Jun 2012.
Other Common Misspellings for SUPPLIER
Etymology of SUPPLIER
The word "supplier" is derived from the Latin verb "supplere", which means "to fill up" or "to complete". In Old French, it was spelled as "supplier" with the same meaning. Over time, the word evolved in English and came to refer specifically to someone who provides goods or services to fulfill a demand or need.
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