Aexists when a buyer and its supplier adopt mutually beneficial objectives, policies, and procedures for the purpose of lowering the cost or increasing the value of products and services delivered to the ultimate consumer.

The answer is supply partnership.

Explanation:

Supply chain partnership is an increasing tendency towards the development of long term relationships with suppliers. This can be achieve throught a variety of channels of wich the most common are:

-Sigle sourcing (buying from one supplier)

-Preferred supplier (limiting suppliers to certain organisations wich are then ranked)

-Strategics alliances (vallued-added partnerships in which risk and rewards are shared between the supplier and the costoumer)

In general, partnerships are sought with suppliers with outstanding performance, desirable/unique products, or technological advantage.