Which of the following best describes supplier relationship management? Select the correct response: Ensuring product quality at manufacturing stage Building collaborative partnerships with suppliers Focusing solely on reducing supplier costs Prioritizing supplier diversity

The correct response is:<br /><br />**Building collaborative partnerships with suppliers**<br /><br />### Explanation:<br />Supplier Relationship Management (SRM) focuses on developing and maintaining positive, collaborative relationships with suppliers to achieve mutual benefits. It involves working closely with suppliers to improve processes, ensure quality, foster innovation, and create value for both parties. While aspects like cost reduction, product quality, and supplier diversity may be part of SRM, the primary goal is building strong, strategic partnerships.