An aerospace company has a long-standing partnering relationship with a supplier to develop a new...

A supplier that collaborates closely to develop new technology and provides a competitive advantage is best described as:

Approved: This generally refers to suppliers that meet basic qualification criteria.

Strategic: This term denotes a supplier with whom the company has a long-term partnership, often involving significant collaboration and integration, contributing to competitive advantages.

Transactional: These suppliers are engaged for routine purchases without significant collaboration.

Preferred: This status is higher than approved but does not necessarily imply a strategic partnership.

Given the context, the supplier is best described as strategic.

References:

Supplier relationship management literature.

Institute for Supply Management (ISM) guidelines on strategic partnerships.