Podcast
Questions and Answers
What causes price fluctuations?
What causes price fluctuations?
- Only market demand
- Market demand, changes in supply, economic indicators, political instability, or natural disasters (correct)
- Only changes in supply
- None of the above
What is the principle of demand and supply?
What is the principle of demand and supply?
- A concept in physics
- A foundational concept in economics (correct)
- A principle of marketing
- A principle of social psychology
What happens to prices when the demand for a product or service surpasses its supply?
What happens to prices when the demand for a product or service surpasses its supply?
- Prices typically decrease
- It depends on the product or service
- Prices typically increase (correct)
- Prices stay the same
What happens to prices in a competitive market?
What happens to prices in a competitive market?
What can cause a rise in prices for goods using a specific metal?
What can cause a rise in prices for goods using a specific metal?
What is forward buying?
What is forward buying?
How can having multiple suppliers help mitigate the risk of price volatility?
How can having multiple suppliers help mitigate the risk of price volatility?
What is the importance of collaboration in procurement during severe price fluctuations?
What is the importance of collaboration in procurement during severe price fluctuations?
What is the purpose of negotiation in procurement during price fluctuations?
What is the purpose of negotiation in procurement during price fluctuations?
What is the role of procurement professionals during price fluctuations?
What is the role of procurement professionals during price fluctuations?
What is the benefit of identifying substitute materials during price fluctuations?
What is the benefit of identifying substitute materials during price fluctuations?
What is the potential impact of severe price fluctuations on organizations?
What is the potential impact of severe price fluctuations on organizations?
What is hedging in the context of procurement?
What is hedging in the context of procurement?
What is the purpose of negotiating long-term contracts with suppliers?
What is the purpose of negotiating long-term contracts with suppliers?
Why is regular and transparent communication important in procurement?
Why is regular and transparent communication important in procurement?
What is an example of sourcing necessary components from different suppliers?
What is an example of sourcing necessary components from different suppliers?
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