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Developing a Strategic Plan

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Questions and Answers

Which factor should a buyer consider when comparing supplier offers?

The energy efficiency of the options (correct)

The changes in legislation

The ethical sourcing of products and services

The political situation between Russia and Ukraine

What do EPC A rated fridges have?

Higher upfront cost and lower energy consumption (correct)

Lower upfront cost and lower energy consumption

Higher upfront cost and higher energy consumption

Lower upfront cost and higher energy consumption

Why is a clothing manufacturer conducting a thorough audit of potential suppliers?

To ensure compliance with labour policies and code of ethics (correct)

To negotiate lower labor costs

To assess their financial stability

To evaluate their manufacturing capabilities

Which of the following is a potential weakness in the buying organization's procurement plan?

Lack of trained negotiators Signup and view all the answers

What can procurement professionals use to assess external factors?

STEEPLED analysis Signup and view all the answers

What does a STEEPLED analysis help buyers assess?

Factors affecting the need Signup and view all the answers

Study Notes

Factors to Consider when Comparing Supplier Offers

Buyers should consider various factors when comparing supplier offers, including price, quality, delivery time, and service.

Energy Efficiency in Fridges

EPC A rated fridges have high energy efficiency.

Supplier Audit

A clothing manufacturer may conduct a thorough audit of potential suppliers to assess their reliability, quality, and capability to meet the organization's needs.

Weaknesses in Procurement Plans

A potential weakness in the buying organization's procurement plan could be inadequate supplier selection criteria or poor contract management.

Assessing External Factors

Procurement professionals can use tools like PESTLE (Political, Economic, Social, Technological, Legal, and Environmental) analysis to assess external factors affecting procurement.

STEEPLED Analysis

A STEEPLED analysis helps buyers assess external factors such as Social, Technological, Economic, Environmental, Political, Legal, and Demographic factors that may impact procurement decisions.

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Description

Test your knowledge on how to develop a strategic plan aligned with an organization's goals, values, and ESG (Environmental, Social, and Governance) objectives. This quiz will also assess your understanding of the STEEPLED factors and their influence on the external environment.