10 Questions
What is the purpose of increasing the degree of vertical integration?
To simplify the supply chain
What is the characteristic of HIGH SPECIFICITY PRODUCTS according to the text?
They require a complex and organized purchasing process
What is the main responsibility of VENDOR MANAGED INVENTORY (VMI) according to the text?
Managing the logistics and quality of components
What is the purpose of a REQUEST FOR PROPOSAL (RFP)?
To receive detailed proposals from potential vendors
What problem led to the establishment of JUST IN TIME delivery, as mentioned in the text?
Complexity in inventory management
In what industries did VENDOR MANAGED INVENTORY (VMI) initially start, according to the text?
Automotive industry
What is the aim of strategic sourcing according to the text?
To acquire goods and services in a way that aids in achieving the immediate needs of the business
How has sourcing changed today compared to the past, as mentioned in the text?
Sourcing now implies a more complex process suitable for strategically important products
What is an example of a problem caused by COVID-19 mentioned in the text?
Customers not being able to find certain products due to shortages
What is 'RESURING' as mentioned in the text?
A strategic attitude through which companies change the sourcing process to buy more from suppliers that are close enough without increasing costs
Test your knowledge about the development and management of supplier relationships, acquisition of goods and services, and the strategic importance of sourcing in today's business environment. Explore the evolution of sourcing from being synonymous with purchasing to becoming a more complex and strategic process.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
