5. Understanding Buyer-Supplier Relationships

The wide range of products and services that are being sourced today has made the company’s procurement organization an increasingly important function, and the complexities of managing sourcing are greater than ever. The objectives of minimizing procurement costs associated with the acquisition of products and services, as well as transaction costs, have received well-deserved treatment in the academic literature. The procurement of external resources is an important tenet of both the strategic and tactical management of external relationships for any company. Creating a successful, robust, and responsive supply chain requires a comprehensive approach to demand planning, strategic sourcing, and a ...

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