Question 1: Explain various types of purchases with appropriate examples.
Introduction
Finding trustworthy suppliers who can offer goods and services at prices that satisfy your company’s needs while being competitively priced is an important step in understanding your supply chain. Whether the business is looking for new office supplies, marketing services from a provider, or raw materials for manufacturing, this holds. The procurement process will assist you in choosing the supplier who best meets your company’s needs at the best price, for instance, if you need a new supplier who will provide ongoing service indefinitely, such as an email security solution.
Concept and Application
Every purchase is a trade-off between what a company can produce internally and what it needs to buy from outside sources. Making or purchasing a lot of products is relatively easy. Few businesses could manufacture their own production equipment, computers, and pencils. All companies, however, require these elements to remain viable. Determining which suppliers offer the best chances for the items that businesses must buy from outside sources is the hard part, explaining the variety of goods and services that a typical purchasing department is tasked with procuring. It isnoted that businesses should establish measures to track the number of items in their physical inventory by category.
Conclusion
As a result, they typically get little attention, and service procurement is handled at the facility or department level. The best overall service can be acquired for the lowest cost with the highest level of professional care, just like with any other purchase.
Question 2: Discuss the process of strategic sourcing with suitable examples
Introduction
Companies finding the right vendor has risen to the top of the procurement teams’ priorities as they increasingly emphasize cost control. Strategic sourcing techniques that emphasize maximizing value and reducing risk through supplier partnerships alter the way businesses view the buyer-supplier relationship. Spending wisely can make or break a company. Of course, the concept is nothing new.
Concept and Application
Strategic sourcing is a strategy that places more emphasis on the overall value of supplier relationships than just the price of the goods and services they offer. This procedure, a component of supply chain management, emphasizes customized solutions and business alliances.
This holistic viewpoint also acknowledges and clarifies the numerous intricate factors that influence value. Spending analysis, supplier selection, and ongoing engagement are all part of the cycle frequently seen as constituting strategic sourcing.
Conclusion
A good warranty that covers all terms and conditions will help you stay healthy and reduce potential price and delivery risks. In addition, arrangements can be used to assess supplier performance and get the most out of the relationship. For example, you can mention this when entering into a contract.
Question 3. A Explain various online catalogs of e-marketplaces.
Introduction
For PQR Inc, an e-marketplace is an online virtual marketplace where companies can register as buyers and sellers to transact business-to-business (B2B) or business-to-consumer (B2C) over the Internet. The ability to conduct business without go-betweens is made possible by the use of the Internet. It is a web-based information system that gives suppliers and buyers alike opportunities.
Concept and Application
Buyers can evaluate various goods and services according to several factors, including performance, quality, and cost. Customers will have more options for goods and services.
Product Online Marketplace: This is usually called an e-commerce marketplace where goods are bought and sold. The platform combines various sellers into a one-stop shop, allowing customers to easily compare prices and find the best deals under one virtual roof. Sellers list items and establish deadlines in features like auctions and fixed-price sales. The thing is awarded to the highest bidder buyer.
Conclusion
Marketplaces like Amazon and the Hyper-Local E-commerce Marketplace have a lot in common. The primary distinction is that customers can only buy goods from suppliers who can guarantee delivery within 24 hours. The most recent update indicates that well-known retailers like Reliance Trends and Myntra are utilizing a hybrid online/offline model to enter the e-commerce market.
Question 3. b :Explain the process of online auctions
Introduction
An online auction is a type of auction held over the Internet instead of a face-to-face one. The most significant advantage of running an online auction is that bidders are connected via the Internet and can freely bid from anywhere. However, activity in online auctions varies by type. Online auctions have many platforms offering B2B, B2C, or C2C products.
Concept and Application
EBay is a good example where all three types of auctions are used. Besides eBay, websites, Online Auction, and Overstock are examples of online auction platforms. There are two different ways to bid in live online auctions. The first bid is a pre-bid. This is the set amount to bid before the date of the live online auction. During this time, others may bid against you in advance bids. The auction begins on the day of the auction. During a live online auction, many auction houses offer the option to watch or watch the live auction.
Conclusion
Each auction’s online bidding closes at the appointed time. If there are multiple bidders, the item may be purchased at the end of the auction by the person who placed the highest online bid. The auction will only end with a successful bidder if online requests exceed the starting price effectiveonline auction.
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