NMIMS MBA Procurement Management Solved Answer Assignment

Procurement Management

Question 1: Explain various types of purchases with appropriate examples

Introduction

When companies have a solid understanding of the many distinct types of purchases that customers make, they are in a better position to develop marketing strategies tailored to their target audience’s individual requirements and activities.

Concept and Application

There are several types of purchases that individuals and organizations make depending on their needs and circumstances. Here are some examples of different types of investments:

1. Impulse purchase: An impulse purchase is an unplanned purchase made on a whim, often triggered by a sudden desire or emotional response to a product or service. For example, buying a candy bar or clothing while waiting in line at the checkout counter.

2. Routine purchase: A frequent purchase is made frequently, usually with little thought or consideration. Examples include buying groceries, toiletries, or household items.

Conclusion

In addition, there is a risk that businesses will have trouble keeping their customers’ loyalty and convincing them to make more purchases. This is because enterprises may have problems competing with online retailers.

Question 2:  Discuss the process of strategic sourcing with suitable examples.

Introduction

A manufacturing company is looking for a supplier for the raw materials required to manufacture its products. The company has identified potential suppliers through market research and has evaluated their capabilities and performance. After analyzing the supplier’s financials, contracts, and performance, the company has selected a supplier and is negotiating terms and conditions, including price, delivery times, and quality standards

Concept and Application

Strategic sourcing is identifying, selecting, and managing suppliers to achieve a company’s goals and objectives. The strategic sourcing process involves steps that help businesses analyze their procurement needs, identify potential suppliers, evaluate their capabilities, negotiate favourable terms and conditions, and manage ongoing supplier relationships. Here is a step-by-step breakdown of the strategic sourcing process:

Conclusion

A large manufacturing firm that has to buy a substantial quantity of raw materials for production is an example of a business that might benefit from using strategic sourcing in practice. The procurement department of the firm adheres to the procedure mentioned above, beginning with an analysis of the organization’s requirements and the market research results.

Question 3. a:Explain various online catalogs of e-marketplaces

Introduction

When it comes to putting e-sourcing into action, PQR Inc. can use a diverse range of online catalogues and e-marketplaces to source the products and services it requires. The following is a sampling of some of the most well-known online records:

Concept and Application

Vertical Marketplaces are online marketplaces that focus on serving a particular sector of the economy or a certain kind of product or service. For example, ThomasNet is an online catalogue of vertical markets that provides access to a diverse selection of products and services across various fields of business. You are free to go through this library whenever you choose. This facility offers a connection to the ThomasNet computer network.

Conclusion

PQR Inc. can lower the complexity of its e-sourcing process by selecting a suitable online catalogue of e-marketplaces. This, in turn, enables them to cut their expenses and increase their productivity.They are designed to make the process of procurement, which is carried out by a variety of businesses, easier to understand and carry out.

Question 3. b: Explain the process of online auctions

Introduction

E-sourcing may take the form of online auctions, in which prospective vendors compete against one another in real-time bidding to acquire contracts to give a client the items or services the consumer requires. E-sourcing can also take the shape of various forms. The following is a rundown of the many steps that are a part of the procedure for online auctions:

Concept and Application

The buyer is the one who is responsible for choosing the items or services that they desire and for describing the requirements, which may include quality standards, delivery timetables, and any other essential information.

Obtaining Pre-Qualification for Vendors, The buyer will first determine which potential suppliers can meet the requirements. Then they will enquire whether or not those suppliers are interested in participating in the auction. The vendors have already been pre-qualified because of the stability of their financial situations, the track records they have accumulated, and some other essential qualities.

Conclusion

Compared to more traditional methods of sourcing, online auctions offer several advantages, including more competition, more affordable prices, and a reduction in the time required to complete procurement cycles. Yet, to ensure that they are carried out in a manner that is both honest and open, as well as that the requirements of the buyer are fulfilled, they need to be meticulously organized and supervised.

To get the complete answer/solution to this NMIMS assignment, you can contact Dr. Aravind Banakar’s Academic Writing Services.

Dr. Aravind Banakar prepares two types of Assignments. General assignments & Customized assignments. Both assignments are 100 % Plagiarism-free.

Dr. Aravind Banakar is the number 1 NMIMS Academic Writing Professional. He is a highly experienced academic professional and a reputable and reliable academic content writer with over 24 years of experience. You can obtain ready-made, customized, plagiarism-free MBA, BBA, EMBA, and B.Com assignments.

Important Notice for NMIMS Assignments:

To ensure your NMIMS assignments meet the university’s standards, The NMIMS Assignments must be 100% customized, plagiarism-free, and unique. 

Copying from Google, AI tools, blogs, books, or any other sources is strictly prohibited, and if you copy answers, you will get ZERO marks.

Before purchasing assignments from any academic writer, always demand the following verification:

1. Turnitin Report– To ensure the content is plagiarism-free.

2. Grammarly Report– This is to ensure grammar and writing quality.

3. AI Detection Report– To guarantee no AI-generated content.

Remember, these reports are not just a formality. They are your shield against ZERO marks. Take charge of your grades by ensuring your work is original and meets NMIMS standards.

Dr. Banakar leads a team of over 100 PhD-qualified professionals dedicated to creating high-quality, plagiarism-free assignments tailored to meet the exact standards and requirements of NMIMS. With a proven track record, students who have used his services often score 25+ marks out of 30, highlighting the level of detail, precision, and thorough research into every assignment. This emphasis on research instills confidence in the quality of the work.

SVKM Narsee Monjee EMBA Solved Assignments