Strategic Sourcing Quiz

Benjamin is starting a new business and needs to find a company that can supply the necessary goods and services. What is the process he should follow to identify such a company?

• Strategic Sourcing

• Sourcing

Aria, and Avery are working on a project for their company. They need to find a comprehensive approach for locating and sourcing key suppliers to leverage consolidated purchasing power. What approach should they use?

• Strategic Sourcing

• Insourcing

Maya is working on a strategic sourcing project for her company. What does she need to analyze?

• What her company buys

• Who her company's competitors are

You team is working on a project. They are discussing the emphasis in strategic sourcing for their project. What are they focusing on?

• The marketing strategy of their project

• The entire life-cycle of their project

Ethan, and Kai are members of a procurement team in a company. They are discussing the objectives of strategic sourcing for their next project. What should be their primary objectives?

• Increase cost and reduce quality

• Reduce cost and maintain or improve quality

Liam started a tech startup and he is considering producing software using his company's own internal resources. What is the term for this approach?

• Insourcing

• Sourcing

Your company used to produce their own marketing materials internally. However, they decided to hire an external agency to handle it instead. What is the term for this process?

• Sourcing

• Outsourcing

Samuel is the procurement manager at a company. He has multiple potential suppliers available for a specific product, but he decides to purchase from only one supplier. What is the term for this sourcing strategy?

• Outsource

• Single-Source

Hannah, and Maya are running a small business together. They decide to purchase raw materials from more than one supplier to create competition and achieve higher quality and lower price. What is the term for this strategy?

• Outsource

• Multi-Source

Why would your company choose a single-source strategy for their raw materials?

• To establish a good relationship with the supplier

• To spread risk of supply disruption