Sourcing & Pricing decisions-Dr.NGP

What is the primary focus of sourcing in supply chain management?

• Managing inventory

• Selecting suppliers

• Distributing products

• Selling products

What is a common tool used in the procurement process?

• Supplier audits

• Just-in-time inventory

• Request for Proposal (RFP)

• Supplier relationship management

Which of the following is not typically included in the procurement process?

• Request for Information (RFI)

• Invoices

• Payments

• Product design

What is one of the main goals of Johnson & Johnson's supplier diversity program?

• Reducing inventory

• Supporting small and diverse businesses

• Increasing production speed

• Enhancing packaging design

What distinguishes sourcing from procurement?

• Sourcing includes managing payments

• Procurement focuses on finding suppliers

• Sourcing includes vetting suppliers

• Procurement excludes RFI’s, RFP’s, and RFQ’s

Which sourcing strategy involves identifying suppliers who can provide cutting-edge technologies and materials?

• Just-in-time inventory

• Ethical sourcing

• Supplier diversity

• Strategic sourcing

What is the main goal of sourcing in supply chain management?

• Reducing inventory

• Finding and vetting suppliers

• Increasing sales

• Managing logistics

What does procurement ensure in a business context?

• Products are sold efficiently

• Suppliers are paid promptly

• The business gets what it needs to operate

• Products are designed innovatively

Which stage involves selling products in bulk to retailers or other businesses?

• Manufacturers

• Distributors

• Importers

• Wholesalers

What does the procurement process include that sourcing does not?

• Evaluating suppliers

• Managing internal risks

• Issuing Purchase Orders (PO’s)

• Identifying business needs