ENTREPRENEURIAL OPERATIONS
INVENTORY MANAGEMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
To buy the raw materials needed to make products
|
|
|
To buy goods and services the company needs internally to operate
|
|
|
To buy goods with the sole purpose of reselling them to customers
|
|
|
To look for opportunities to buy out smaller companies to grow the business
|
Detailed explanation-1: -The typical day of a purchasing agent centers around procuring goods and services for an organization by assessing vendors, arranging contracts, and analyzing finances. They also build supplier relationships and networks and manage problems that arise during the procurement process.
Detailed explanation-2: -Key Functions of Purchasing Departments Identify business requirements for goods, materials, and services. Find reliable suppliers to meet these requirements. Negotiate prices, build quality, and delivery terms. Set up the order quantities and making bid requests on supply contracts.
Detailed explanation-3: -The three main types of procurement are direct goods or services, indirect goods or services, and professional services. Each type provides its own benefits depending on the needs of your company so be sure to consider each one carefully when making a decision about which is best for you.