ENTREPRENEURSHIP

Detailed explanation-1: -Institute of Supply Management defines supply management as: ‘the identification, acquisition, access, positioning and management of resources the organisation needs or potentially needs in the attainment of its strategic objectives.

Detailed explanation-2: -The steps are: recognize a supplier selection need, identify supply requirements, determine a supply strategy, identify potential suppliers, reduce the number of suppliers in the selection pool, conduct a formal evaluation, and select a supplier and reach agreement.

Detailed explanation-3: -Basic Business Information: Relates to data about what the business does and items they supply, contact details, prices, references, certifications, payment details, and the signed contract. This information is mostly collected before the organization and supplier start collaborating.

Detailed explanation-4: -Services. These include suppliers of electricity, water, telephones, IT, email, website hosting, stationery, facilities, transport, etc. Sub-contractors. If you’re in a trade business, these will include other tradespeople. Manufacturers/producers. Distributors. Importers.