MANAGEMENT

Detailed explanation-1: -Purchasing is defined as the process of acquiring goods or services in exchange for money. In a business setting, purchasing is usually done by a department or team of employees working together to identify and buy the products or services that their company needs.

Detailed explanation-2: -What are the types of supplier relationships? In his article Strategies for Global Sourcing, David Pyke explored five types of sourcing relationships: buy the market, ongoing relationship, partnership, strategic alliance, and backward integration.

Detailed explanation-3: -Building a long term healthy relationship between supplier and organisation will allow for ideas and feedback to be passed between the two. This will allow for the improvement of operations, streamlining the supply chain and reducing costs in addition to improving customer service.