Suppliers and procurement (Edexcel GCSE Business): Flashcards
📚Flashcards
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12 cards from this deck
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Practise the cards
12 cards from this deck
What are suppliers?
What are suppliers?
Companies/individuals providing materials, products, or services
What is procurement?
What is procurement?
Finding, selecting & managing supplier relationships
What 4 areas do suppliers impact?
What 4 areas do suppliers impact?
Costs, flexibility, reliability, customer satisfaction
What are consequences of poor supplier choice?
What are consequences of poor supplier choice?
Higher costs, delays, quality issues, lost competitive edge
What does 'value for money' mean (suppliers)?
What does 'value for money' mean (suppliers)?
Good prices relative to quality & service provided
What are flexible delivery options?
What are flexible delivery options?
Suppliers can adapt to changing needs & schedules
What is reliable service (suppliers)?
What is reliable service (suppliers)?
Consistent, dependable delivery of promises
What are volume discounts?
What are volume discounts?
Better prices for larger orders
What's the benefit of short lead times?
What's the benefit of short lead times?
Quick product availability, less stock needed
How do flexible suppliers help?
How do flexible suppliers help?
Help meet changing customer demands more easily
What's the impact of late deliveries?
What's the impact of late deliveries?
Can halt production processes entirely
Benefits of strong supplier relationships?
Benefits of strong supplier relationships?
Better communication & flexibility with requests