Working with suppliers (OCR GCSE Business): Flashcards
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13 cards from this deck
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Practise the cards
13 cards from this deck
Procurement definition
Procurement definition
Management of purchasing; obtaining goods/services from suppliers
3 influences on identifying goods to buy
3 influences on identifying goods to buy
Seasonal demand, technological changes, fashion & lifestyle
Benefit of accurate identification of goods
Benefit of accurate identification of goods
Meets customer demand and avoids overstocking
4 influences on choosing suppliers
4 influences on choosing suppliers
Quality, cost, reliability, speed of delivery
Why selecting reliable suppliers is crucial
Why selecting reliable suppliers is crucial
Maintains product quality and customer satisfaction
3 influences on ordering decisions
3 influences on ordering decisions
Order quantity, lead time, terms of payment
Benefit of efficient ordering processes
Benefit of efficient ordering processes
Maintains adequate stock without excessive inventory costs
3 influences on receiving deliveries
3 influences on receiving deliveries
Inspection for quality, accuracy of order, storage requirements
Benefit of proper receiving procedures
Benefit of proper receiving procedures
Ensures business gets what it ordered & maintains quality
Problem caused by supplier delivery delays
Problem caused by supplier delivery delays
Lost sales and revenue
Problems from unreliable suppliers
Problems from unreliable suppliers
Production halts and customer dissatisfaction
Problems from longer supply chains
Problems from longer supply chains
Increased risk of delays and higher costs
Impact of high delivery costs
Impact of high delivery costs
Reduces overall profit margins