Strategic Sourcing Is the Development and Management of Supplier Relationships

question 8

True/False

Strategic sourcing is the development and management of supplier relationships to acquire goods and services in a way that aids in achieving the immediate needs of the business.

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Definitions:

Communication Process

The transfer of information from a sender to a receiver, involving the encoding, sending, receiving, and decoding of messages.

Barriers

Refer to obstacles that companies face when trying to enter a new market or industry, including technical challenges, regulatory hurdles, and high start-up costs.

Overcome

To successfully deal with or gain control of a problem or obstacle.

Communication Skills

The ability to convey or exchange information effectively through various means.