One of the Most Important Objectives of the Purchasing Function

question 29

Multiple Choice

One of the most important objectives of the purchasing function is the selection, development, and maintenance of suppliers, a process that is sometimes described as _____.

• A)supplier performance management
• B)category management
• C)customer service
• D)procure-to-pay
• E)maverick buying

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Definitions:

Society

A group of individuals living together in a more or less ordered community with shared laws, traditions, and values.

Karl Marx

A 19th-century philosopher, economist, and revolutionary, who developed the theory of Marxism, emphasizing the roles of class struggle, economic exploitation, and historical development in capitalism.

Alienated

The feeling of being estranged or disconnected from others, society, or oneself, often resulting in isolation and a loss of identity or meaning.

Adam Smith

A Scottish economist and philosopher, best known for his theories on free market economics and the ‘invisible hand’ concept.