The Process of Sourcing Goods and Materials, Negotiating with Suppliers

question 44

Multiple Choice

The process of sourcing goods and materials, negotiating with suppliers, paying for goods, and making delivery arrangements is called:

• A) social media.
• B) SCM.
• C) procurement.
• D) sourcing.
• E) EDI.

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Definitions:

Patent Infringement Suit

A legal case brought by a patent holder against an individual or entity that is accused of unauthorized use of the patented technology or process.

Franchise Account

An account that represents the financial rights and obligations between a franchisor and franchisee, including initial fees and ongoing royalties.

Preproduction Prototypes

Prototypes developed during the preproduction phase, which are used for testing and validation before full-scale production begins.

Successful Patent Application

The approval and granting of a patent by a patent office, providing legal protection for an invention, its process, or design.