Supplier Development Refers to

question 263

Multiple Choice

Supplier development refers to

• A)the deliberate effort by suppliers to build relationships that shape buyers' products,services,and capabilities to fit both the buyer's and seller's needs,as well as the needs of ultimate consumers.
• B)the deliberate effort by organizational buyers to build relationships that shape suppliers' products,services,and capabilities to fit a buyer's needs and those of its customers.
• C)the practice of dividing up large orders among several suppliers rather than a single one to avoid possible manufacturing delays due to bad weather,plant mishaps,union issues,etc.
• D)the practice of establishing a close relationship with one supplier rather than many to insure loyalty and preferential treatment when filling exceptionally large orders.
• E)the shift of a firm from that of supplier to one of manufacturer when repeated experience with a product and excellent buyer/seller relationships make the shift both more feasible and profitable.

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Definitions:

Posting Process

The procedure of transferring entries from a company's journal into the appropriate accounts in its ledger, which helps in summarizing financial activities.

Trial Balance

A financial record-keeping sheet that consolidates the balances of various ledgers into uniform debit and credit column totals.

Journalizing

The process of recording transactions in a journal or ledger in the field of accounting.

Posting Process

In accounting, this is the step where transactions are transferred from the journal to the respective accounts in the ledger, updating the account balances.