Explain how procurement should decide whether to make or buy a product or service.
Answer(s): A
Make or buy decision are about whether a products or services should be made within the organization or bought-in from an external supplier.For a procurement professional to establish which method (make or buy) offers the best value, the item in question must be thought through if it is core to the organization and which option will add more value to the organization, as regards achieving its strategic goals. If it is core the procurement professional decide to make it and if it is not core the product or services can be bought in.
Describe three ways in which a buyer could or test the market in other to assist with determining a need.
Once the need has been understood, defined, justified and authorized, the next stages are to analyze and test the market. Analyzing and testing the market includes looking at the following1. STEEPLE analysis2. SWOT analysis3. Porter's five forces4. Level of suppliers competition5. Supply and demand6. Push and pull7. Supplier segmentation8. Product life cycle9. Ansoff matrix10. Early supplier involvement11. Make or buy12. Offshoring1. Porter's five forces: The use of porter's five forces helps the procurement professional to understand the level of competition within the marketplace.Whether it is a monopoly, oligopoly, imperfect or perfect market. Knowing these will equip the organization to better negotiate a favorable price.2. Supply and Demand: the procurement professional must also think about supply and demand as part of their market analysis when they receive a requisition. This economic factor has a significant effect on the prices charged and on the cost incurred.3. Supplier segmentation: in this the procurement professional start to form an opinion of potential suppliers.. They can segment current suppliers into four categories, depending on their level of integration into an organization. This can help to inform the procurement professional of which type of supplier relationship that would be most appropriate.Refer to the question column for response
Once the need has been understood, defined, justified and authorized, the next stages are to analyze and test the market. Analyzing and testing the market includes looking at the following1. STEEPLE analysis2. SWOT analysis3. Porter's five forces4. Level of suppliers competition5. Supply and demand6. Push and pull7. Supplier segmentation8. Product life cycle9. Ansoff matrix10. Early supplier involvement11. Make or buy12. Offshoring1. Porter's five forces: The use of porter's five forces helps the procurement professional to understand the level of competition within the marketplace.Whether it is a monopoly, oligopoly, imperfect or perfect market. Knowing these will equip the organization to better negotiate a favorable price.2. Supply and Demand: the procurement professional must also think about supply and demand as part of their market analysis when they receive a requisition. This economic factor has a significant effect on the prices charged and on the cost incurred.3. Supplier segmentation: in this the procurement professional start to form an opinion of potential suppliers.. They can segment current suppliers into four categories, depending on their level of integration into an organization. This can help to inform the procurement professional of which type of supplier relationship that would be most appropriate.
What are Carter's 10Cs?
Carter's 10cs is a detailed mechanism that procurement professional uses to evaluate potential supplier.What the procurement professional should consider in supplier are the following 10 things.1) Competency 2) capacity 3) Cost 4) Cash 5) Clean 6) Consistency 7) Control 8) Cul-ture 9) Commitment 10) Communication.
Carter's 10cs is a detailed mechanism that procurement professional uses to evaluate potential supplier.What the procurement professional should consider in supplier are the following 10 things.1) Competency 2) capacity 3) Cost 4) Cash 5) Clean 6) Consistency 7) Control 8) Culture 9) Com- mitment 10) Communication.
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