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  2. Procurement is the process of acquiring goods and services from an external source123. Examples of procurement in business include12:
    • Choosing a supplier that best meets all of the business’s requirements at a reasonable price.
    • Conducting market research.
    • Determining needs based on market demand and inventory.
    • Negotiating contracts and competitive bids with suppliers.
    • Performing quality assurance on received materials, goods and services.
    • Maintaining vendor and supplier relationships.
    • Keeping a purchase order record to measure performance.
    Learn more:

    For example, if a company needs a new supplier to provide an ongoing service for an indefinite period of time — such as an email security solution — the procurement process helps the company choose the supplier that best meets all of the business’s requirements at a reasonable price.

    www.netsuite.com/portal/resource/articles/accounti…

    Examples of business procurement

    • Automaker example Automobiles Galore is a car manufacturer that specializes in producing a variety of cars, trucks and SUVs. ...
    www.indeed.com/career-advice/career-developme…
    Conducting market research. Determining needs based on market demand and inventory. Negotiating contracts and competitive bids with suppliers. Performing quality assurance on received materials, goods and services. Maintaining vendor and supplier relationships. Keeping a purchase order record to measure performance.
    drydengroup.com/what-is-procurement-with-examp…
     
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