2.3.2 Working With Suppliers Flashcards
1
Q
Procurement
A
The process of buying and selling stock
2
Q
What makes a good supplier
A
Flexibility with orders
Fair trade credit terms
Reliable
Large discounts for larger orders
Consistent quality goods
Fair prices
Short lead times (available quickly)
3
Q
Why are good suppliers important
A
Late deliveries can hold up customers
If not reliable, might not get delivery
Suppliers can influence branding of business
Flexibilithy can help businesses meet customers requirements
4
Q
Logistics
A
Logistics is concerned with the efficient storage and transportation of goods. Logistics aims to ensure that the right product will be ordered and delivered on time.
5
Q
Types of stock
A
Raw materials needed to make products
Finished goods - goods made and ready to sel
