The selection, development and management of supplier relationships to acquire goods and services in a way that aids in achieving the immediate needs of the business (Chase et al., 2013, Hills, 2012). It includes negotiating contracts and
ensuring a reliable supply of materials (Hills, 2012). Purchasing deals with the operation’s interface with its supply and buys in materials and services from suppliers (Slack et al., 2013).
Synonymous: procurement, supply management, buying
Included terms: Outsourcing
Source: Slack et al. (2013), Chase et al. (2013), Hills (2012)