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Businesses separate themselves for the competition with great quality goods and services. The quality of the products will also boost the overall appeal of the business itself. Having higher quality products is not only great for advertising, but it shows that the supplier or vendor really cares about their product they produce. “Your suppliers should want to know how they are performing (arcplan, 2014). Outsourcing has become a major aspect of nearly every business, but where these products come from is important in determining if this business should select those suppliers. In an article about firms that outsource products, it states, “As manufacturing firms outsource more parts and services to focus on their own core competencies, they increasingly expect their suppliers to deliver innovative and quality products on time and at competitive cost” (Sharma, 2013). The higher quality of the product a supplier puts out, the higher likelihood of higher pricing amounts.
Pricing is the other major factor in attracting the consumer to the business. We can have better pricing with in depth price analysis between each supplier and vendor. Finding the best price to quality ratio is necessary for receiving the highest profit return rate. We want the upper hand on our competition, and having more capital will allow us to spread the expenses to fulfill every need greatly. An article exampling the objectives of analyzing pricing with suppliers states, “The objective of analyzing prices and costs is to determine whether the price is equitable and/or competitive in that is it reasonable in terms of the market, the industry, and the end use of the goods or services purchased” (Selecting a Vendor 2011). Cheaper pricing with good quality is the edge we will have on the competition.
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Conflict of interest
Business sabotage is important for us to avoid. The use of a supplier that is also our competition should not be an opinion. These business are looking for the upper hand like us, but they may tamper with products sent to us.
Service is important for choosing suppliers. The easier the supplier is with support and reliability, the more trusting they will be with the business. Finding these creditable suppliers and vendors is critical for supporting the business’s growth. “Operating locations may establish vendor records that contain supplier performance information” (Selecting a Vendor 2011).
While it may seem that quality and pricing is our main focus on determining which suppliers and vendors we choose, there are other elements we need to focus in on. If we avoid conflict of interest, use creditable suppliers for service, and incorporate the use of the free market, we should have great success with the product brought into the business.