Asked by Haley Smith on May 28, 2024
Verified
Purchasing is a subset of the procurement process.
Purchasing Process
A series of steps that an organization follows to identify and acquire goods or services from external sources.
Procurement
The process of obtaining goods or services, typically for business purposes, involving sourcing, negotiation, and strategic selection.
- Differentiate between procurement and purchasing within the realm of the digital marketplace.
Verified Answer
KP
Kirti PrasadJun 02, 2024
Final Answer :
True
Explanation :
Purchasing refers specifically to the process of acquiring goods or services, while procurement encompasses the broader process that includes identifying needs, selecting suppliers, negotiating terms, and managing contracts in addition to purchasing.
Learning Objectives
- Differentiate between procurement and purchasing within the realm of the digital marketplace.