Welcome to today’s class!!
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In today’s Marketing class, we will be learning about Purchase, Supply And Merchandising of Goods And Services
Purchase, Supply And Merchandising of Goods And Services
In selecting a supplier, the buyer is making frantic efforts to find the organization that will meet its need which revolves around reliability in quality, service, terms and price.
Sourcing procedure for purchasing and supply of raw materials, parts or services can be within or outside the country.
Other conditions worthy of consideration in purchasing and supply include: delivery term, quality and standard, reliability of supply spoilage and delay in supply, etc. In determining a potential source of purchasing and supply, It is important for personnel in charge to take cognizance of the following factors such as technical ability, competency, years of experience, product capacity, financial capability, industrial relations stability, production and quality control.
Sources of purchasing and supply of goods and services include: newspaper or media reports, announcements, trade directories, professional journals and magazines, product catalogs, company newsletters, trade fairs and product exhibition, product show and workshop salesman, sales promotion contracts, and so on.
The laws governing purchase and supply of goods and services are as follows:
(a) The higher the price, the lower the quantity purchase and the lower the price the higher the quantity purchase.
(b) The process of adjustment rests at the point where purchase equals supply.
(c) An increase in supply will lead to decrease in the market price and an increase in purchase.
(d) A decrease in supply will cause an increase and a fall in purchase.
(e) An increase in purchase will bring about an increase in price and a rise in supply.
(f) A decrease in supply may lead to a fall in price and a decrease in supply.
In summary, the supply, purchase and merchandising of goods involve selecting a supplier, the buyer is making frantic effort to find the organization that will meet its need which revolves around reliability in quality, service, terms and price.
What do you understand about Supply, Purchase and Merchandising of Goods And Services?
Explain the laws governing purchase and supply of goods and services
List the sources of purchasing and supply of goods and services
We hope you enjoyed today’s class. In our next class, we will be learning about Marketing Mix
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