Managing a firm's external resources in ways that support the long-term goals of the firm can be referred to as:
A)Ethical souring
B)Functional sourcing
C)Strategic sourcing
D)Hybrid Sourcing

Question

Quizplus · Accepted Answer

Strategic sourcing involves managing a firm's external resources in ways that support the long-term goals of the firm, such as reducing costs, improving quality, and achieving greater efficiencies. It involves a comprehensive and long-term approach to procurement that considers the impact on the organization as a whole, rather than just focusing on individual purchases or contracts. Ethical sourcing is focused on ensuring that the goods and services are sourced in a responsible and sustainable manner, while functional sourcing refers to the procurement of goods and services required for the day-to-day operations of the firm. Hybrid sourcing is a combination of multiple sourcing strategies.

Managing a Firm's External Resources in Ways That Support the Long-Term