In ________, companies put their purchasing requests online and invite suppliers to bid for the business.

Question

Quizplus · Accepted Answer

The process described in the question is known as reverse auctions, where companies invite suppliers to bid for their business online. This method allows companies to negotiate lower prices for goods and services by creating competition among suppliers. Strategic sourcing, trade exchanges, outsourcing activities, and insourcing activities are related to procurement, but they refer to different processes and strategies.

In ________, Companies Put Their Purchasing Requests Online and Invite