A key concept for sourcing managers to understand is the difference between cost and price.

Name: A key concept for sourcing managers to understand is the difference between cost and price.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Cost refers to the expenses incurred in the production of a product or service, whereas price is the amount that customers pay to purchase it. Understanding this difference is essential for sourcing managers to effectively negotiate contracts and manage supplier relationships.

A Key Concept for Sourcing Managers to Understand Is the Difference