The traditional approach to purchasing and supply management is to build relations with suppliers to jointly pull costs out of the product or service and expect suppliers to contribute innovative ideas that continually add value to a firm's products and services.

Question

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The traditional approach to purchasing and supply management often focused on price negotiations, cost-cutting, and ensuring supply rather than building long-term relationships with suppliers for joint innovation and value addition. The description provided aligns more closely with contemporary, strategic approaches to supply chain management.

The Traditional Approach to Purchasing and Supply Management Is to Build