Which of the following best explains a 'buying consortium'?
A) One company purchases on behalf of another.
B) Individual companies created a legally binding arrangement to bundle their purchasing volumes through a joint initiative.
C) There is a central purchasing department where corporate contracting specialists operate at the strategic level.
D) Individual companies voluntarily bundle their purchasing volumes through a joint initiative.

Question

Which of the following best explains a 'buying consortium'? 
A) One company purchases on behalf of another. 
B) Individual companies created a legally binding arrangement to bundle their purchasing volumes through a joint initiative. 
C) There is a central purchasing department where corporate contracting specialists operate at the strategic level. 
D) Individual companies voluntarily bundle their purchasing volumes through a joint initiative.

Quizplus · Accepted Answer

A buying consortium involves multiple companies coming together voluntarily to aggregate their purchasing orders. This collective effort is aimed at leveraging their combined purchasing power to negotiate better terms, prices, or products from suppliers, rather than being a legally binding arrangement or involving one company purchasing on behalf of another.

Which of the Following Best Explains a 'Buying Consortium