The Partnering for Success feature in Chapter 8 focuses on buying groups, and recommends that small businesses seek out buying groups to participate in. What is a "buying group" in the context of the feature?
A) A partnership that bands small businesses together to attain volume discounts on common products and services that they buy
B) A partnership that bands small businesses together to collectively make the commitment to "buy local" at every available opportunity
C) A partnership that bands small businesses together to get the best prices possible from foreign importers and manufacturers
D) A partnership that bands small businesses together to get the best possible terms from finance companies
E) A partnership that bands small businesses together to get the best possible rates on property and liability insurance

Question

Quizplus · Accepted Answer

A buying group is a partnership between small businesses that allows them to combine their purchasing power to negotiate better prices and terms from vendors on goods and services that they commonly purchase. The goal is to increase their bargaining power and lower their costs by leveraging economies of scale.

The Partnering for Success Feature in Chapter 8 Focuses on Buying