Global sourcing involves contracting with suppliers from around the world to purchase goods and services.

Question

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Global sourcing is the practice of sourcing goods and services from suppliers around the world. It involves identifying, evaluating, and engaging potential suppliers in different countries to obtain the best value for money and quality. This process often involves language barriers, cultural differences, and logistical challenges, but can result in cost savings, access to new markets, and increased competitiveness.

Global Sourcing Involves Contracting with Suppliers from Around the World