1.1 Getting Started: What Is Purchasing?

Define purchasing and supply management.

Identify and discuss the diverse areas of expertise a purchasing professional needs to develop.

Discuss the evolution of purchasing from clerical position to strategic contributor.

Describe how purchasing contributes to your firm’s competitiveness.

Use the profit-leverage effect to demonstrate purchasing’s contribution to your firm’s profitability.

Use the strategic profit model to show how your decisions influence your firm’s return on assets.