Question: 1. Define the four economic values and provide an example of each (PLACE VALUE, INFORMATION VALUE, SUPPLIER SERVICES VALUE and ULTIMATE VALUE) 2. Why is

1. Define the four economic values and provide an example of each (PLACE VALUE, INFORMATION VALUE, SUPPLIER SERVICES VALUE and ULTIMATE VALUE) 2. Why is it smart for a small restaurant owner to buy directly from a primary source? Provide 2 examples of items that lend themselves to this sort of buying. 3. What is a group purchasing organization? List 2 advantages and 2 disadvantages of purchasing through one. 4. Assume you have been purchasing your produce from one supplier for several years. You have been satisfied during this time. A new produce supplier seeks your business and offers you a 4% discount from what you are currently paying. What would you do and why? 5. Give 2 examples of a supplier service.

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