Match the objective to its definition.

Question $1$ options:

Through effective procurement strategies, organizations can be competitive in quality and prices of their products and services. In many cases, procured goods and services provide a major opportunity area for reducing costs in organizations and for improving return on assets.

Procurement sources and manages relationships with suppliers. Forming partnerships and strategic alliances with suppliers allows organizations to focus on providing quality products and services.

Procurement supports the day$-$to$-$day operational requirements of an organization by acquiring raw materials, components, sub$-$assemblies, finished goods, maintenance, and repair items and services.

Procurement plays a vital role in ensuring continuity of supply, reducing costs, sourcing from qualified suppliers, and ensuring that the quality of goods and services are maintained. However, procurement cannot accomplish these tasks without a close, working relationship with other functions within a firm.

Most firms' primary objectives include increasing revenues and reducing costs, which can be achieved by the help of procurement. Using effective procurement strategies, organizations can position themselves to be competitive on quality and pricing of their products and services.

$1.$

Supporting Operational Requirements

$2.$

Working with other Functional Groups

$3.$

Partnering with Suppliers

$4.$

Supporting Organizational Goals and Objectives

$5.$

Developing Sourcing Strategies