Negotiation & Supplier Management Flashcards
6 cards from real APP practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Negotiation & Supplier Management flashcards as text
What is the most critical factor in successful negotiation?
Answer: Preparation
Preparation is key to successful negotiation, including knowledge of needs, goals, and alternatives.
Which of the following is a key element in managing supplier relationships?
Answer: Effective communication
Effective communication ensures expectations are clearly shared and issues are resolved efficiently in supplier management.
What is a win-win outcome in negotiation?
Answer: Mutual benefit for both parties
A win-win negotiation ensures both parties benefit, fostering long-term collaboration and trust.
What does 'supplier scorecard' refer to?
Answer: Performance evaluation tool
A supplier scorecard is used to evaluate vendor performance using metrics like quality, delivery, and cost.
Which strategy helps reduce supplier risk?
Answer: Diversifying supplier base
Diversifying your supplier base ensures continued supply in case one vendor fails or faces disruptions.
Why is ethical conduct important in supplier negotiations?
Answer: To build trust and integrity
Ethical practices build trust, foster strong relationships, and ensure long-term business integrity.