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Meaning of purchasing

 

 

 

Purchasing

 

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Business glossary

 

Meaning of term purchasing :

 

Purchasing is the buying of any raw materials, parts or equipment that are needed by the firm. In some firm this function may be carried out by each individual department, but many firms will centralise this function and have a dedicated department responsible for all purchasing. This approach will often allow the firm to negotiate better rates with suppliers and therefore offer the possibility of economies of scale.

 

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Purchasing

 

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Meaning of term purchasing

 

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