Procurement - GCSE Business Definition

Procurement is the process of acquiring the goods and services a business needs to operate effectively. Identifying the necessary products, selecting suppliers, negotiating contracts, and purchasing at the best possible price and terms are all examples of procurement. A business can maintain smooth operations by having the right resources available at the right time, ultimately contributing to cost efficiency and competitive advantage. For GCSE Business students, understanding procurement helps to appreciate how businesses manage supply chains and relationships to support overall business objectives.