Procurement - GCSE Business Definition

Reviewed by: Steve Vorster

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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.

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Steve Vorster

Reviewer: Steve Vorster

Expertise: Economics & Business Subject Lead

Steve has taught A Level, GCSE, IGCSE Business and Economics - as well as IBDP Economics and Business Management. He is an IBDP Examiner and IGCSE textbook author. His students regularly achieve 90-100% in their final exams. Steve has been the Assistant Head of Sixth Form for a school in Devon, and Head of Economics at the world's largest International school in Singapore. He loves to create resources which speed up student learning and are easily accessible by all.

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