GlossariesGCSE GlossariesGCSE Business GlossaryPurchasing

Purchasing - GCSE Business Definition

Reviewed by: Steve Vorster

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Purchasing is the process of acquiring the goods and services necessary for business operations. It involves selecting and obtaining items in the right quantity, at the right quality, and at the best possible price to meet the business's needs. Effective purchasing controls costs, maintains quality, and ensures efficiency.

Effective supplier selection, negotiation, ordering, and managing relationships with vendors will strengthen a purchasing strategy to improve profitability and competitiveness in the market.

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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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