Lesson 1 - Purchasing management - concepts 101 - Learn main concepts in corporate purchasing

Corporate purchasing is different from personal buying! Let’s break down the puzzle of how individuals decide, choose, and buy things. And then, trace a parallel with the corporate purchasing.

You’ve learned in the marketing classes that there is a buying process that most consumers follow. It starts with the need recognition. Then, usually, people search for information about products. They identify alternatives
and then make the decision which product they will buy. After using the product, they may like it or be frustrated with their choice.

The purchasing process and procedures intend help purchasing professionals to find the most suitable solution for the company.
Let’s next check the main activities of the corporate purchasing process.

The needs usually arise from sales forecast and production plan.
Then, there is a very critical step, to identify, sort, and define the requirements that will be fulfilled by the purchasing.

After, the purchasing department should look for and choose suppliers that can provide solutions to the requirements. Also, the purchasing team has to negotiate the technical and commercial terms.

The purchasing is placed, items are received, verified and put available for the company. After receiving the materials there is lots of work to be done.

Follow up with internal clients about deliveries, quality of the materials, and, if the contract terms are being followed.

Course info

This video is part of the online course Introduction to Procurement Management for university undergraduate programs. The videos were designed to be used as a preparatory activity before classes.

The course covers the following topics:

• Procurement, purchasing and supply management
• Strategic Supply chain and procurement
• Procurement processes and purchasing types
• Sourcing strategies
• Supplier and vendor selection
• Supplier and vendor risk assessment
• Contract, RFP, RFQ, SOW, and SLA administration

Author info

Americo Cunha - Professor (Higher Education)
Operations & Project Management, DSc, MBA, MSc

MY SOCIAL MEDIA AND CONTACT MEDIA

E-MAIL: americoelearning@gmail.com
WEBSITE: www.americoelearning.com
TWITTER: @AmericoBC
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Topics covered in this video: purchasing lectures, procurement training, purchasing training, purchasing lectures, supply chain lessons, logistic training, logistic lessons, logistic lectures, supply sourcing strategy, operations management (field of study), break-even analysis, operations management lecture, business process mapping, flowcharting mapping, supply chain (field of study)

MISSION STATEMENT

My mission is to provide practical courses in business analysis for effective professionals. The objective is to keep the focus on the essential needs of professionals that work within short due dates and under pressure.

We provide a hands-on learning process. During the courses, my students have the opportunity of developing skills such as problem-solving, critical thinking, and quali-quantitative analysis in practical business applications. My sessions started with the basics, then practice, implementation in a supporting software, and at the end, recommendations for a professional presentation. We cover the complete cycle, from the analysis to the business presentation.

My background includes D.Sc. in Industrial Engineering, and MBA, and 20+ years of hands-on experience in service and manufacturing industry. My teaching differentials represent a combined approach with a deep understanding of Business Management models, real case assessments, and personal testimony from my multifaceted experience. My extensive hands-on business experience (20+ years) along with proper teaching methods has been contributing to my students’ success since my first teaching assignment 15 years ago.

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Please watch: "RFP 101 - Request for proposal in Purchasing Management"

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