From the course: Strategic Sourcing of Suppliers
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Choosing the best go-to-market approach
From the course: Strategic Sourcing of Suppliers
Choosing the best go-to-market approach
- Your sourcing strategy has been approved, and you're moving to step four, going to market. From your activity in steps one and two, you've identified that the supply market is competitive. To get the best deal, you're going to use your leverage and apply as much competitive tension as possible by requesting bids from several pre-qualified suppliers. You now have three go-to-market options. These days, most bids, either RFP, request for proposal; or RFQ, request for quotation, are issued electronically via an online sourcing platform. All participants are then asked to submit their response by a specific date on a standard response template that you will have designed. Now, as an aside, a tip to get the fullest and best response from the bidders is to make the template simple. Ask as few questions as possible and think carefully about their wording so there's no ambiguity and you receive meaningful and precise answers.…
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