what does global sourcing mean?

Question and answer

Question

Asked 5/19/2014 3:09:47 AM

0 Answers/Comments

This answer has been confirmed as correct and helpful.

Get an answer

Search for an answer or ask Weegy.

Original conversation

User: what does global sourcing mean?

Weegy: Global sourcing offers many benefits, including lower costs, faster go-to market time and a broader resource pool. This article provides tips on how to make the most of global sourcing. [ But first, it's important to understand exactly what global sourcing means. What Is Global Sourcing? According to Wikipedia, global sourcing is the practice of sourcing from the global market for goods and services across geopolitical boundaries. Global sourcing often aims to exploit global efficiencies in the delivery of a product or service. These efficiencies include low cost skilled labor, low cost raw material and other economic factors like tax breaks and low trade tariffs. The whole point of global sourcing is to find better sources of supply around the world, offering improved quality and lower prices. How To Make Global Sourcing Work Here s a five-point strategy for making your first global sourcing foray successful. 1. Source to a country with low labor costs and good quality control. Companies typically enjoy a 10-35% cost savings by sourcing. In the past, China was considered the go-to country for the lowest pricing and acceptable quality. (Be careful here because the transportation cost alone from China to your factory door can jack up the price considerably on your landed price per unit; make sure the price your supplier offers sans transportation costs beats all other competing supplier bids a hundred times over to ensure you end up with the lowest possible price). But now, companies are turning to such destinations as Korea, India and Vietnam for alternative low-cost country suppliers, especially since China is slowly raising its pricing. The key to global sourcing success lies in you doing your homework in advance. Know what pricing you need and the quality, product specifications and timeline that will fit with your overall strategy. Read more- ]
wedwards123|Points 130|

User: What is a contractual arrangement in which a wholesaler or retailer agrees to meet the operating requirements of a manufacturer?

Weegy: FRANCHISING is a contractual arrangement in which a wholesaler or retailer agrees to meet the operating requirements of a manufacturer. [smile]
Mayang30|Points 3082|

User: ISO 9000 standards set requirements for

Weegy: ISO 9000 is a series of standards that has been deemed to represent good quality management practices by international consensus, consisting of a set of standards and guidelines related to quality management systems. [ ]
selymi|Points 14936|

User: Is product quality a set requirement for ISO 9000

Weegy: ISO 9000 was quickly adopted as the premier standard to ensure uniform manufacturing and auditing processes. [ The program went through a major revision in 2000 and now includes ISO 9000:2000 (definitions), ISO 9001:2000 (requirements) and ISO 9004:2000 (continuous improvement). ]
Serene.1984|Points 0|

User: The organizational buying process has more steps than the consumer buying process, which can be attributed to

Weegy: The organizational buying process has more steps than the consumer buying process, which can be attributed to : the fact that organizational buying involves teams and takes several months to make decisions. [ ]
Expert answered|jeifunk|Points 23409|

Question

Asked 5/19/2014 3:09:47 AM

0 Answers/Comments

This answer has been confirmed as correct and helpful.

New answers

Rating

There are no new answers.

Comments

There are no comments.

Add an answer or comment

Questions asked by the same visitor

What is it called when inB2B marketplace, segmentation based on how industrial purchases will product?

Weegy: SEGMENTING is it called when inB2B marketplace, segmentation based on how industrial purchases will product. (More)

Question

Expert Answered

Asked 5/17/2014 7:41:38 PM

0 Answers/Comments

marketing outsoucing

Weegy: In business, outsourcing is the contracting out of a business process to a third-party. (More)

Question

Expert Answered

Asked 5/19/2014 3:08:56 AM

0 Answers/Comments

what is offshoring?

Weegy: Offshoring is the relocation of a company's business operations outside its country of location. Foreign labor is substituted for domestic labor. [ Offshoring is much ... ] User: What does reciprocity mean? Weegy: Reciprocity is the practice of exchanging things with others for mutual benefit, especially privileges granted by one country or organization to another. User: what does outsourcing mean? Weegy: What kind of out sourcing please (More)

Question

Not Answered

Updated 5/19/2014 8:19:17 AM

1 Answer/Comment

paral

In business, outsourcing is the contracting out of a business process to a third-party.

Added 5/19/2014 8:19:17 AM

This answer has been confirmed as correct and helpful.

what are manufacturers?

(More)

Question

Not Answered

Updated 5/19/2014 3:50:22 AM

1 Answer/Comment

alfred123

A manufacturer is an entity that makes a good through a process involving raw materials, components, or assemblies, usually on a large scale with different operations divided among different workers.

Added 5/19/2014 3:50:22 AM

This answer has been confirmed as correct and helpful.

40,231,749

questions answered