What are the new modes of making purchases?
Answers
Answer:
Purchasing by Requirement: ...
Market Purchasing: ...
Speculative Purchasing: ...
Purchasing for Specific Future Period: ...
Contract Purchasing: ...
Scheduled Purchasing: ...
Group Purchasing of Small Items: ...
Co-operative Purchasing
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Explanation:
Answer:
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Explanation:
1. Purchasing by Requirement:
This method refers to those goods which are purchased only when needed and in required quantity. The goods which are not regularly required are purchased in this way.
2. Market Purchasing:
Market purchasing refers to buying goods for taking advantages of favourable market situations. Purchases are not made to meet immediate needs but are acquired as per the future requirements.
3. Speculative Purchasing:
Speculative purchasing refers to purchases at lower prices with a view to sell them at higher prices in future. The attention in this method is to earn profits out of price rises later on.
Speculative purchasing should not be confused with market purchasing. The former is done to earn profits out of future price rises where as the latter is concerned with purchasing for own needs when favourable market situations exist.
4. Purchasing for Specific Future Period:
This method is used for the purchase of those goods which are regularly required. These goods are needed in small quantity and chances of price fluctuations are negligible.
5. Contract Purchasing :In the words of Spriegel it is “the purchasing under contract, usually formal, of needed materials, delivery of which is frequently spread over a period of time.” Under this method a specific quantity of materials is contracted to be purchased and delivery is taken in future.
6. Scheduled Purchasing:
Under this method the suppliers are supplied a probable time schedule for material requirements so that they are in a position to arrange these in time. An accurate production schedule is prepared for estimating future material needs. The suppliers are informed of probable needs and orders are sent accordingly.