Procurement Terms
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A PEST/PESTLE/STEEPLE analysis is a construct that helps analyze the external environment and influences that impact the supply base. It provides a concise way of market investigation and analysis to support procurement, supplier and category strategies.
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Porter’s Five Forces is a model for analyzing its proposed five competitive forces prevalent in all industries. It simplifies the process of recognizing industry weaknesses and strengths to gain competitive advantage from them. In a procurement context, it can be used to determine a procurement category’s forces. Therefore, it can be a vital tool in the formation of a category strategy, sourcing plans, negotiation plans and supplier management strategy.
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