A buyer is intending to purchase a new product for their business; however, the market has a large number of suppliers. What would be the most beneficial way for them to initially narrow down the supply options?
A.
Look at lowest-cost suppliers only
B.
Predefine minimum standards suppliers must meet
C.
Go only to companies they have bought other products from
D.
Preselect companies who have the largest market share
Setting minimum standards helps filter suppliers efficiently, ensuring that only capable and reliable suppliers are considered. This approach supports both cost and quality objectives.
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