Identify a company or industry that you are either familiar with or one that you would like to become more familiar with . As a purchasing professional of the chosen company or industry , identify a purchased material or component that is used to produce a specific product .
Analyze how your purchasing strategies of this material or component will change depending on the different stages of the Product Life Cycle : Introduction , Growth , Maturity , and Decline . To perform this analysis consider the following questions :
§ Where does the purchased material or component fall in the Product Life Cycle ? Is this a new technology or has this material or component matured within its market ?
§ Do you anticipate product functional changes that will require revisions to the purchased material or component ? How would the Product Life Cycle stages of the product being produced alter your purchasing actions ?
§ At the different stages of the Product Life Cycle will you be more inclined to negotiate either contracts or purchase orders with the supplier ?
§ How will you work with other functional areas within your company to determine the best purchasing strategy for each Product Life Cycle ? Is the importance of cross-functional teams different depending on the Life Cycle stages ?
§ How would you consider financial risk when determining your purchasing strategies ?
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