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DEFINITION:-
Purchasing refers to the function of processing of materials, supplies,
machines, equipments, tools, spare parts and services required for meeting the needs
of production department and maintenance department.
Purchasing implies the act of exchange of goods and services for money. In its
narrow sense, purchasing refers merely to the act of buying on item at a price. In a
boarder sense, purchasing is a managerial activity involving planning and policy
formulation, research and development strategies required for the proper selection of
materials and sources of supply, negotiating with supplies for best price terms, placing
purchase orders follow-up to ensure timely delivery, co-coordinating with other
departments. Receiving, inwards inspection, stores and accounting
See changes in trends, either in price or other factors that will affect the
sales of the company.