Question
State the important considerations that an entrepreneur should keep in mind while purchasing the right quality and quantity of material at a right time and price.
✓
Answer
The important considerations that an entrepreneur should keep in mind while purchasing the right quality and quantity of material at the right time and price marks are:
- Develop good relation with the supplier.
- Prepare detailed specification of the purchases.
- Find out current market price.
- Calculate correct inventory level arrangement of finance.
- Build up goodwill and credit worthiness.
- Avoid dependence on single supplier.
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