Title: Explain how vendors are chosen.
Course: Small Business Marketing (12161) > Section: Understanding Product/Service Management

Explanation should include the selection process:

- Analyze business needs.
- List candidates.
- Meet potential vendors.
- Review requests for proposals (RFPs).
- Write a contract.

Process/Skill Questions:

- How are vendors chosen?
- What quantity, quality, and delivery frequency are required for vendors?
- What are the advantages of buying from a single supplier? From several suppliers?
- How might building a relationship with vendors prove beneficial for the retailer?
- What factors best facilitate effective buyer-vendor relationships? Why?
- What methods are used to find and meet potential vendors?
- Why is it important to request product samples before making a final vendor selection?