Sourcing Products – Method to deal with wisely

By: Sneha Shah

The sourcing of the product is considered as crucial part of business. If you purchase product in reasonable prices then only can offer to customers at affordable prices.

It is undeniable fact that the competition, demand and cost are the three main key factors that examine the success of business trade. To achieve a strong position in international market it is important to source the product at such price through which it is easy to attract customers towards your products. The success and failure of any business trade can be easily determined by its production cost as it is considered to be the most important part of the trade.

The key factors that play decisive role in business trading are:

• Avoiding contribution of any middle-person in your business trade. In other words always try to source products directly from the company or producer.

• Making use of additional facilities like special zone for export processing and cost effective export credit can prove out to be leveraging incentives.

• Sourcing products directly from producers have traditionally excelled in manufacturing quality products and services make all difference.

Besides the above mentioned points, there should be practical approach in order to select product wisely. Thus, in order to improve the product selection few key factors are given below:

• The product’s sourcing or manufacturing should be ISO or equivalent certification proved

• The available product’s stock should be adequate enough

• The product must be cost effective

• The products should be labeling and packaging careful especially to all perishable nature product.

• All the deals related to export matters must be done with utmost care and according to the rules and regulations of government.

• Must use modern method of logistic and advance means of transport.

A good business person must use alternatives and need to take every business decision carefully for the betterment of sourcing solutions. But, the price factor is considered to be the crucial factor in business domain. Moreover, it is also necessary to perform advance practice before finalizing the proficient source of products.

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