Question at position 14 Buying materials and components from suppliers instead of making them in your company-owned operations, is known as?OutsourcingSelective SourcingOffshoringInsourcing

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Understanding the question: it asks for the term that describes buying materials and components from suppliers rather than producing them in company-owned operations.
Option 1: Outsourcing. This is the standard term for transferring an activity or function to an external supplier, which in this case is obtaining materials from outside rather than manufacturing them internally.
Option 2: Selective Sourcing. This would imply a deliberate choice among suppliers for specific items or contexts, but it does not fundamentally denote transferring production to external suppliers for all materials.
Option 3: Offshoring. Offshoring refers to relocating production activities to a different country, typically for cost advantages, not merely purchasing from suppliers domestically. The definition emphasizes location shift of production rather than the act of sourcing from others.
Option 4: Insourcing. Insourcing is the opposite of outsourcing: performing work within the company’s own facilities. This contradicts the idea of buying from external suppliers.
In summary, the key concept described is obtaining materials from external suppliers rather than producing them in-house, which aligns with outsourcing rather than the other options.

Question at position 14 Buying materials and components from suppliers instead of making them in your company-owned operations, is known as?OutsourcingSelective SourcingOffshoringInsourcing

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Question at position 14 Buying materials and components from suppliers instead of making them in your company-owned operations, is known as?OutsourcingSelective SourcingOffshoringInsourcing

View Explanation

Log in for full answers

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Part 1What is transferring a firm's activities that have traditionally been internal to external suppliers?Part 2 A. keiretsu network B. make-or-buy C. outsourcing D. vertical integration