What would be the most beneficial way for them to initially narrow down the supply options?

A buyer is intending to purchase a new product for their business; however, the market has a large number of suppliers.

What would be the most beneficial way for them to initially narrow down the supply options?
A . Look at lowest-cost suppliers only
B . Predefine minimum standards suppliers must meet
C . Go only to companies they have bought other products from
D . Preselect companies who have the largest market share

View Answer

Answer: B

Explanation:

Setting minimum standards helps filter suppliers efficiently, ensuring that only capable and reliable suppliers are considered. This approach supports both cost and quality objectives.