Thursday, September 6, 2012

Competition in society

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The “competition-promoting” purchasing practices are Multiple Sourcing, Short-term Contracting, Competitive Bidding, and Fully developed specifications. Multiple Sourcing is designed to assure availability among all of the required materials. Short-term contracting is designed to get the full benefits of changing markets and to help search for better alternatives. Competitive bidding is designed to help achieve the best price for a product in a given market through a competitive environment. Finally, Fully developed specifications are designed to ensure the correct and uniform product quality. Another rationale for this practice is to promote a competitive buying environment and to exploit a competitive situation. One of the major concerns of buyers in formulating their purchasing strategies is the price of the product.

Under this competitive condition to protect the normal profit margin, a supplier must reduce its long term production cost through innovation and improved efficiency. Those who don’t choose this route will eventually be forced out of the market. Short term contracts for smaller volumes also means that individual suppliers must deal with many customers. A level change requires the use of more overtime workers or frequent hiring or laying off of workers. In this case direct and indirect labor costs tend to be higher under this option, and the production cost will increase as a result.

The buyer-supplier relationship is affected by the purchasing strategies in many different ways. The multiple sourcing and competitive bidding strategies requires that a buyer provide potential suppliers with developed and precise described product specifications. The buyer must insist that suppliers conform strictly to the specifications. Since suppliers are committed to the current contract only they are less likely to take the initiative to consider modifications that may improve product quality. By frequently changing a supplier a buyer deprives his/her current supplier of the chance to reduce its production cost through the extended learning-curve effect. Competitive bidding tends to put an emphasis on the lowest price. Suppliers under this pressure sometimes feel forced to cut prices. Many suppliers’ decisions tend to be based on short-term rather than long-term considerations. Continuous and Harmonious effort from the buyer and supplier, to improve the supplier’s cost structure is what leads both parties to the real savings.

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