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Vendor selection is a critical component of supply chain management in retail, as it directly influences product availability, quality, cost efficiency, and customer satisfaction. The process begins with identifying the need for goods or services and defining clear specifications such as quantity, quality standards, delivery timelines, and budget constraints. Retail managers then conduct market research to identify potential vendors, followed by issuing requests for information (RFI), requests for proposal (RFP), or requests for quotation (RFQ). Vendors respond with their capabilities, pricing, ___ ________ ___ ____ ______ _________ ____ ________ ________.
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