What do you understand by sourcing? Describe steps would you intend to adopt in identifying suppliers in a retail unit?

Sourcing refers to the process of identifying, evaluating, and selecting suppliers to provide goods or services to a business. It plays a crucial role in ensuring that the company obtains high-quality products at the best possible prices, while also maintaining reliable relationships with vendors. In a retail unit, sourcing encompasses the entire supply chain, from selecting manufacturers or wholesalers to managing logistics and inventory. Effective sourcing strategies are essential for maximizing profitability, minimizing costs, and ensuring customer satisfaction.

When it comes to identifying suppliers in a retail unit, the process involves several key steps. The primary objective is to find reliable and cost-effective suppliers that align with the retail unit’s business goals, product requirements, and customer expectations. Below are the steps ____ __________ _____ ________ __________ _________ ________ _________ ____ __________.
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