Bachelor of General Studies (BGS) Degree Practice Exam

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What is the primary purpose of a buyer negotiating with a supplier?

To establish long-term contracts.
To negotiate favorable pricing on parts.
To comply with regulatory requirements.
To create multiparty agreements.

The correct answer is: To negotiate favorable pricing on parts.

The primary purpose of a buyer negotiating with a supplier is to negotiate favorable pricing on parts. This negotiation is crucial as it directly impacts the cost structure and profitability of the buyer's business. By securing better prices, buyers can optimize their budgets and allocate resources more effectively, essentially improving their competitive edge in the market. While establishing long-term contracts is beneficial for consistency and stability in supply, the immediate focus in many negotiations is to achieve the best possible price. Regulatory compliance and multiparty agreements, although important in certain contexts, do not represent the core objective of most buyer-supplier negotiations. Thus, favorable pricing stands out as the primary aim.