Accounting Multiple Choice Question – 9 July 2024

What are the four elements of the procurement mix?

Select ONE answer:

1. Price, product, place, promotion
2. Quantity, quality, price, lead time
3. Volume, variety, variation in demand and visibility
4. Costs, competitors, customers and corporate objectives

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Accounting KS5 classes.

The answer is 2

1. Notcorrect
2. Correct  –>  The four elements of the procurement mix are quantity, quality, price and lead time (2). Price, product, place and promotion (1) are the four elements of the product marketing mix, while volume, variety, variation in demand and visibility (3) are the four Vs of operations management. Costs, competitors, customers and corporate objectives (4) are the four Cs of pricing.
3. Not correct
4. Not correct

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