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What are six sourcing strategies?
The six sourcing strategies are as follows: Few Suppliers: choosing few suppliers and building a long-term relationship with them. Many Suppliers: building short-term relationships with a lot of suppliers Joint Venture: a contract with the company to minimize the cost and increase product performance Vertical Integration: taking everything from manufacturing till the delivery in your own hands. Not relying on any outside supplier Virtual Companies: depending on different supplier relationships to get the products. Keiretsu Network: when a supplier becomes a member of the firm he is working for.
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