Step 5: Managing the Relationship

After the contract has been signed, it's important to manage the relationship with the supplier. This
includes monitoring the supplier's performance, tracking the delivery of the products, and
addressing any issues that may arise. The business should also conduct regular reviews of the
supplier's performance and consider any changes in the market that may impact the supplier's
ability to meet the business's needs.

In conclusion, product sourcing is a critical step in the supply chain management process, as it
directly impacts the quality, cost, and availability of the products a business offers. The product
sourcing process involves identifying product needs, researching potential suppliers, evaluating and
selecting suppliers, negotiating and signing contracts, and managing the relationship with the
supplier. Each step of the process requires careful planning and execution to ensure the business is
able to source the products it needs at a competitive price and with minimal risk.