What process involves acquiring products for resale or business operation?

The process of acquiring products for resale or business operation is called purchasing. This function is essential for any business, as it involves selecting suppliers, negotiating terms, and acquiring goods that will be sold or used in operations. Effective purchasing ensures that a business has the right products at the right time and at the right cost, directly impacting its overall profitability and ability to meet customer demands.

Purchasing is distinct from marketing, which focuses on promoting and selling products rather than acquiring them. Retailing refers to the selling of goods to consumers, and logistics is more about the management of the flow of goods from point of origin to the consumer, which includes transportation, warehousing, and inventory management. While all these functions are integral to business operations, purchasing specifically addresses the initial step of obtaining goods necessary for resale or usage.