Memorandum Week 5 Assignment.docx - Memorandum To From Date Subject Danielle Babb Henry Theodore Freidenberger III October 7 2018 Vendor Selection

Memorandum Week 5 Assignment.docx - Memorandum To From Date...

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Memorandum To: Danielle Babb From: Henry Theodore Freidenberger III Date: October 7, 2018 Subject: Vendor Selection Criteria I am proposing this memo in response to your request to develop specific criteria for the vendors we choose to utilize to supply our business. In preparation of presenting this memo to you, I conducted what I believe to be thorough research to explain why we need selection criteria. I will present the specific criteria that I feel will provide us the most benefit. I will begin by providing an example of a well-known company and describe how it chooses its vendors. According to Vendor Partners (n.d.), Dollar Tree relies on strong vendor partnerships to ensure success. They believe in building mutually beneficial relationships based on a solid foundation of honesty and trust (Vendor Partners, n.d.). They have three different sections of vendors: merchandise vendors, supplies and services, and logistics. They are constantly seeking new and different products that will offer customers quality, value, and variety. Their goal is to secure the highest quality goods at competitive prices (Vendor Partners, n.d.). Lastly, they work closely with their vendors, carriers, and transportation associates to achieve an extremely cost- efficient supply chain (Vendor Partners, n.d.). According to Lotich (2015), there are seven things to consider when considering a vendor. I believe these are the seven points are company should use to evaluate our vendors as well. They are: full price; quality of product or service; customer service; ethics and integrity of company; professionalism of employees, recommendation from others, and existing relationships (Lotich, 2015). Let’s explore each of these criteria in detail.
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First, let’s consider full price. Our goal should be to get the maximum value for the
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