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target used purchasing patterns to reliably predict life events and send targeted coupons to customers
What is purchasing?
Purchasing is the process by which a company or organization acquires goods or services in order to achieve its objectives. Although numerous organizations seek to establish standards in the purchasing process, practices can vary widely amongst firms.
The major objectives of purchasing are to ensure continuous supplies of raw materials at the lowest total cost, increase the quality of final items produced, and optimize customer happiness.
The purchasing cycle, also known as the procurement cycle or procure-to-pay (P2P), is the process of ordering, obtaining, and paying for the goods and services required by your firm.
The total cost of the item(s) or service acquired, including taxes, shipping expenses, and other fees and contingencies, is referred to as the purchase cost.
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