Competition is a contest between businesses that are striving for the client’s business. Organisations in business are usually in competition with others for customers, markets, materials and, of course, contracts. Most procurement governance schemes value competition between suppliers as a means of securing value. Many markets are not ‘free and open’ as there are barriers to entry or market distortions such as monopoly, and because market offerings are not homogenous. Similarly, the practice of inviting three quotes, bids, offers or tenders may not harness the available competition. See also Market Structures.

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Discover the world’s largest Glossary of Procurement terms

With over 800 Procurement specific terms (and growing) you will find everything you need to know or thought you knew about the Procurement function. Our aim is to provide you with a comprehensive list collated from the Comprara Groups hub of training and consulting source materials.The Procurement Glossary has been compiled by industry expert Paul Rogers.