Procurement: meaning, definitions and examples

Used in a formal or business context, especially when referring to the process of obtaining goods or services, often involving a sequence of steps or regulations.

• The procurement department is responsible for sourcing raw materials.
• Government procurement policies necessitate transparent bidding processes.

Applicable in both business and general contexts, acquisition implies the act of obtaining something usually significant, like assets, companies, or skills.

• The company is planning the acquisition of a smaller tech firm.
• Her acquisition of fluency in French took years of practice.

Intermediate formality between buying and procurement, typically used in both day-to-day and business contexts to refer to the action of buying goods or services.

• She is purchasing a new laptop for work.
• The purchasing manager has finalized all the orders for this quarter.

Casual and everyday term used when discussing the act of purchasing in a straightforward manner without the formal connotations. Suitable for personal and informal business contexts.

• I am buying groceries for dinner tonight.
• Customers are buying more online due to convenience.

Often used in business and government sectors to refer to the formal process of obtaining goods or services. It usually involves specific procedures and regulations.

• The procurement department is responsible for acquiring new office supplies.
• We need to review our procurement policies to ensure compliance with the new laws.

Typically used to describe the act of obtaining control or ownership of something, such as a company, property, or knowledge. It can relate to both tangible and intangible assets.

• The company's acquisition of the startup boosted its technological capabilities.
• Her acquisition of new skills made her a valuable employee.

Commonly used in supply chain management to describe the process of finding and verifying suppliers of goods or services. It focuses on identifying the best sources.

• Effective sourcing is crucial for maintaining product quality.
• Our sourcing strategy focuses on finding sustainable and reliable suppliers.

Refers to the act of buying goods or services, often in a more general or everyday context. It can be used in both personal and business settings.

• She is responsible for purchasing supplies for the office.
• We made a large purchasing order for the upcoming event.