As a regional manager for ABC Manufacturing, your duties will include negotiating contracts with vendors to maintain production and transportation schedules. Because you just came on board, the chief

As a regional manager for ABC Manufacturing, your duties will include negotiating contracts with vendors to maintain production and transportation schedules. Because you just came on board, the chief operating officer (COO) has asked you to address the senior team leaders on the importance of contract negotiations in vendor selection. You begin the meeting by asking each leader to provide his or her understanding of what negotiating means, and the importance of negotiating in supply chain management. In addition, you ask the leaders to identify 3 key members of the contract negotiating team.

Describe the following:

• Part 1: What does negotiation mean in today’s business environment?
• Part 2: What role does contract negotiations play in the vendor selection process?
• Part 3: Identify the roles and responsibility of at least 3 key members of the contract negotiation team.