Adding Procurement Value to Marketing Spend
Procurement teams can help other departments identify their current resources and true needs, conduct thorough sourcing events with vetted suppliers, and negotiate best-in-class agreements. Through this process, long-term, strategic relationships can be established with the right suppliers, increasing value to the organization while ensuring the most competitive market pricing is achieved.
Marketing is one of the newer categories being addressed by procurement departments in the world today. Like other specialized areas whose spend was traditionally kept separate from procurement and sourcing departments, marketing has some unique characteristics for which procurement professionals must be prepared. You can master methods of working with your marketing department to gain their cooperation, implement a world-class marketing procurement strategy, and, ultimately, achieve better value. Upon completing this course, you will be able to:
- Apply three valuable processes to marketing
- Identify initial marketing categories for consideration
- Establish a relationship with your marketing department
- Apply the five phases of strategic sourcing for marketing
- Apply the five best practices of sourcing marketing
- Identify when to collaborate with consultants
This course was developed in close collaboration with SourceOne Management Services—a consultancy with extensive expertise in sourcing Marketing spend.
This is a self-paced course with no instructor-led forum and you have 30 days from registration to complete all course elements. It should take you approximately one hour to review the material and take any quizzes. All readings are provided in the course.
This course has been pre-approved for 1 hour of CE credit towards the CPOS, CPOP, CPOM, and CPOE certifications.