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Over the last few years of the 20th century, purchasing and supply management has been increasingly accepted as a key area for the improvement of a company's competitive advantage. This text introduces readers to the key principles underlying purchasing and supply management. It provides them with an in-depth discussion of purchasing and supply issues both from a strategic and managerial perspective. Views on purchasing issues are, when possible, illustrated with research results from national and international specialist literature. This edition includes material on the value of Internet for purchasing market research, developing new leveraged purchasing strategies and portfolio management, how to get better results from suppliers, developing cost models and procurement and the EC-Directives.