Sourcing strategies are an essential part of any business. They are the strategies used to identify, evaluate, and select suppliers and vendors to provide goods and services to a company. Sourcing strategies are typically developed to ensure that a company is able to get the best quality goods and services at the lowest possible cost. Companies use a variety of techniques to evaluate potential suppliers, such as price comparisons, supplier surveys, and supplier reviews. Once a company has identified a potential supplier, they must then negotiate the terms of the agreement, including price, delivery times, and quality standards. Sourcing strategies are also used to ensure that a company is able to maintain a good relationship with its suppliers and vendors. This is important for ensuring that the company is able to continue to get the best quality goods and services at the lowest possible cost.