Sourcing strategies in supply chain management are the ways in which organizations acquire goods and services to meet customer needs. These strategies can include procurement from internal or external sources, as well as from local, national, or global suppliers. Procurement involves identifying potential suppliers, analyzing the costs of each option, selecting the best supplier for each product or service, negotiating prices and terms, and setting up contracts. By effectively utilizing these strategies, companies can ensure that they get the best value for their money while still meeting their customers’ requirements.