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Lorenzo Cunningham has settled on purchasing a new Honda Accord and has found that the suggested retail price is $23,600 and that the dealer's invoice price is $21,500. It is time for him to go to a dealer and negotiate the price he will pay for his new car. What step in the purchasing process is Lorenzo carrying out

Answer :

Tundexi

The purchase process that Lorenzo is carrying out is the determination of the purchase price.

Basically, the process of purchase entails the entire process of the purchase stages between the buyer and the seller from negotiation to final purchase of goods or service.

The steps in purchase process includes:

  • Identifying need: The is the stage where the a person declares that he need to buy a particular goods.
  • Supplier evaluation: This is the stage where the supplier evaluate the price of the goods.
  • Determination of price: This is the stage where the price of the goods have been determined after deduction of discounts, tax etc
  • Delivery: This is the stage where the goods is delivered to the buyer.

Therefore, in conclusion, the purchase process that Lorenzo is carrying out is the determination of the purchase price.

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