Sourcing Strategy at General Mills - 690 Words

Developing a sourcing strategy is vital with my new â€Å"buyer† position at General Mills. I need to consider what General Mills is looking for and what best suits their company. The first step I need to take in developing a sourcing strategy is to conduct an assessment of General Mills current spending. According to General Mills’ Annual Report, the payments due in 2014 are $3,844,200. This amount includes long term debt, accrued interest, operating leases, capital leases, and purchase obligations. At this time, General Mills can expect to spend $2,730.70 on cocoa each month. The second step will be assessing the supply market and discovering who offers what. General Mills is a member of the World Cocoa Foundation, which helps create contact with cocoa farmers, origin governments, and environmental organizations. It is very important to consider environmentally and labor friendly options when developing my sourcing strategy for cocoa beans. General Mills does not want to risk partnering with an unethical cocoa farmer who violates labor laws using young children or putting the workers through harsh conditions. Next I will need to conduct a total cost analysis to see how much it would be to purchase cocoa. The monthly cost of cocoa beans fluctuates monthly. In January, 2010 cocoa beans were being sold at their highest- $3,525.12. Currently, cocoa beans are sold for $2,730.20. It may be wise to purchase a larger amount of cocoa beans when the cost of them declines, to saveShow MoreRelatedMarketing Plan For Quality Freelance Writing Company Essay1480 Words   |  6 PagesContent Company Marketing Plan Quality Freelance Writing Companyâ€Æ' Table of Contents Topic Page # Company Description 3 Business Mission 4 Situation Analysis (SWOT Analysis) 5 Objectives 10 Marketing Strategy 12 Implementation, Evaluation and Control 21 Summary 24 Works Cited 25 Company Description GreaterThings Freelance Content Company (GreaterThings FCC) is a writing company that provides quality blog and websiteRead MoreGeneral Mills It3528 Words   |  15 PagesCorporate Information Technology Assessment of General Mills MGT 6530-Managerial Application of Technology The College of Saint Scholastica Executive Summary General Mills is one of the largest food companies in the world, and uses an extensive array of information technology (IT) to support its day-to-day operations. 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I define upstream CSR as the management of environmental and social aspects that are determined, or occur, upstream within the supply chainRead MoreSummer Internship Report on Madura Garments6439 Words   |  26 Pagescome in during the Trade shows held twice a year 6 months prior to the launch of a season (Spring-Summer or Autumn-Winter). Sourcing and production plan for those channels so are essenti ally done against fixed orders. But for Institutional Channel orders are not predetermined and customers come in with orders with very short lead time. This makes sourcing and manufacturing strategy for this process completely different from traditional channels. Currently the company Madura Garments (for referenceRead MoreSummer Internship Report on Madura Garments6431 Words   |  26 Pagescome in during the Trade shows held twice a year 6 months prior to the launch of a season (Spring-Summer or Autumn-Winter). Sourcing and production plan for those channels so are essentially done against fixed orders. But for Institutional Channel orders are not predetermined and customers come in with orders with very short lead time. This makes sourcing and manufacturing strategy for this process completely different from traditional channels. Currently the company Madura Garments (for reference and