What are the business processes required to acquire goods and services called?

The term that describes the business processes involved in acquiring goods and services is "Procurement." This encompasses a variety of activities, including identifying needs, specifying requirements, soliciting suppliers, evaluating proposals, and ultimately negotiating contracts to acquire the necessary goods and services.

Procurement plays a critical role in supply chain management as it directly impacts the quality, cost, and availability of products that a company needs. It ensures that the organization can secure the resources necessary to operate effectively and support production or service delivery.

While sourcing involves identifying and qualifying suppliers, it is actually part of the broader procurement process. Logistics pertains to the management of the flow of goods and services, including transport and storage, but does not focus specifically on the acquisition of those goods and services. Distribution relates to the delivery of finished products to customers but does not involve the initial acquisition process. Therefore, procurement is the most accurate term to describe the entire set of business processes required to obtain goods and services.