Certified Professional in Supplier Diversity (CPSD) Practice Test 19

Scenario: Ms. Rodriguez, a procurement manager, is tasked with preparing a negotiation plan for an upcoming contract renewal with a key supplier. The supplier has been providing critical components for the company's flagship product for the past five years. However, recent market fluctuations have led to increased prices for raw materials, impacting the supplier's costs. Ms. Rodriguez needs to develop a negotiation plan that aligns with organizational objectives while ensuring continued supply at reasonable costs. Which of the following strategies should Ms. Rodriguez prioritize in her negotiation plan?