What is the definition of procurement?

The definition of procurement as "the act of obtaining something, whether tangible or intangible" accurately captures the essence of what procurement entails. Procurement encompasses a wide range of activities involved in acquiring goods and services that an organization needs to operate. This can include purchasing physical goods, securing services from suppliers, and obtaining intangible assets like licenses or intellectual property.

Procurement is fundamental to business operations, as it ensures that organizations have the necessary resources to fulfill their objectives. It involves not only the purchasing process but also considering the sources, negotiation terms, supplier relationship management, and sustainability considerations, reflecting a broader understanding of acquisition in various contexts.

The other choices do not align with the definition of procurement. Selling goods or services, marketing products, and managing inventory are related business functions but do not encapsulate the holistic approach that procurement reflects with its focus on acquisition and resource management.