Your Memo Select a sample company that might supply a product to large retailers like Target, Walmart, etc. and identify an ingredient or component that the supplier purchases to go into its finished product). Define all elements of TCO for that supplier when obtaining the ingredient or component, to include the definition of any “hidden” costs that are not included in the purchase price of products and services Be certain your memo answers the following questions: 1. What is the difference between a direct and indirect cost?2. What is the impact of some of the potentially “hidden” costs?3. What is the best way to ensure that these costs are considered and monitored? Using the same scenario select two cost reductions strategies that could be applied to the selected supply chain and make a recommendation via a memo to the procurement official: 1. What are some of the cost reduction strategies that could be applied to this particular supply chain?2. Which do you think will result in the greatest savings and why? Share the outcome of the analysis, both from the TCO definition and the cost reduction strategies, in a memo to your SVP of Supply Chain. Use external research and examples to support your points, and be sure to explain the various choices and recommendations made. Please add in-text citation and reference page.
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