What is meant by sourcing in procurement?

Sourcing in procurement specifically refers to the process of identifying and finding where materials, goods, or services can be obtained. This includes searching for suppliers who can provide the required products or services at the right quality and price. It involves researching potential vendors, negotiating terms, and establishing agreements to fulfill the organization's purchasing needs.

While analyzing customer feedback, managing supplier relationships, and evaluating market prices are important aspects of procurement, they do not directly define the action of sourcing. Sourcing is fundamentally about identifying the sources for the materials or services needed to meet the demands of the organization, making option B the most accurate choice in this context.