Improving an organization's profitability can only be achieved in three ways: increase prices, increase sales volumes or reduce costs. Competitive pressures are making the first two options increasingly difficult, which leaves cost reduction as the key option available. Profitable Buying Strategies shows a long-term, structured approach to cost reduction through smart procurement practices. It straightforwardly explains the philosophy and psychology of buying; buying concepts, tools and techniques; changes that deliver cost reduction; market testing; outsourcing and insourcing; negotiation; e-procurement; and organizational issues. Case studies and appendices outlining the successful cost reduction drives of a number of major organizations provide a real world explanation of cost reduction and procurement options.