What are the similarities and differences between purchasing and procurement?

Procurement Involve complete process of purchase such as bidding, comparing, negotiating and finalizing etc and purchasing can be a direct purchase from the market without any comparison or quotation.

DIFFERENCES

PROCUREMENT USED INTTERNAL MPROCESS WHILE PURCHASING USE EXTERNAL PROCESS.

PROCUREMENT PUTS MORE IMPORTANCE ON THE ITEMS VALUE THAN ITS COST WHILL PURCHASING TENDS TO PUTS MORE VALUE TO ITEM'S PRICE THAT ITS VALUE.

PROCUREMENTS FOLLOWS PROACTIVE APPROACH TO SPOT ANF FULFILL NEEDS WHILE PURCHASING TENDS TO FOLLOWS REACTIVE APPROACH TO SATISFY INTERNAL NEEDS.

PROCUREMENT INCLUES RECOGNITION,SOURCING AND CONTRACT CLOSURE WHILE PURCHASINF INCLUDES BUYING GOODS AND SERVICES.