Final answer:
Strategic sourcing begins with an analysis of the supply market, which helps organizations to identify competitive procurement strategies by understanding market dynamics and supplier capabilities. The market revolution significantly changed economic and social structures in the United States, and comparative advantage is not limited to natural elements but can also include technology, skills, and innovation.
Step-by-step explanation:
Strategic sourcing does indeed start with the analysis of the supply market. This process involves a comprehensive study of the market dynamics, supplier capabilities, cost structures, and the overall supply chain in order to identify the best possible suppliers and strategies for procurement. By analyzing the supply market, organizations can gain insights into where they can source goods and services in a way that gives them a competitive advantage, potentially improving cost, quality, and delivery performance.
The question related to the market revolution touches on another aspect of sourcing and supply chain management in the context of historical economic change. The market revolution in the United States during the 19th century brought about significant social and economic transformations, including changes in supply and demand dynamics, innovations in transportation and communication, and shifts in consumer habits and industrial production.
Finally, the notion that comparative advantage must be derived only from natural elements like climate and mineral deposits is false. Comparative advantage can come from a variety of sources, including technology, innovation, skilled labor, and industry expertise, which can all lead to differences in productivity and competitive positioning of nations or regions.