Final answer:
Prices negotiated in a long-term relationship with a known company are known as strategic sourcing, which is focused on a total cost approach and building a mutually beneficial partnership.
Step-by-step explanation:
The prices that are negotiated in a long-term relationship with a company that is familiar to the buyer are known as strategic sourcing. This involves a comprehensive analysis, which takes into consideration the total cost of ownership rather than just the purchase price. It aims to establish a mutually beneficial partnership between the buyer and supplier, which often includes negotiated terms and prices that are valuable to both parties.
In contrast, spot buying refers to one-time or short-term purchases based on the current market price, outsourcing is the practice of hiring external companies to perform tasks or services, and consumer relation negotiation is not a commonly used term in this context.