Purchase Executive Interview Question:

Tell us if we buy a customized product from a single source, how will you know if the price is fair?

Submitted by: Muhammad

This is a "core knowledge" question as purchasing from a single source has unique risks that need to be minimized. Answering this question is fairly easy if you have good amount of experience in this industry.
You can explain what method you use for determining if the price is fair or not and why you trust your method.
Submitted by: Muhammad