Reference no: EM133607953

Problem: The Covid-19 lockdown between 2020 and 2021 led to a lot of South Africans spending more time at home. For Lisa-Marie this became a time to learn new things, one of those things was learning to make cat food for her seven cats on the plot where she was living. Being a veterinarian, in the mostly dry and hot area of Northern Cape, finding the right mix to feed her cats was tricky for LisaMarie - but she got it right eventually and her cats loved it. She was expressing this joy to a friend in Britain, when he responded to Lisa-Marie "perhaps this is a breakthrough for you - why don't you patent the formula and commercialise it?" Two years later, the patent for the formula Lisa's Cat Foods uses is fully registered. Lisa-Marie started with production and selling of her product in early 2021, through an agreement signed with a contract manufacturer in KwaZulu-Natal and distributor from there, who covers national distribution. Lisa-Marie has her products listed in all the major retailers in South Africa and is negotiating with a retailer in Botswana to list her product. She already has a tentative contract with a distributor there too, who are waiting for the retailer contract before they sign. Explain how Lisa's Cat Foods can utilise medium-term and long-term forecasts. Differentiate between purchasing and procurement, using practical examples related to Lisa's Cat Foods. oint for each. More marks will be awarded for the quality of your paraphrasing.