Bespoke
Designed and made for an individual customer
Automation
Using machinery or robotics to do jobs instead of using people to do them
Profit
The proportion of revenue left over after costs have been deducted
Economies of scale
A situation where average costs falls as business increases the amount of product that is produced, distribute and sells
Downtime
Time when a person or machine is not producing anything
Standardised
When every example of a product or service, taking into consideration all of the variables
Cost per unit (average cost)
How much it costs to make each product or service, taking into consideration all of the variables
Supply Chain Mangement (SCM)
The management of the flow of goods and resources through the production process
Procurement
The process of managing a business’s major purchases, from raw materials to delivery vans
Variable costs
Costs paid by a business that changes depending on how many products or services the business sells
Fluctuate
Rise and fall in numbers or amount
Logistics
The organisation and management within a business of the transport of raw materials and goods
Perishable
Likely to go out of date or go off quickly
Qualitative
Concerning the quality of something that cannot be shown in mubers
Quality mark
A standard of quality given to a business that is accredited by a professional body
Competitive advantage
An advantage a business has over its rivals that is unique and sustainable
E-tailing
Retailing to customers through the internet, such a through an e-commerce website
Retailing
Selling products or services to customers-in this case, in a physical store
Transaction
The act of buying or selling something
Quantitative
Concerning the quantity or amount of something that can be measured in numbers
Metric
A standard of measurement
Differentiate
Show that something is different from similar things
