Deck 11 Flashcards Preview

50 Terms > Deck 11 > Flashcards

Flashcards in Deck 11 Deck (43):
1

Adjacent Colors

colors that are next to each other on the color wheel

2

Aseptic Package

a food storage process that keeps food fresh without refrigeration for up to six months

3

BBB

one of the oldest nonprofit organizations that establishes self regulation among businesses

4

Basic Stock List

a list used for those staple items that should always be in stock

5

Bonded Warehouses

warehouses that store products requiring the payment of federal tax

6

Boomerang Method

a selling method that converts a customers objection into a selling point

7

Centralized Buying

buying process for all branches in a chain store operation, usually done in a central location, such as company headquarters

8

Cold Canvassing

the process of location as many potential customers as possible without checking out leads beforehand

9

Decentralized Buying

Local chain store managers or their designated buyers who are authorized to make special purchases for their individual stores

10

Dollar Control

the planning and monitoring of the total inventory investment that a business makes during a stated period of time

11

Drop Shippers

businesses that own the goods they sell but do not physically handle the products

12

Empathy

an understanding of a persons situation or frame of mind

13

Endless Chain Method

the process of asking previous customers for names of potential customers

14

Exempt Carriers

trucking companies that are free from direct regulation of rates and operating procedures

15

EEOC

equal employment opportunity commission

16

FTC

Federal trade commission

17

Fidelity Bonds

a type of insurance that protects a business from employee dishonesty

18

Firewall

hardware or software that protects a compurter from attacks by hackers

19

Flextime

a program that allows workers to choose their work hours

20

HTML

hypertext markup language

21

HTTP

hypertext transfer protocol

22

indirect distribution

sales of goods or services to the customer through intermediaries

23

Intermediaries

business involved in sales transactions that move products from the manufacturer to the final user; also known as middlemen

24

ISP

internet service provider

25

JIT

just in time inventory system

26

Laymans Terms

words the average customer can understand

27

LLC

limited liability company

28

Marquee

an architectural canopy that extends over a stores entrance

29

Memorandum Buying

a buying process in which the supplier agrees to take back any unsold goods by a certain pre-established date

30

Merchandise Approach

a way to approach a customer that focuses on making a comment about a product in which the customer shows interest

31

mini-nationals

midsize or smaller companies that have operations in multiple countries

32

model stock list

an inventory monitoring plan used for merchandise that quickly goes out of fashion

33

O*NET

occupational information network

34

on-approval sale

an agreement permitting a customer to take merchandise home for further consideration

35

Penetration Pricing

a pricing policy that sets the initial price for a new product very low

36

Performance Bonds

a type of insurance that provides financial protection for losses that might occur when a construction project is not finished due to the contractors impaired financial condition

37

Physical Inventory System

an inventory sstem where every so often stock is visually inspected or actually counted to determine the quantity on hand

38

Planogram

a computer developed diagram that shows retailers how and where products within a category should be displayed on a shelf at individual stores

39

Prestige Pricing

a pricing technique that sets higher than average prices to suggest status and high quality to the consumer

40

Protectionism

a governments establishment of economic policies that restrict imports to protect domestic industries

41

Rack Jobbers

wholesalers that manage inventory and merchandising for retailers by counting stock, filing it in when needed.

42

Stock keeping unit

a unit or a group ofrelated items in a unit control inventory system

43

sole proprietorship

a business owned and operated by one person