Flashcards in Deck 23 Deck (50):
1
Agents
Intermediaries who bring buyers and sellers together and do not own the goods they sell
2
Allowance
A partial return of the sale price for merchandise that the customer has kept
3
Blind Check Method
The receiver of a delivery writes the description of the merchandise, counts the quantities received, and lists them on a blank form or dummy invoice
4
Bonded Warehouses
Public or private warehouses that store products requiring the payment of a federal tax
5
Budget Accounts
Accounts that allow the payment of a purchased item over a certain time period without a financial charge
6
Category Management
A process that involves managing product categories as individual business units
7
Collateral
Something of value that a person pledges as payment for a loan in case of a default
8
Contract Carries
For-hire trucking companies that provide equipment and drivers for specified routes
9
Cost Plus Tracking
All costs and expenses are calculated, and the desired profit is added to arrive at a price
10
Cycle Counts
Local chain store managers or their designated buyers who are authorized to make special purchases for their individual stores
11
Decentralized Buying
Local chain store managers or their designated buyers who are authorized to make special purchases for their individual stores
12
Direct Check Method
The merchandise is checked directly against the actual invoice or purchase order
13
Doing Business As Registration
The registration by which a county government officially recognizes that a new proprietorship or partnership exists
14
Dollar Control
The planning and monitoring of the total inventory investment that a business makes during a stated period of time
15
Embargo
A total ban on specific goods coming
16
Emotional Motive
A feeling experienced by a customer through association with a product
17
Empowerment
Encouragement of team members to contribute and take responsibility for the management process
18
Endless Chain Method
The process of asking previous customers for names of potential customers
19
Extensive Decision Making
The process used when there has been little or no previous experience with an item
20
Foreign Direct Investment
Investments in factories, offices, and other facilities in another country that are used for a business's operations
21
Free-On-Board
The prices for goods includes delivery at the seller's expense to a specific point and no further
22
Freight Forwarders
Private companies that combine less than carload or truckload shipments from several businesses and deliver them to their destinations
23
Horizontal Organization
A structure where top management shares decision making with self managing teams of workers who set their own goals and make their own decisions
24
Implied Warranty
A warranty that takes effect automatically by state law whenever a purchase is made
25
Indirect Distribution
Sales of goods or services to customers through one or mores intermediaries
26
Infrastructure
The physical development of a country including it's roads, ports, sanitation facilities, and utilities
27
Integrated Distribution
A distribution system in which manufactures act as wholesaler and retailer for their own products
28
Inventory Management
The process of buying and storing materials and products while controlling costs for ordering, shipping, handling, and storage
29
Just In Time Inventory System
An inventory system that controls the flow of parts and material into assembly and manufacturing plants
30
Law of Diminishing Marginal Utility
As economic law stating that consumers will buy only so much of a given product
31
Limited Decision Making
The process used when a person buys goods and services that he or she has purchased before but not regularly
32
Limited Liability Company
A relatively new form of business organization that a hybrid of a partnership and corporation
33
Loss Leader
An item priced at or below cost to draw customers into a store
34
Maintained Markup
The difference between an item's final sale price and its cost
35
Marketing Information System
A set of procedures and methods that regularly generates, stores, analyzes, and distributes information for use in making marketing and other business decisions
36
Memorandum Buying
A buying process in which the supplier agrees to take back any unsold goods by a certain pre-established date
37
Middle Management
Managers who implement the decisions of top management
38
Mixed Brand
A combination of manufacture, private distributor, and generic brands as a strategy to sell products
39
Never-Out List
An inventory monitoring plan used for best selling products that make up a large percentage of sales volume
40
Objective Analysis Sheet
A document that lists common objections and possible responses to them
41
Occupational Information Network
An online database that includes information on skills, abilities, knowledge, work activities, and interests associated with occupations
42
One-Price Policy
All customers are charged are charged the same price for the goods and services offered for sale
43
Open-Ended Questions
Questions that require respondents to construct their own answers
44
Open-To-Buy
The amount of money left for buying goods after all purchases received and on order have been considered
45
Penetration Pricing
A pricing policy that sets the initial price for a new product very low
46
Performance Bonds
A type of insurance that provides financial protection for loses that might occur when a construction project is not finished due to the contractors impaired financial condition; also know as surety bonds
47
PreRetailing
Marketing method when pricing information is marked in advance on the purchase order
48
Pull Policy
A process that directs promotion towards customers
49
Reverse Auction
Sale in which companies post what they want to buy and suppliers bid for contract
50