Deck 23 Flashcards Preview

50 Terms > Deck 23 > Flashcards

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

Which Close

A method of closing a sale that encourages a customer to make a decision between two items