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purchasing process
4.02
| Term | Definition |
|---|---|
| Competitive bidding process | A method of collecting price quotes from suppliers vying for an order or job |
| Credentials | Information about a persons or business skills, abilities, and qualifications |
| Goods | Tangible objects that can be manufactured or produced for resale |
| Gurantee | A promise made to the consumer that a products purchase price will be refunded if that product is not satisfactory often called a money-back guarantee |
| Invoice | The formal, printed record of a sale that includes all necessary information as to the buyer, the seller, items purchased, amounts, prices, delivery date, credit or discount terms, etc |
| Make-or-buy decision | The act of determining whether to produce a needed part or purchase it from a supplier |
| Manufacturer | A type of producer that changes the shape or forms of materials so that specific needs or wants |
| Negotiation | The process of one party reaching an agreement with another party to meet specific needs or wants |
| Productivity | The amount and the value of goods and services produced outputs from set amounts of resources inputs |
| Profit margin | A ratio of net profit after taxes divided by net sales that reflects the profit per dollar of sales |
| Purchase agreement | A purchase contract that lists the goods or services to be purchased, the quantity to be purchased, the price, terms of delivery, payment information warranty and guarantee information, and other details a needed |
| Purchase order | The form that a business fills out to order good, may be the same aa a purchase agreement or purchase contract |
| Purchasing | The buying of good and services for a business |
| Purchasing process | A series of sequential steps taken by purchasing specialists to buy goods and services for a business |
| Retailer | A business that buys consumer goods or services and sells them to the ultimate consumer |
| Services | Intangible activities that are performed by other people for money |
| Specifications | Standards that are established and described in detail requirements |
| Strategic planning | Long range planning three to five years for the company as a whole |
| Suppliers | Vendors business from which other businesses buy goods or services |
| Transformation | A change in the shape or appearance of an object |
| Warranty | A promise made by the seller to the consumer that the seller will repair or replace a product that does not perform as expected |
| Wholesalers | Intermediaries who help move goods between producers and retailers by buying goods from producer and selling them to retailers |
Created by:
johnathan.s584
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