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Stack #4432969
| Term | Definition |
|---|---|
| competitive bidding process | a method of collecting price quotes from suppliers vying for an order or job |
| credentials | information about a person's or business's skills abilities and qualifications |
| goods | tangible objects that can be manufactured or produced for resale |
| guarantee | a promise made to the consumer that a product purchases price will be refunded if that produce is not satisfactory often called a money back guarantee |
| invoice | the formal printed record or a sale that includes all necessary information as to the buyer the seller items purchased amounts prices delivery date credit or discount terms |
| 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 they will be useful to consumers |
| negotiation | the process of one party preaching 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 or delivery payment information warranty and guarantee information and other details as needed |
| purchase order | the form that a business fills out to order goods may be the same as a purchase agreement or purchase contract |
| purchasing | the buying of goods 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 requirement |
| strategic planning | long range planning (three to five years) for the company as a whole |
| suppliers | vendors businesses 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 producers and selling them to retailers |
Created by:
valorie.b923
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