| A | B |
|---|
| basic stock list | identifies the products a store must have available to meet the most important needs of its customers |
| bidding | several suppliers develop specific prices at which they will meet detailed purchase specifications and other criteria prepared by the buyer |
| business-to-business marketing | exchange of products and services between businesses |
| inventory | the assortment of products maintained by a business |
| invoice | an itemized billing and terms of payment for the order |
| just-in-time (JIT) | inventory level is kept low and resupplied just as it is needed |
| merchandise plan | identifies the types, assortments, prices, and quantities of products that will be stocked by the business for a specific period of time |
| model stock list | the complete assortment of products a store would like to offer to customers |
| packing list | an itemized listing of all of the products included in the shipment |
| perpetual inventory system | determines the amount of a product on hand by maintaining records on purchases and sales |
| physical inventory system | determines the amount of product on hand by visually inspecting and counting the items |
| purchase order | a form listing the variety, quantity, and prices of products ordered |
| purchase specifications | detailed requirements for construction or performance of a product |
| purchasing | determining the products and services needed, identifying the best sources to obtain them, and completing the activities necessary to obtain and use them |
| receiving record | a completed listing of all the merchandise received in the shipment and its condition |
| reciprocal trading | a form of bartering in which the products or services of one company are used as payment for the products or services of another company |
| reorder point | level of inventory needed to meet the usage needs of the business until the product can be resupplied |
| request for proposal (RFP) | contains a specific description of the type of product or service needed and the criteria that are important to the buyer |
| supply chain | flow of products, resources, and information through all of the organizations involved in producing and marketing a company''s products |
| total quality management (TQM) | specific quality standards for all procedures |
| vendor analysis | an objective rating system used by buyers to compare potential suppliers on important purchasing criteria |
| vendors (suppliers) | companies that offer products for sale to other businesses |
