| A | B |
|---|
| Real-time inventory systems | technology that connects applications, data, and users in real time |
| Never-out list | used for best selling products that make up a large percentage of sales volume |
| Model stock list | used for fashionable merchandise, more specific |
| Basic stock list | used for those staple items that should always be in stock |
| Inventory Turnover | the number of times the average inventory has been sold and replaced in a given period of time. |
| Unit Control | refers to the quantities of merchandise that a business handles during a period of time |
| Dollar control | represents the planning and monitoring of the total inventory investments that the business makes during a certain period of time |
| Stockkeeping unit | a unit or a group of related items |
| Cycle counts | the entire inventory is never counted all at one time |
| Physical inventory system | information about stock level is not maintained on an ongoing basis |
| Perpetual Inventory System | tracks the number of items in inventory on a constant basis |
| Just-in-time inventory system | coordinates demand and supply such that suppliers deliver parts and raw materials just before they are needed for use |
| Inventory Management | the process of buying and storing these materials and products while controlling costs for ordering, shipping, handling, and storage. |
| Inventory | all the goods stored by a business before they are stored |
| Preretailing marking method | pricing information is marked in advance on the purchase order |
| Source marking | UPCs are used for this. The seller or manufacturer marks the price before delivering the merchandise to the retailer |
| Quality check method | done to expect the workmanship and general characteristics of the received merchandise |
| Spot check method | a random check of one carton in a shipment |
| Direct check method | the merchandise is checked directly against the actual invoice or purchase order |
| Blind check method | requires the receiver to write the description of he merchandise, count the quantities received, and list them on a blank form or dummy invoice |
| Organizational Buyers | people who purchase goods for business purposes, usually in much greater quantities than the average consumer |
| Six-Month Merchandise Plan | the budget that estimates planned purchases for a six month period |
| Centralized buying | buying for all branches in a chain store operation is done in this central location |
| Decentralized buying | when authority for retail decisions is made at lower levels in the organization |
| New – Task Purchase | a purchase is made for the first time Want slips – customer requests for items that are not carried in the store |
| Modified Rebuy | the buyer has had experience buying the good or service, but some aspect of the purchase changes |
| Straight Rebuy | the buyer routinely orders the goods and services purchased from the same vendors |
| Consignment buying | goods are paid for only after the final customer purchases them |
| Memorandum buying | when the supplier agrees to take back any unsold goods by a certain pre-established date |
