The point of sale (POS) or point of purchase (POP) is the time and place where a retail transaction is completed.At the point of sale, the merchant calculates the amount owed by the customer, indicates that amount, may prepare an invoice for the customer (which may be a cash register printout), and indicates the options for the customer to make payment. the law of the land, ImpartialOpen-minded, without pre-determined ideas, and taking all views into account, Imperfect competitionA market structure where many companies are competing but each is selling a slightly different product, In-houseSomething conducted within an organisation by its own workforce, Inclusive pricePrice for the whole amount, including taxes, Incorporated companyA company that is treated in law as being distinct from its owner, INCO termsInternational commercial terms of sale that assign costs and responsibilities between the buyer and seller when delivering products, Independent demand stockFinished products whose demand (ordering levels) is not dependent on other items of stock, IndexA collection of data that can be used for comparison, e.g., The Dow Jones Index, Indirect cost/indirect spendCosts that are not directly incurred in the manufacture of a product or delivery of a service, e.g., insurance, Indirect suppliesServices, tools and equipment that do not form part of the finished product but are required to maintain the business and production process, e.g., repairs, stationery, consultancy, InducementSomething offered to persuade or influence an individual to conduct themselves or business in a certain way, InductionA person’s formal introduction to an organization and its procedures, InputResources used in the production of a product or creation of a service that lead to the desired ‘output’ (e.g., people, raw materials, information), Institute of Chartered Accounts of Scotland (ICAS)The world’s first professional body of chartered accountants, IntangibleSomething you cannot physically see or touch, Intangible costA cost to an organisation that is known but cannot be quantified, Integrated reportA short document about an organisation’s features and how this creates value in the short, medium and long term, Interest rateThe percentage of money that is required to be paid back in addition to money borrowed, or the percentage of money that is gained in addition to money saved, IntermodalShipments that utilise different modes of transport, e.g., a shipping container carried by lorry to a dock where it is loaded aboard a ship, Internal rate of returnThe means by which an investment or project is evaluated financially. This term is used to describe the series of stages that each commercial product goes through when it hits the market. ), and customize its look, fit, and performance. Also, do inventory counts regularly especially when it comes to high-theft items. Macy’s physical store or to give the customer a seamless experience no matter where they’re shopping. Modern portfolio theory is a financial theory that describes how investors can construct a portfolio of assets that maximizes the expected return for any given level of risk or minimizes the level of risk for any given rate of expected return. ErgonomicsAdapting the workplace environment to the user, e.g., ensuring chairs and desks are at a comfortable working height, lighting is adequate for tasks, etc. Businesses’ financial years can start at any time as long as they run for a complete year, Finished goodsItems that have been through the manufacturing process, are complete and are suitable for sale, First article inspectionThe process of checking a product manufactured for the first time to determine that it meets design and specification requirements, First in-first out (FIFO)Items purchased first are sold first, e.g., an electrical component sold out of inventory would be issued at the oldest or first price, First-party auditAn inspection of an organisation by an auditor employed by the organisation (also known as an internal audit), Fit for purposeThe product or service is capable of doing what it was designed to do, Fixed assetSomething owned by an organisation that is used to generate income – fixed assets can be property, machinery or land, Fixed costA cost that remains constant in the short term irrespective of production volumes, Flat structureA structure with few or no levels of management, Force majeureCircumstances that cannot be foreseen which prevent a contract from being fulfilled, ForecastingThe process of using existing data to predict future demand for products or services, FranchiseA joint venture between a person who wants to start a business and a person who already had a business idea registered. This list may restrict what types of order (by category, value or geographical location) can be placed with each of them, Arm’s-length trading relationshipA relationship between two parties who trade with each other in which there is no involvement other than the trade itself, AssetsThe value of everything an organisation owns, AuditA systematic inspection of a process or procedure to assess compliance with requirements or regulations, Audit trailA record, history or series of documents that provide evidence of a sequence of processes that led to an outcome, Back orderCustomer orders which cannot be immediately fulfilled and are awaiting future stock delivery/manufacture before fulfillment, Balanced scorecardAn approach to measuring performance that looks at multiple variables. Take the interactive route to becoming fluent in dental terminology with Modern Dental Terminology Online. So whether you’re marketing and selling to customers face-to-face, on your mobile app, or doing it online, you’ll be able to deliver the same messages and give them the same great experience. This refers to a system of payments powered by near field communication (NFC). It also means up-to-date and not old, as in modern technology. Looking to set up one for your business? Louis Vuitton is a prime example of a retailer with a prestige pricing strategy. Zulily, a shopping site for moms, babies and kids, is an example of a flash sale website. It is used to see if the proposed specification and contract terms can be improved upon via competitive offers and must be authorised by the purchaser as part of the invitation to tender, Vendor-managed inventoryAn agreement between an organisation and a supplier where the supplier is given control of ordering (replenishment) decisions, Venture capitalistsSpecialist companies that invest in businesses (particularly start-ups), Verbal communicationsUsing the spoken or written word to convey information, for example face-to-face or on the phone, reports, e-mails or posters, Vertical integrationWhen one organisation in a supply chain moves into a different stage of that supply chain, either by starting its own business or by acquiring an existing one, ViolationBreaching an agreement, policy or code of conduct, Vision statementA statement describing the future desired state of the organisation, Waiting time chargeCharge applied by a supplier if their specified waiting time to be offloaded is exceeded, Warehouse slottingThe process of assigning identity codes to picking locations based on various criteria such as unit sales, size or weight, WarrantyA promise made by the supplier to the buyer, in return for a monetary sum, to repair or replace a product or service without further charge in an agreed period of time, Water purificationThe process of removing chemicals, biological contaminants, suspended solids and gases from contaminated water, Waybill (or airway bill)A bill of lading issued by an airline certifying that items carried comply with standards set by the International Air Transport Authority (IATA), Wearing partsParts with a limited lifespan that need replacing periodically, Whistle-blowerA person who discloses activity or information which they believe to be illegal, unethical or not in accordance with the organisation’s policies and procedures, Wire transferA method of transferring funds electronically from one person or entity to another using bank accounts, Word-of-mouthThe informal sharing of information between people, Working capitalCapital of a business that is used in its day-to-day trading operations, calculated as the current assets minus the current liabilities, Work in progress inventoryAssets that are being used in the production process, which may include raw materials, labour and overheads, Zero-sum gameA ‘zero-sum game’ is an interaction where every gain by one person is an equal loss to the other, so the net gain (the total of the benefits to both parties) is zero, Shortened forms of a set of words, consisting of initial letters pronounced separately, for example, invitation to tender (ITT). It is often based on demographics such as age or geographic location or on buying behaviour, Key performance indicator (KPI)Values that can be measured or monitored to assess levels of achievement, Kyoto ProtocolInternational treaty which commits state parties to reduce greenhouse gas emissions, LaggardsThe last group of consumers who buy or use a new product or technology. If you are starting the study of Financial Accounting then firstly you have to know about important/Basic Financial Accounting Terminology. More commonly known as SKU, this term pertains to the unique identification of a particular product. In order to reduce waste in the supply chain, JIT makes sure that stock is not held unnecessarily in inventory, KaizenAn approach involving continuous improvement. It’s used in inventory management and enables retailers to track and distinguish products from one another. Most brick and click companies even offer seamless web-to-store services such as in-store pick ups and returns. Dynamic Clustering is all about identifying patterns or opportunities in various and diverse segments to bring about the best strategies for each cluster. They can buy something from the comfort of their home, and just pick up the item whenever it’s convenient for them, instead of paying for shipping or waiting for the mail to arrive. This most often occurs in agriculture where the harvest may vary from year to year, depending on the weather, and the produce cannot be kept for a long time, OverdraftA short-term agreement with a bank to lend money, PackagingThe process of covering an item in a specified material to protect the item and in some cases make it more appealing to the customer, Packing listAn itemised list of a package’s contents which is prepared by the shipper, PackingThe process of preparing goods for storage or distribution by protecting the contents from outside elements, PalletA platform used for storing and moving stock, PalletisationPerforming material handling tasks, such as storing and shipping products, using pallets, ParticipativeTo be involved and contribute to the task or project, PartnershipA legal form of a business that is owned by two or more individuals, PatentedThe inventor has been legally granted exclusive rights to make or sell their idea or invention, PatentLegally grants the inventor sole rights to make or sell their idea or invention, Payment termsThe time in which a buyer has to pay the supplier for goods or services received. It’s usually a well-known department store or retail chain. Day Trading Terminology. International law, also known as public international law and law of nations, is the set of rules, norms, and standards generally accepted in relations between nations. Its name pretty much says it all. This resource keeps you up to date with all the terms, concepts, and trends that are powering modern retail. The common causes of shrinkage include employee theft, shoplifting, administrative errors, and supplier fraud. In retail, AR can be implemented in several ways, including shoppable catalogs, apps that let you see in-store deals when you point your phone’s camera towards a specific direction, or even fitting room simulators. They include NFC-enabled credit and debit cards, smart cards, and smartphones that allow customers to complete transactions without physically touching a payment terminal. Niche retailers can be more nimble with their strategies, compared to broader businesses because they cater to specific audiences. This can relate to a specific location or to the general economic environment, Market analysisThis helps procurement professionals to understand how the supply market works, the direction that the market is going in, the level of competition and the key suppliers in the market, Market factorsElements that influence the demand for, or the price of, a good or service, Market knowledgeA detailed understanding of the influences, activities and trends in the market for a particular product or service (also known as category knowledge), Market priceThe amount that customers are charged, depending on supply and demand for the products or services, Market saturationThis usually means that there is more than enough supplier capacity to meet customer demand, Market segmentA group of consumers with common characteristics that are grouped together for the purpose of marketing a product or service, Master production schedule (MPS)A plan that a company has produced for the purposes of scheduling machinery, staffing, resourcing, etc., that is used to ensure smooth, continuous productions, Material assetsTangible items that are required to carry out an organisation’s activities, such as tools, machinery, staff and buildings, Material requirements planning (MRP)An electronic system used to plan production which includes scheduling orders, monitoring inventory and managing the production process, Materials managementThe part of the procurement process that makes sure organisations have the materials they need to operate, Maverick spend/off-contract spendWhere local staff ignore existing contractual arrangements and purchase from other suppliers. Find more ways to say trade, along with related words, antonyms and example phrases at, the world's most trusted free thesaurus. An acronym for Radio Frequency Identification, RFID is a chip embedded in an item’s label or packaging. a factory would be built and producing goods, Game theoryThe study of mathematical models that explain how people co-operate or compete. Users see items that they like while browsing these sites and then go out in the real world to test or try them on. Successfully implementing this involves properly training your staff, investing in the right tools, and more importantly, having one clear strategy and message. The project cannot continue unless a gate is passed, GHG emissions inventoryA report estimating the volume of greenhouse gases produced, Go liveThe date on which the contract starts, Goods-inAn area in an organisation that receives and books in deliveries, Gross amountTotal amount payable including taxes, Gross domestic product (GDP)The total value of the output of businesses and people in a country in a year, Gross national product (GNP)The total value of the output of businesses and people of a country in a year no matter where in the world they are located, HabitatAn ecological or environmental area that is inhabited by a particular species of animal, plant or other type of organism, Hard skillsSpecific skills that have to be taught, such as learning to use a new computer system, or gaining a professional qualification, HedgeA means of limiting the negative impact of an event, HierarchyA system where members of an organisation are ranked according to their status or power, High-bay rackingPallet racking that extends to ceiling level. 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