Chapter-1 Concepts Of Selection And Procurement

Question 0

Selection

Answer 0

Choosing amount various alternatives

Question 1

Purchasing

Answer 1

Paying for a product or service

Question 2

Procurement

Answer 2

An orderly, systematic exchange between seller and buyer

Question 3

E-commerce

Answer 3

Electronic transactions

Question 4

B2B e-commerce

Answer 4

Business-to-business electronic transactions

Question 5

B2C e-commerce

Answer 5

Business-to-customer electronic transactions. E.g. Amazon.com

Question 6

E-procurement

Answer 6

Electronic procurement.
Websites like: www.perfect.com
www.ariba.com
www.sterlingcommerce.com

Question 7

Commercial hospitality operations

Answer 7

Profit-oriented companies. Such as:
Hotels
Casinos
Resorts
Snack bars
Buffets

Question 8

Institutional segment

Answer 8

Facilities that operate on a break-even basis

Question 9

Military segment

Answer 9

Operations include troop feeding and housing

Question 10

Noncommercial hospitality operations

Answer 10

Institutional and military segments. Such as:
Employee feeding operations
Hospitals 
Shelters
Religious facilities

Question 11

Franchise

Answer 11

A business form where the owner allows others to use his or hers operating procedures, name, and so forth, for a fee

Question 12

Executive steward

Answer 12

Oversees cleaning crews. Purchases housekeeping supplies.

Question 13

Co-op buying

Answer 13

The banding together of several operators to consolidate and enhance their buying power.

Question 14

Referral groups

Answer 14

Independent operators join together to send business to one another

Question 15

Aggregate purchasing companies

Answer 15

Buying club

Question 16

Real estate investment trusts

Answer 16

A legal business entity that buys, sells, and manages commercial and residential properties

Question 17

E-commerce marketplace or portal

Answer 17

An online application allowing buyers to locate vendors, research products and services, and solicit competitive bids, and place orders electronically

Question 18

Commissary

Answer 18

Similar to a central distribution center. Raw foods are processed into finished products, which is not the case in a central distribution center.

Question 19

Central distribution center

Answer 19

A large warehouse owned by a multiunit hospitality company that orders merchandise directly from primary sources, takes delivery, stocks the merchandise, and then delivers it to company-affiliated units in the area