Chapter-1 Concepts Of Selection And Procurement Flashcards
Selection
Choosing amount various alternatives
Purchasing
Paying for a product or service
Procurement
An orderly, systematic exchange between seller and buyer
E-commerce
Electronic transactions
B2B e-commerce
Business-to-business electronic transactions
B2C e-commerce
Business-to-customer electronic transactions. E.g. Amazon.com
E-procurement
Electronic procurement.
Websites like: www.perfect.com
www.ariba.com
www.sterlingcommerce.com
Commercial hospitality operations
Profit-oriented companies. Such as: Hotels Casinos Resorts Snack bars Buffets
Institutional segment
Facilities that operate on a break-even basis
Military segment
Operations include troop feeding and housing
Noncommercial hospitality operations
Institutional and military segments. Such as: Employee feeding operations Hospitals Shelters Religious facilities
Franchise
A business form where the owner allows others to use his or hers operating procedures, name, and so forth, for a fee
Executive steward
Oversees cleaning crews. Purchases housekeeping supplies.
Co-op buying
The banding together of several operators to consolidate and enhance their buying power.
Referral groups
Independent operators join together to send business to one another
Aggregate purchasing companies
Buying club
Real estate investment trusts
A legal business entity that buys, sells, and manages commercial and residential properties
E-commerce marketplace or portal
An online application allowing buyers to locate vendors, research products and services, and solicit competitive bids, and place orders electronically
Commissary
Similar to a central distribution center. Raw foods are processed into finished products, which is not the case in a central distribution center.
Central distribution center
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
