Working with suppliers Flashcards
supplier
a business or person that make goods available to another business or service.
perishable
Decreases in quality over time.
Raw materials
materials or substances used in the primary production or manufacturing of goods.
Barcode scanner
An electronic machine used to read printed barcodes. It can be used to monitor stock levels, meaning that the stock management system can automatically reorder stock when it reaches the minimum stock level.
Buffer stock
A minimum stock level a business holds at all times, to reduce the risk of running out of stock due to late deliveries.
Bulk buy discount
A cheaper price offered to customers when they buy a large quantity of something.
Capital
The money and equipment invested into a business.
Cashflow
The movement of money in and out of the business.
competitive advantage
How a business endeavors to outperform its rivals.
Component
A part that when put together makes a product.
gourmet
-Refined and elaborately prepared food.
Lead time
The time it takes from ordering stock for it to arrive.
own brand
A product that is packaged and marketed under the brand name of the supermarket.
trade credit
The ability to buy stock now and pay for it at a later date.
Variable costs
Variable costs are expenses a business has to pay which change directly with output, e.g. raw materials.
