2.01 Pp

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Agents

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Intermediaries who assist in the safe and/or promotion of goods and services but do not take title to them.

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Channels of Distribution

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Paths, or routes, that goods or services take from the producer to the ultim ate consumer or industrial user.

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Exclusive strategy

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A distributionh pattern in which a producer sells a product through just one middlem an in a geographic area

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Intensive strategy

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A distribution pattern in which a producer sells a product through every available wholesaler and retailer in a geographic area where consumers might look for it

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Intermidiaries/ middlemen

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Channel members operating between the producer and the consumer or industrial user to help in the movement of goods and services

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Logistics

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comprehensive plan for scheduling the delivery of required supplies and materials at destinations as needed

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Manufacturing

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The process of converting raw materials, components, or parts into finished goods that meet a customer's expectations or specifications

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Order processing

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Activities involved in managing the details of preparing and receiving a customer order

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Retailers

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Busibesses that buy consumer goods or sevices and sell them to ultimate consumers

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Selective strategy

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A distribution pattern in which a producer sells a product through a limited number of middlemen in a geographic area

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Transportation

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A marketing function that adds time and place utility to the product by moving it from where it is made to where it is purchased and used includes all intermediate steps in the process.

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Vendors

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-(Industrial definiton) An organization that supplies specific goods or servies to markets and/or organizational markets.

-(Retailing definition) Any firm from which a retailer obtains merchandise

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Vendor-managed Inventory

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Inventory replenishment arrangement whereby the supplier either monitors the customer's inventory with own employees or receive stock information from the customer. The vendor then refills the stock automatically, without the customer initiating purchase orders.

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Warehousing

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Performance of administrative and physical functions associated with storage goods and materials. These functions include receipt, identification, inspection, verification, putting away, retrieval for issue, etc.

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Inventory Control

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Accounting system of maintaining inventories to prevent stockouts, reduce holding costs, and permit detecting theft.

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Material handling

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moving, packaging, and storing of materials in every form, ranging from raw materials to finished goods. It includes the shipping, reveiving, and processing of incoming items and outgoing products, returns to suppliers, and disposable of scrap.

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Periodic inventory

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At the end of an accounting period, the ending-inventory is determined by an actual count of every item and its cost is computed by using a sing suitable method such as FIFO. This amount is subtracted from the sum of purchases (or cost of goods manufactured) and the beginning-inventory of the new accounting period to arrive at the cost of goods sold.

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Perpetual Inventory

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A manual or automated inventory accounting system where inventory is accounted for in a real-time basis with adjustments, delivery, movements, and receiving being updated as they occur.

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Physical inventory

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Actual count, weight, volume, measure, or sighting of items in an inventory.

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Point of Sale (POS)

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A data collection system that electronically receives and stores bar code information derived from sales transactions.

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Shrinkage

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Difference between book-inventory and physical-inventory due to counting or recording errors, or refuling from pilferage, spoilage, theft, or wastage

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Universal Product Code (UPC)

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Twelve- digit barcode printed or affixed on virtually everything sold in supermarkets or retail stores, including books, magazines, candy, etc. for automatic checking-out at the cashier counter. UPC not only identifies an item, it also provides real time information on quantity sold, store traffic pattern, and inventory and ordering information