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11 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Standing Order |
delivering up to par stock “bringing the buyer’s level up to par" used for items with standard usage pattern such as staples |
Informal |
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Open Market |
prices are based on a set of specifications furnished to interested vendors quotation is an amount stated in current price for a desired product or service |
Informal |
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Prime Vendor |
Formal agreement with a single vendor to supply the majority of the product needs One stop is also called sole source vending/single source procurement Less effort involved however the management loses a sense of market conditions and may be paying prices which are too high |
Informal |
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Blank Check |
Form of volume discount; type of purchase order designed to consolidate routine, low value, and repetitive purchases |
Informal |
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Quotation & Order Sheet |
creating a list of suppliers with price quotations |
Informal |
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Cost Plus |
agreed schedule and fixed mark-up over the vendor’s cost |
Informal |
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Formal Competetive Bid |
Written specifications and estimated quantities needed are submitted to vendors with an invitation for them to quote prices, within a stated time, for the items listed. Contract is awarded to the vendor with the best price and quality. |
Formal |
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Future Buying |
purchase of goods which are regularly required and based on historical data for goods needed in small quantities price fluctuations are negligible |
Formal |
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Cooperative/Share/Group |
group of independent purchasers who join together to purchase collectively in order to obtain more competitive prices that can save them money in the long run |
Formal |
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Warehouse Buying |
wholesale clubs are types of cash-and-carry operations that are patronized by small businesses who do not order enough products from distributors to qualify for deliveries. |
Formal |
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Negotiated Purchases |
satisfactory settlement on price reduction, discounts on bulk purchases, and reduced packing charges favorable credit terms and schedulesawarding of contracts without going through the competitive bidding process operates on the principle “vendors are partners”. |
Formal |
