MKTG 360 Lecture Notes - Lecture 3: Purchase Order, Total Quality Management, Perpetual Inventory
purchasing
determining the products and services needed, identifying the best sources to obtain them, and
completing the activities necessary to obtain and use them
purchase specifications
detailed requirements for the construction or performance of a product
reorder point
level of inventory needed to meet usage needs of business until product can be resupplied
Reciprocal trading
form of bartering in which the products or services of one company are used as payment for the
products/services of another company
vendors
(supplier) companies that offer products for sale to other businesses
vendor analysis
objective rating system buyers use to compare potential suppliers on purchasing criteria
Request for Proposal (RFP)
contains a specific description of the type of product or service needed and the criteria that are
important to the buyer
bidding
several suppliers develop specific prices at which they will meet detailed purchase specs and other
criteria prepared by the buyer
supply chain
flow of products, resources, and information through all of the organizations involved in producing and
marketing a company's products
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