BASIC TERMS
This is the place where products are stored before shipping.
What is a warehouse?
This refers to the amount of time between placing and receiving an order.
What is lead time?
This word means how much people want to buy a product.
What is demand?
These are the goods a company keeps on hand.
What is inventory?
These types of businesses sell directly to the public.
What is a retailer?
When there’s too much of a product and not enough buyers, it’s called this.
What is surplus?
This is the person or business that provides goods to another company.
What is a supplier?
A group of goods being transported is called this.
What is a shipment?
When there isn’t enough product to meet customer needs.
What is shortage?
The process of buying goods for a business.
What is procurement?
This refers to getting products from manufacturers to stores.
What is distribution?
This balances how much is produced and how much is wanted.
What is supply and demand?
This word means moving products from one location to another.
What is logistics?
This term describes the complete journey a product takes from creation to delivery.
What is the supply chain?
A rise in demand can cause this to increase.
What is price?