A
Highest amount of inventory a business can hold
What is maximum inventory?
Buying in raw materials that are needed ONLY
What is just in time production?
When a product has a wide range of products to sell.
What is a product portfolio?
Increase in number of customers buying your product/service
What is market growth?
Information which has already been published
What is desk research?
Using labour to produce the product
What is labour-intensive?
The market research method where customers try the product and give feedback
What is a hall test?
A purchase which is bought out of habit.
What is impulse purchase?
Paying for someone to purchase something from the business and will provide feedback on strengths and areas of development
What is a mystery shopper?
Using machinery to produce the product
What is capital-intensive production?
Where all inventory is kept in the one warehouse
What is centralised warehousing?
Copying the techniques used by another organisation.
What is benchmarking?
The stage of the product life-cycle where sales begin to decrease slightly.
What is saturation?
What is destroyer pricing?
Charging different prices for different times of the day, week or year
What is discrimination pricing?
Where a retailer can purchase in bulk or manufacturer can sell their products to
What is a wholesaler?
Retailer encouraging customers to buy their product
What is into-the-pipeline promotions?
What is process?
Manufacturer encouraging retailer to stock their goods
What is into-the-pipeline promotions?
Paying for your product to be shown in films/tv shows
What is product placement?
Software which allows the business to keep a record of customer details or supplier details
What is a database?
Where inventory is automatically re-ordered
What is EPOS?
When the business meets with staff on a regular basis to discuss how improvements can be made to the production process.
What is Quality Circles?
The layout, design and facilities the business has
What is physical evidence?
Using robots in the production process
What is CAM?