Purchasing
The amount of money received from the sale of food and beverage products.
What is 'Revenue'?
A system in which a specified quantity of products should always be in inventory.
What is 'par-level' inventory?
A vendor that offers a wide variety of products.
What is 'broad-line vendors'?
A buyer who requests bids from several vendors and then buys only those items each vendor has on sale or for the lowest price.
What is 'Cherry Picker'?
This is your ideal, high-target goal. It is setting a strong anchor to shape the negotiation, ensuring you have room to make concessions without falling below your needed result.
What is 'going-in'?
The weight of a product before it is processed, prepared, or cooked.
What is 'AP (As Purchased)'?
A system in which the vendor determines the quantities needed for purchase and retains ownership of products until they are issued to production.
What is 'vendor-managed inventory' system?
Activities related to buying and selling products and services through online sources.
What is 'E-commerce'?
An autonomous, member-owned business, association, or organization formed voluntarily to meet common economic, social, or cultural needs through democratic control.
What is 'Co-op (Cooperative)'?
This functions as both a rejection of an offer to enter into a contract, as well as a new offer that materially changes the terms of the original offer .
What is 'counter offer'?
The factors that are used to compare an actual product or service with the desired product or service.
What is 'Quality Standards'?
A system in which a purchaser has a long-term commitment with a vendor to make frequent product deliveries.
What is 'JIT (Just-in-time)' purchasing?
The strategic procurement process of identifying, evaluating, and selecting external suppliers to provide goods or services, balancing cost, quality, and reliability.
What is 'vendor sourcing'?
This aggregatea the purchasing volume of multiple businesses to negotiate lower prices, better contract terms, and increased efficiency with suppliers
What is 'Group Purchasing Organization (GPO)'?
This is your "Plan B" or backup strategy if your initial position is rejected or the negotiation falls apart. A strong this position, such as an alternative supplier, reduced scope, or a different agreement, prevents you from accepting unfavorable terms.
What is 'fall back or BATNA'?
A document used to inform vendors that their prices for products of the specified quality and quantity in the R F P have been accepted and that the shipment should be delivered.
What is 'Purchase Order'?
A retail strategy where businesses sell excess, discontinued, or seasonal inventory at heavily discounted prices to clear warehouse space, often branded as "everything must go" or liquidation events. It helps companies turn stagnant inventory into fast cash, while customers secure high-quality merchandise at lower prices.
What is 'Close-out'?
An industry-specific event that allows vendors to interact with, educate, and sell to individuals and businesses in the industry.
What is 'trade show'?
A group of members who pool their purchasing power to secure lower prices or access exclusive products, often through bulk purchasing or membership fees t.
What is 'buyers club'?
A competitive, "Win-Lose" negotiation strategy used to divide a fixed amount of resources (a "fixed pie"), where one party's gain is another's loss.
What is 'distributive bargaining'?
A strategy for comparing vendors’ prices for products of acceptable quality to determine the lowest price.
The percentage of customers likely to order specific menu items.
What is 'Menu item popularity index'?
A requirement that a buyer pay the full amount owed in cash or other acceptable payment form at the time products are delivered.
What is 'COD (cash on delivery)'?
A procurement process where organizations, such as government agencies, educational institutions, or nonprofits, aggregate demand to buy goods or services through a single, pre-vetted contract.
What is 'Cooperative Purchasing'?
A legally binding agreement to exchange goods or services in lieu of cash payment.
What is 'trade-out contract or barter agreement'?