Inventory Systems
A machine-readable series of parallel lines that creates a unique item identifier
What is a Barcode
Step 1 in the Inventory Life Cycle.
What is ARRIVES
The act of getting more inventory delivered
What is Ordering
Each item is tracked in real-time as it enters and exits total inventory.
What is Perpetual Inventory
Where inventory is kept that does not fit on the sales floor.
What is Stockroom?
Step 2 in the Inventory Life Cycle.
What is Received?
The act of putting more products on the shelves
What is Stocking
When the inventory is counted once a month and compared to the inventory from the beginning of the period
What is Periodic Inventory
Extra inventory kept on hand in case customers buy more than the company anticipated.
What is an Safety Stock?
Step 3 in the Inventory Life Cycle.
What is Moved?
Helping a customer with a product that is damaged or not the correct product that was previously bought.
What is Return
Counting every piece of inventory in the entire store
What is Physical Inventory Counts
Inventory tracking system that includes barcode readers, cash registers, receipt printers, etc.
What is POS system?
Step 4 in the Inventory Life Cycle.
What is Shopped?
Using a tracking device to ___________ items that may not be on the shelf
What is Locating Products
Physical inventory counts are usually done at what time
Overnight, After store close, or slow store times
A system of numbers that uniquely identify produce?
What is PLU (Price Look-Up)?
Step 5 in the Inventory Life Cycle.
What is Purchased?
When employees scan items for the customer
What is Complete Sale or POS
First step in the distribution channel.
What is Manufacturer