Terms Every RCSC Undergraduate Should Know
Nominal
There was a nominal change in our marketing strategy.
Currency
The policy of automatically marking down merchandise according to season. Includes the policy of “first in first out” rotation of merchandise according to season.
Nuance
a subtle distinction, a slight difference in definition
Inventory
The policy of automatically marking down merchandise according to season. Includes the policy of “first in first out” rotation of merchandise according to season.
Performance
the act or process of fulfilling a function
SKU (Stock Keeping Unit)
Stock-keeping unit. An eight-digit number which identifies a particular style, size, and color to the merchandise information system. The sku number is entered into the POS apart of the transaction
Predictability
the ability to declare in advance
Dating
“Deadline” for paying for goods. Number of days available to pay. Usually associated with a cash discount.
Preeminent
Having highest rank; outstanding
Mark-Out
Merchandise which is unsalable at any price because of damage and is marked out-of-stock. If an item is accidentally broken, it must be removed from the inventory by taking a mark-out price change. Failure to do so will cause a shortage.