An LBO is the purchase of a company using borrowed funds. In order to reduce waste in the supply chain, JIT makes sure that stock is not held unnecessarily in inventory, KaizenAn approach involving continuous improvement. It is used in economics and market analysis to understand collaboration and conflict in negotiating situations, Gantt chartA type of chart that shows the schedule of a project. The World Customs Organization (WCO) and the Secretariat of the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) co-organized an Online Workshop on Modern Customs Procedures for Improved Control of Trade in CITES-listed Species from 7 to 9 December 2020, funded by the European Union.. This concept is all about supplementing the user’s real, physical world with virtual things, so they appear to coexist in the same environment. Modern portfolio theory is a financial theory that describes how investors can construct a portfolio of assets that maximizes the expected return for any given level of risk or minimizes the level of risk for any given rate of expected return. This is a visual representation that shows how merchandise should be arranged on store shelves in order to drive more sales. Here are ten ways to save money on your pop-up store. Threadless is an online apparel store that sources its designs from its community. This most often occurs in agriculture where the harvest may vary from year to year, depending on the weather, and the produce cannot be kept for a long time, OverdraftA short-term agreement with a bank to lend money, PackagingThe process of covering an item in a specified material to protect the item and in some cases make it more appealing to the customer, Packing listAn itemised list of a package’s contents which is prepared by the shipper, PackingThe process of preparing goods for storage or distribution by protecting the contents from outside elements, PalletA platform used for storing and moving stock, PalletisationPerforming material handling tasks, such as storing and shipping products, using pallets, ParticipativeTo be involved and contribute to the task or project, PartnershipA legal form of a business that is owned by two or more individuals, PatentedThe inventor has been legally granted exclusive rights to make or sell their idea or invention, PatentLegally grants the inventor sole rights to make or sell their idea or invention, Payment termsThe time in which a buyer has to pay the supplier for goods or services received. AbbreviationsShortened forms of a set of words, consisting of initial letters pronounced separately, for example, invitation to tender (ITT), ABC classificationA system of prioritising different types of inventory based on their value or importance to the business, Acceptance criteriaIndicators or measures used to assess whether a product or service meets the standard required, Acceptance samplingA measure, using the number of defects detected, that determines whether a batch of manufactured products meets the standard required, AccreditationA process of external verification to provide evidence that a standard of quality has been achieved, for example, competency, authority or credibility, AccrualsAn adjustment made to the accounts of a company that has the effect of putting aside money for future use. Anchor stores are great neighbors to have if you’re a small or medium retailer. when a customer is in the mood to buy, when they’re about to lapse, etc.). We at Modern Trade Solutions are in to providing distribution services to modern trade formats across Mumbai, Navi Mumbai, Thane & Panvel Areas. Most American cabinetry uses a face frame whereas most European cabinetry does not. Louis Vuitton is a prime example of a retailer with a prestige pricing strategy. The terms and definitions found in this glossary relate to procurement. BiodiversityBiodiversity is short for biological diversity. When an item is prestigiously priced, it is meant to attract status-conscious individuals or consumers who want to buy premium products. chevron10x6, HELP & SUPPORT Successfully implementing this involves properly training your staff, investing in the right tools, and more importantly, having one clear strategy and message. Modern means relating to the present time, as in modern life. Case in point: Topshop teamed up with AR Door to create a virtual fitting room for its Moscow location. Sometimes this is because a particular item is just seasonal, but other times it’s because the product simply isn’t in demand. a factory would be built and producing goods, Game theoryThe study of mathematical models that explain how people co-operate or compete. It’s a model that indicates the best placement and positioning of your merchandise. Monitor customers, employees, and vendors/suppliers for suspicious behavior. These are brands owned not by a manufacturer, but by a retailer or supplier. Anything you want, thanks to the large number of modules (with different sizes, different shapes, different colors) and the simple and elegant linkage system for snapping them together. Unlike a regular supply chain which is more of a linear process that follows a product from one phase to the next, an Integrated Supply Chain is more collaborative and can entail joint product development, shared information, and common systems. Serving the Trade Routes. An enhanced understanding of the fiscal and monetary policy options available to governments. (Translated from the Japanese, it literally means ‘signboard’ or ‘billboard’). In order to truly be one, you must fuse all those channels together so they give customers a seamless experience. The next wave of innovation in English vocabulary came with the revival of classical scholarship known as the Renaissance. This refers to the environmentally-friendly practices that retailers get into. Forward-thinking retailers are now using connected devices to streamline in-store shopping and communicate with shoppers. As these items are likely to be higher in value, the remaining inventory has a lower value, Law of demandThe quantity of an item purchased varies inversely with its price, other factors remaining constant, Law of supplyAs the price of an item increases the supply of the item will also increase, other factors remaining constant, The lapse of time between placing an order with a supplier and receipt of the goods, LeanA business methodology that aims to create more value with fewer resources, Lean manufacturingProcesses that improve efficiency by reducing wasted time, materials and money, Learning curveA graphical representation of how when greater numbers of an item are produced, unit costs reduce, LedgerA book or computer file used to balance accounting figures such as deposits and receipts, Less than container load (LCL)A single delivery of goods that does not completely fill a container. Take the interactive route to becoming fluent in dental terminology with Modern Dental Terminology Online. Early adoptersA group of consumers who are the first after the innovators to buy or use a new product or technology, Eco-Management and Audit Scheme (EMAS)Designed by the European Commission to be used to monitor and improve the environmental performance of organisations, E-commerce (or electronic commerce)Buying and selling goods and services, or transmitting funds or data, over an electronic network, primarily the Internet, Economic growthThe increase over time in the value of goods and services produced by a country, often defined as a value per head of population, Economic operatorA contractor, supplier or service provider that operates in a particular market, Economic order quantity (EOQ)The most economically viable quantity in which to buy stock which considers not only the material costs, but also associated costs such as storage, transport and administration costs, EconomyThe state of money flow, manufacturing, distribution, availability and consumption, or scarcity, of goods and services, energy, labour, or other resources at country level, Economy of scaleThe trend of cost per unit being reduced as output increases due to factors such as increased bargaining power and the cost of tooling being shared amongst larger numbers of units, Electronic data interchange (EDI)The exchange of data between companies in computerised format, Embedded carbonThe range of greenhouse gas (GHG) carbon emissions associated with the production process, EmbezzlementThe act of someone stealing assets for which they are responsible, Emerging marketA country that is progressing toward becoming more advanced, usually by means of rapid growth, investment and industrialisation, Enforceable by lawA court can compel those involved in the contract to fulfil their contractual obligations, Enterprise resource planning (ERP)A computer system that analyses the current inventory, forecast demand and expected delivery of new supplies to calculate demand and identify requirements from suppliers, Environmental Protection Agency (EPA)A USA governmental regulatory agency, Equilibrium pointThe optimum price at which there is equal supply and demand of an item, EquityThe value of the assets minus the value of the liabilities, Epoxy floor paintA hard-wearing, matt floor coating designed to resist chemicals and disguise minor floor imperfections. It begins with the START DATE and ends with the EXPIRY DATE. This refers to a system of payments powered by near field communication (NFC). This is the practice of looking at products online before buying them in actual brick-and-mortar stores. PerformanceA term used in contract law to describe what should be done, Performance managementAny activity that is carried out to make sure goals are achieved, Performance management frameworkA series of standards and targets that are to be achieved by the supplier, definitions of how performance against those standards will be measured and actions expected to be taken on the basis of the measurement results, Performance specificationOutlines what the product or service is to do or achieve – this covers its output requirements, tolerances and functions it may have to perform, Peri-urbanAn area that surrounds a metropolitan area or city, Personal improvement plan (PIP)A type of action plan geared towards personal improvement, Petty cashMoney readily available for use by employees on small items, PhotovoltaicEnergy generated using solar cells, PickingThe process of selecting items from stock or assembling the items required to fill an order, Piece part pricePrice per individual item, PitchA business case delivered to an organisation to try to sell a product or service, PlagiarismPassing off another person’s work as your own, Positive-sum gameGains by one person or party do not equal the loss to the other, Poverty lineThe minimum level of income required by a family to cover the basic needs of food, clothing and shelter, Personal protective equipment (PPE)Equipment such as a hard hat, work boots or a high-visibility jacket, Pre-qualification questionnaire (PQQ)A document sent to potential suppliers asking for information necessary to support their qualification as an approved supplier, Pre-qualifyMatch a certain set of criteria to qualify immediately for invitation to tender or request for information (RFQ), Preferred supplier listA pre-approved list of suppliers whose financial stability and technical capability have already been checked, Price-penetration strategyA pricing strategy that aims to attract customers away from competitors by offering a lower price, Price-skimming strategyA pricing strategy that markets products in the early stages of their life cycle at a higher price than at a later stage, Price elasticityA measure of the change in demand for a product or service in relation to changes in its price, Price on application (POA)Meaning you can find out the price when you contact the organisation, Price volatilityPrices that rise and fall repeatedly and unpredictably over short periods of time, Pricing modelHow the price for goods or services will be presented in a request for information (RFI), Pricing schedule appendixAdditional pages, containing more details about the pricing schedule, at the end of the contract, Primary packagingThe packaging that is in immediate contact with the product (e.g., small box, bottle, bag, etc. It is used to see if the proposed specification and contract terms can be improved upon via competitive offers and must be authorised by the purchaser as part of the invitation to tender, Vendor-managed inventoryAn agreement between an organisation and a supplier where the supplier is given control of ordering (replenishment) decisions, Venture capitalistsSpecialist companies that invest in businesses (particularly start-ups), Verbal communicationsUsing the spoken or written word to convey information, for example face-to-face or on the phone, reports, e-mails or posters, Vertical integrationWhen one organisation in a supply chain moves into a different stage of that supply chain, either by starting its own business or by acquiring an existing one, ViolationBreaching an agreement, policy or code of conduct, Vision statementA statement describing the future desired state of the organisation, Waiting time chargeCharge applied by a supplier if their specified waiting time to be offloaded is exceeded, Warehouse slottingThe process of assigning identity codes to picking locations based on various criteria such as unit sales, size or weight, WarrantyA promise made by the supplier to the buyer, in return for a monetary sum, to repair or replace a product or service without further charge in an agreed period of time, Water purificationThe process of removing chemicals, biological contaminants, suspended solids and gases from contaminated water, Waybill (or airway bill)A bill of lading issued by an airline certifying that items carried comply with standards set by the International Air Transport Authority (IATA), Wearing partsParts with a limited lifespan that need replacing periodically, Whistle-blowerA person who discloses activity or information which they believe to be illegal, unethical or not in accordance with the organisation’s policies and procedures, Wire transferA method of transferring funds electronically from one person or entity to another using bank accounts, Word-of-mouthThe informal sharing of information between people, Working capitalCapital of a business that is used in its day-to-day trading operations, calculated as the current assets minus the current liabilities, Work in progress inventoryAssets that are being used in the production process, which may include raw materials, labour and overheads, Zero-sum gameA ‘zero-sum game’ is an interaction where every gain by one person is an equal loss to the other, so the net gain (the total of the benefits to both parties) is zero, Shortened forms of a set of words, consisting of initial letters pronounced separately, for example, invitation to tender (ITT). Otherwise, they risk losing the items to other shoppers or they run out of time and miss their chance to grab the deals they want. Opportunity costA benefit that could have accrued if a person had taken a different action, Ordering systemA method used to determine the size and timing of an organisation’s orders, OrganisationA body that buys goods or services from a supplier, Organisational cultureThe shared values and beliefs that influence how people in an organisation behave, Original equipment manufacturer (OEM)A manufacturer that produces goods for another company to sell under their own branding, particularly computer and IT equipment, OscillatingAn object that oscillates moves repeatedly from one position to another, Outcome-focused specificationType of performance specification that describes the functions or performance that a product must fulfil, OutputThe amount of goods or services an organisation is producing or supplying, OutsourceContract another company to undertake a task or job, Over-spec’d (over-specified)Having a specification that is better than is required to be fit for purpose, Over-supplyWhere more goods or services are available than there are buyers for them. They are not specific to any one industry and can be applied to organisations of any size, ISO 9001ISO 9001 is a document describing the requirements an organisation must fulfill to meet the ISO 9000 standards, ISO 14001This sets out the international standards for an environmental management system, ISO 26000This is the international standard developed to help organisations in selecting and addressing their social responsibilities, IT networkA computer network that allows computers or systems to share data, Johari windowA technique that can be used to help an organisation (or person) improve their understanding of their relationship with themselves and others, Joint contracts tribunal (JCT)A family of standard contracts used in construction in the UK, Just in time (JIT)A system that works alongside Lean manufacturing. That’s why customers are encouraged to shop early and shop fast, so they can get their hands on the widest selection. Talk to a Retail Specialist. 2. With Tribetailing, you’re not trying to please the public or the masses. A procurement strategy to source from low-cost countries (LCC) either because of reduced production price, or improved capacity, quality, or logistics, Macro environmentExternal factors beyond an organisation’s control that will influence its success, such as government policy, technology, and social and cultural factors, Make-to-stockWhere an item is produced specifically to go into stock, for later sale, Make or buyA decision about what products or services an organisation will manufacture or provide themselves in-house, and which will be purchased from outside sources, Manual handlingThe transport or support of any load by one or more employees, including lifting, putting down, pushing, pulling, carrying or moving a load, Manufacturing resource planning (MRPII)A computer-based inventory management system that combines all available strategic and planning data to support inventory forecasting, MarketWhere buyers meet sellers to trade products and services. The point of sale (POS) or point of purchase (POP) is the time and place where a retail transaction is completed.At the point of sale, the merchant calculates the amount owed by the customer, indicates that amount, may prepare an invoice for the customer (which may be a cash register printout), and indicates the options for the customer to make payment. This term refers to retailers that integrate their brick and mortar store with their ecommerce site. This is the main checkout area of a retail store. An increasingly common trend thanks to the popularity of smartphones and tablets, mobile shopping is the practice of purchasing goods or services using a mobile device. Procurement terminology for suppliers and procurement professionals. This is an activity practiced by market research companies, watchdog groups, or even retailers themselves to evaluate product or service quality or compliance. The aim is to reduce waste through over-production, Key customer segmentsA method of splitting a company’s clients into groups so that marketing efforts can be more focused. So rather than stocking up on every item and SKU, you can implement an endless aisle by giving shoppers access to devices like touch screens and iPads. A SKU represents all the attributes of an item, including style, brand, size, color, and more. The French fashion house implements premium pricing on all its products; it doesn’t conduct sales, nor does it have any outlet stores. Mashable provides a great rundown of the types of Social Commerce on the web. After that, they scoot away to make room for new events.”. These stores bring in a ton of foot traffic into your vicinity, which opens up more opportunities for your business to get discovered. Managing modern trade 1. Using an innovative and interactive approach that goes beyond simple memorization, Modern Dental Terminology helps you learn to read, speak, and use terms in context. LandfillLandfill is a system of garbage disposal in which the waste is buried between layers of earth which has the effect of building up low-lying land, Last in-first out (LIFO)Items purchased last are sold first. The Social Commerce aspect kicks in when the Threadless community votes and scores the submissions in order to determine which designs are chosen for print. A big box store is a large establishment (often in a square or rectangular-shaped building), that’s usually part of a major retail chain. Modern trade as opposed to traditionnal retail shops refers to a full range of sale methods based on marketing techniques: for instance in self-service shops you have no more sales attendants behind a counter;now the customer can touch the articles.The more expensive goods will be ready at hand whereas you'll have to bend to reach good with less added value for the store.A few articles will … A long-term approach, that seeks to make small changes in processes to improve quality and efficiency, KanbanA production method where instructions are sent from one operation to the next on a card, including specific items and quantities. ), Primary sectorThe first stage of the production and manufacturing process (e.g., farming and the extraction of raw materials), Private limited company (Plc)A legal form of company in which ownership is apportioned through the number of shares held. Promotional mixThe aspects of product, place, price and promotion that are used in the marketing of a product or service, Propulsion systemA machine that produces thrust to push an object forward, Prospective suppliersSuppliers that may wish to work with a buyer or who a buyer may wish to work with, PrototypeA sample or model of an idea or concept, Public limited companyA legal form of company in which ownership is apportioned through the number of shares held. The consumer pays for the product in installments (interest-free), and will only receive the item once the payments are complete. The foreign man made products can be very cheaply made and made with huge impact to the … the cost of the materials used, as well as the cost of the labour to produce them and any other allocated overheads. The franchisee buys the right to use the business idea from the franchisor. This is where Dynamic Clustering comes in. Mobile shoppers can complete their transactions either on a retailer’s mobile site or with the use of an app. ... trade secret, or other right of any party. IoT is the concept of getting objects such as cars or household appliances to “talk” to each other. Modern consumers love stores that offer click-and-collect because it makes their life a lot easier. retail sales) to repay said loan. It is often based on demographics such as age or geographic location or on buying behaviour, Key performance indicator (KPI)Values that can be measured or monitored to assess levels of achievement, Kyoto ProtocolInternational treaty which commits state parties to reduce greenhouse gas emissions, LaggardsThe last group of consumers who buy or use a new product or technology. Instead, you’re zeroing in on a particular niche and are catering to them and only them. bring in a ton of foot traffic into your vicinity, integrate their brick and mortar store with their ecommerce site, Beacons can also be used for in-store analytics purposes, CRM software to collect and track customer data, Retailers can get rid of dead or unmoving inventory, convenient capabilities such as emailing receipts and processing mobile payments, deploy unique and more targeted strategies, planning how they’re displayed and organized can maximize sales, ten ways to save money on your pop-up store, build loyalty and forge long-term relationships with customers, prevent shrinkage by beefing up security in your store, Peer-to-peer sales platforms (eBay, Etsy, Amazon Marketplace), Social network-driven sales (Facebook, Pinterest, Twitter), Peer recommendations (Amazon, Yelp, JustBoughtIt), User-curated shopping (The Fancy, Lyst, Svpply), Participatory commerce (Threadless, Kickstarter, CutOnYourBias), Social shopping (Motilo, Fashism, GoTryItOn). Planograms can also guide and assist in store mapping and they enable retailers use space more effectively. Financial Accounting Terminology. The winning artists are then paid with cash prizes as well as royalties from their shirt sales. Niche retailers can be more nimble with their strategies, compared to broader businesses because they cater to specific audiences. ABC FOOD CO. Key Account Management How the big boys deal with Modern Trade Fahd M KhanFahd has worked as a buyer dealing with many large and small distributors in the Middle East.The document was drafted as a guide to modernization for smaller distributors keeping in mindthe best practices in the region leading to consistent processes increasing … You can prevent shrinkage by beefing up security in your store. 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