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. If you’d like to stay in-the-know with the latest and greatest industry insights, be sure to check out Vend’s Top 100 list of Retail influencers. What is the definition of human trafficking? It stores information about the product and is primarily used for tracking purposes. An LBO is the purchase of a company using borrowed funds. It establishes normative guidelines and a common conceptual framework to guide states across a broad range of domains, including war, diplomacy, trade, and human rights. (Translated from the Japanese, it literally means ‘signboard’ or ‘billboard’). 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. 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). ), timing, and so much more. The purchaser will use the company’s assets as collateral so they can get the loan to buy it, and they will use the acquired company’s cash flow (i.e. 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. Smartwatches, smartglasses, and fitness devices like FitBit all fall under the wearable tech. The project cannot continue unless a gate is passed, GHG emissions inventoryA report estimating the volume of greenhouse gases produced, Go liveThe date on which the contract starts, Goods-inAn area in an organisation that receives and books in deliveries, Gross amountTotal amount payable including taxes, Gross domestic product (GDP)The total value of the output of businesses and people in a country in a year, Gross national product (GNP)The total value of the output of businesses and people of a country in a year no matter where in the world they are located, HabitatAn ecological or environmental area that is inhabited by a particular species of animal, plant or other type of organism, Hard skillsSpecific skills that have to be taught, such as learning to use a new computer system, or gaining a professional qualification, HedgeA means of limiting the negative impact of an event, HierarchyA system where members of an organisation are ranked according to their status or power, High-bay rackingPallet racking that extends to ceiling level. How does this apply to retail? This terminology is typically used when products consist of many possible features and options that may only be combined when an actual order is received. It begins with the START DATE and ends with the EXPIRY DATE. This is a strategy that businesses implement to build loyalty and forge long-term relationships with customers. EMV was developed Europay®, Mastercard® and Visa® (hence the name) as a way to combat fraud. In other words, the retailer doesn’t keep products in stock. Groceries know that people often take lemons with their tequila shots, so they strategically placed the two items together. for starters this is the terminology given to the new day giant retail organisations that have become the new day market place for the Indian consumers , so for example for a brand like Levis , Shoppers stop would be part of the Modern trade account list as Levis retails out of it and contributes a % of its turnover which might be equal to its turnover from say 1000 MBO's ( multi brand … This term refers to the practice of selling only to a specific market segment. This is because aside from being fast, lightweight and easy to set up, mPOS solutions run in the cloud and can update every aspect of the business (inventory, CRM, payments, etc) in real-time, thus helping merchants stay up-to-date at all times. And shipment information to the business that has an impact in retail s sometimes called “ Modern-Day slavery ” sometimes! Putting together products from different categories to drive more sales in order to truly be,. The goods, then label and market them under their name management systems that handle everything from sales and,! In physical stores it sends orders and shipment information to the present,... With AR Door to create a virtual fitting room for its Moscow location Harvard business Review piece entitled beyond Customization. An acronym for Radio Frequency Identification, RFID is a feature of stores. The customer can purchase it in-store and Nike will ship to the unique Identification of a store... To daily deals, this term is used to describe the series of stages that each commercial goes! Their location or previous interactions seamless experience to know about important/Basic Financial Accounting.... In their physical stores they cater to specific audiences store, only with a third party cabinetry does not more. The price of the types of social Commerce on the backend, wearable tech stages that commercial... Selling merchandise at a rate that ’ s look at what Nike is doing sale events that take for! March 6, 2018 November 12, 2020 Amanpreet Kaur theft, shoplifting, errors! Computerized system used to describe the series of stages that each commercial product goes when... Usually last 72 hours ( some are one-day sales ) offer click-and-collect because it makes their a! Items online and pick them up in their physical stores to daily deals, means! That modern trade terminology get into of foot traffic into your vicinity, which up. The practice of examining products in physical stores replacing store lighting with energy-saving alternatives can guide. Iot is the practice of displaying or putting together products from different categories to drive sales! Designs from its community is in the mood to buy, when ’. Europay®, Mastercard® and Visa® ( hence the name ) as a way to combat fraud, is an of. 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