Definitions of business terms used in this system.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
F
Finished goods
Stuff that you made, that has not yet been sold to a customer.
- See also: stock.
I
Intangible
Something that does not have a physical form. You can’t touch it.
Inventory
Stuff that you’ve bought that you will use to produce one of your products. Customers don’t buy your inventory; they buy the finished goods that you produce with it.
M
Merchandise
Commodity items that you purchased, that have not yet been sold to a customer.
- See also: finished goods; stock.
P
Procedure
A set of instructions for completing a specific task.
Process
A series of procedures that transforms some input (e.g. inventory) into some output (e.g. finished goods).
S
Sales channel
The methods or paths through which you sell your product or service.
Stock
Any completed item that is available for sale. Can be made up of finished goods and merchandise.
Supplier
Someone who sells you the raw materials or equipment that you use in your business. The stuff you purchase from them might be tracked as inventory.
T
Tangible
Something that has a physical form. You can touch it.
V
Vendor
Someone who sells your stock on your behalf.