S2, S1: Retail Buyer and Strategic Planning Vocab

Front

A person responsible for planning, selecting, and purchasing merchandise for a retail store. They ensure that the right products are available at the right time to meet customer demand.

Back

Retail Buyer

Front

The process of ensuring that a business has the right amount of stock to meet customer demand without holding too much, which can lead to excess costs.

Back

Inventory Control

Front

Predicting future customer demand for products or services to ensure sufficient stock is available without over-ordering.

Back

Forecasting

Front

The amount of time between when a retailer places an order with a supplier and when the goods arrive at the store.

Back

Lead Time

Front

The number of times inventory is sold and replaced over a certain period, usually a year.

Back

Stock Turnover

Front

Refers to how quickly a product can spoil, become obsolete, or lose value over time.

Back

Perishability

Front

Managing the flow of goods from the manufacturer to the retailer, ensuring that products arrive on time and in good condition.

Back

Supply Chain Management