Semi-final Pre-test

A type of procurement where product and service materials that require conformity and compliance to standard operating procedure.

• centralized

• decentralized

The first step or requirement in selecting suppliers

• Identifying the Business' VMGO

• Identify the Relevant criteria for Supplier selection

• Evaluating and selecting suppliers

• Negotiating and contracting with the Selected suppliers

This is part of the standard operating procedure where existing and potential suppliers will undergo this selection process.

• Evaluating and selecting suppliers

• Negotiating and contracting with the Selected suppliers

• Evaluating supplier Performance

• Identify the Relevant criteria for Supplier selection

The goods or materials a business intends to sell to customers for profit.

• Stock turnover

• Inventory

• Safety stock

• Economic Order Quantity

The expenses your company incurs to purchase and receive the products it stocks in its inventory.

• Inventory

• carrying costs

• ordering costs

• safety stocks

The total of all expenses related to storing unsold goods.

• inventory

• lead time

• ordering costs

• carrying costs

An extra quantity of a product which is stored in the warehouse to prevent an out-of-stock situation.

• safety stock

• economic order quantity

• stock turnover

• reorder point

A specific level at which your stock needs to be replenished.

• stock turnover

• reorder point

• lead time

• safety stock

You can set your room rates higher than the local competition while also offering more extras in the basic package.

• Value-added pricing

• Discount pricing

• Price per segment

• Positional pricing

Positioning your hotel among the most expensive.

• Skimming

• Price per segment

• Positional pricing

• Discount pricing