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Group Purchasing Organization
In the United States, a group purchasing organization (GPO) is an entity that is created to leverage the purchasing power of a group of businesses to obtain discounts from vendors based on the collective buying power of the GPO members. Many GPOs are funded by administrative fees that are paid by the vendors that GPOs oversee. Some GPOs are funded by fees paid by the buying members. Some GPOs are funded by a combination of both of these methods. These fees can be set as a percentage of the purchase or set as an annual flat rate. Some GPOs set mandatory participation levels for their members, while others are completely voluntary. Members participate based on their purchasing needs and their level of confidence in what should be competitive pricing negotiated by their GPOs. Group purchasing is used in many industries to purchase raw materials and supplies, but it is common practice in the grocery industry, health care, electronics, industrial manufacturing and agricultural ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Purchasing Power
Purchasing power is the amount of goods and services that can be purchased with a unit of currency. For example, if one had taken one unit of currency to a store in the 1950s, it would have been possible to buy a greater number of items than would be the case today, indicating that the currency had a greater purchasing power in the 1950s. If one's monetary income stays the same, but the price level increases, the purchasing power of that income falls. Inflation does not ''always'' imply falling purchasing power of one's money income since the latter may rise faster than the price level. A higher real income means a higher purchasing power since real income refers to the income adjusted for inflation. Traditionally, the purchasing power of money depended heavily upon the local value of gold and silver, but was also made subject to the availability and demand of certain goods on the market. Most modern fiat currencies, like US dollars, are traded against each other and commodity mon ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Produce
Produce is a generalized term for many farm-produced crops, including fruits and vegetables (grains, oats, etc. are also sometimes considered ''produce''). More specifically, the term ''produce'' often implies that the products are fresh and generally in the same state as where and when they were harvested. In supermarkets, the term is also used to refer to the section of the store where fruit and vegetables are kept. ''Produce'' is the main product sold by greengrocers (UK, Australia) and farmers' markets. The term is widely and commonly used in the U.S. and Canada, but is not typically used outside the agricultural sector in other English-speaking countries. In parts of the world, including the U.S., produce is marked with small stickers bearing price look-up codes. These four- or five- digit codes are a standardized system intended to aid checkout and inventory control at places where produce is sold. Storage Vegetables are optimally stored between 0° and 4.4° Celsiu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Collective Buying Power
Collective buying power is the ability of a group of consumers to leverage the group size in exchange for discounts. In the marketplace Many different companies have used this concept to build business plans. Warehouse clubs function in a similar way by offering products in bulk to consumers who pay membership fees. In the same sense collective buying power is a cooperative approach to leveraging group size to benefit the consumer by offering Internet companies have been leveraging this concept, bringing people together online. The company will arrange a coupon offering, that will only go into effect if more than a before agreed upon number are sold. Dental industry example One example of a business plan that uses collective buying power is found in the dental industry. Discount dental plans negotiate discounts for dental services on behalf of their members. Depending on the details, it may sometimes be considered a win-win scenario for the discount plan members (dental pat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Discounts
Discounting is a financial mechanism in which a debtor obtains the right to delay payments to a creditor, for a defined period of time, in exchange for a charge or fee.See "Time Value", "Discount", "Discount Yield", "Compound Interest", "Efficient Market", "Market Value" and "Opportunity Cost" in Downes, J. and Goodman, J. E. ''Dictionary of Finance and Investment Terms'', Baron's Financial Guides, 2003. Essentially, the party that owes money in the present purchases the right to delay the payment until some future date.See "Discount", "Compound Interest", "Efficient Markets Hypothesis", "Efficient Resource Allocation", "Pareto-Optimality", "Price", "Price Mechanism" and "Efficient Market" in Black, John, ''Oxford Dictionary of Economics'', Oxford University Press, 2002. This transaction is based on the fact that most people prefer current interest to delayed interest because of mortality effects, impatience effects, and salience effects. The discount, or charge, is the differenc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rebate (marketing)
A rebate is a form of buying discount and is an amount paid by way of reduction, return, or refund that is paid retrospectively. It is a type of sales promotion that marketers use primarily as incentives or supplements to product sales. Rebates are also used as a means of enticing price-sensitive consumers into purchasing a product. The mail-in rebate (MIR) is the most common. A MIR entitles the buyer to mail in a coupon, receipt, and barcode in order to receive a check for a particular amount, depending on the particular product, time, and often place of purchase. Rebates are offered by either the retailer or the product manufacturer. Large stores often work in conjunction with manufacturers, usually requiring two or sometimes three separate rebates for each item, and sometimes are valid only at a single store. Rebate forms and special receipts are sometimes printed by the cash register at time of purchase on a separate receipt or available online for download. In some cases, the r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Raw Materials
A raw material, also known as a feedstock, unprocessed material, or primary commodity, is a basic material that is used to produce goods, finished goods, energy, or intermediate materials that are feedstock for future finished products. As feedstock, the term connotes these materials are bottleneck assets and are required to produce other products. The term ''raw material'' denotes materials in unprocessed or minimally processed states; e.g., raw latex, crude oil, cotton, coal, raw biomass, iron ore, air, lumber, logs, water, or "any product of agriculture, forestry, fishing or mineral in its natural form or which has undergone the transformation required to prepare it for international marketing in substantial volumes". The term ''secondary raw material'' denotes waste material which has been recycled and injected back into use as productive material. Ceramic While pottery originated in many different points around the world, it is certain that it was brought to light mostly ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Production Line
A production line is a set of sequential operations established in a factory where components are assembled to make a finished article or where materials are put through a refining process to produce an end-product that is suitable for onward consumption Typically, raw materials such as metal ores or agricultural products such as foodstuffs or textile source plants like cotton and flax require a sequence of treatments to render them useful. For metal, the processes include crushing, smelting and further refining. For plants, the useful material has to be separated from husks or contaminants and then treated for onward sale. History Early production processes were constrained by the availability of a source of energy, with wind mills and water mills providing power for the crude heavy processes and manpower being used for activities requiring more precision. In earlier centuries, with raw materials, power and people often being in different locations, production was distribu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Strategic Sourcing
Strategic sourcing is the process of developing channels of supply at the lowest total cost, not just the lowest purchase price. It expands upon traditional organisational purchasing activities to embrace all activities within the procurement cycle, from specification to receipt, payment for goods and services to sourcing production lines where the labor market would increase firms' ROI. Strategic sourcing processes aim for continuous improvement and re-evaluation of the purchasing activities of an organisation. In the services industry, strategic sourcing refers to a service solution, sometimes called a strategic partnership, which is specifically customized to meet the client's individual needs. In a production environment, it is often considered one component of supply chain management. Modern supply chain management professionals have placed emphasis on defining the distinct differences between strategic sourcing and procurement. Procurement operations support tactical day-to- ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Procurement
Procurement is the method of discovering and agreeing to terms and purchasing goods, Service (economics), services, or other works from an external source, often with the use of a tendering or competitive bidding process. When a government agency buys goods or services through this practice, it is referred to as Government procurement, public procurement. Procurement as an organization, organizational process is intended to ensure that the buyer receives goods, services, or works at the best possible price when aspects such as quality, quantity, time, and location are compared. Corporations and public bodies often define processes intended to promote fair and open competition for their business while minimizing risks such as exposure to fraud and collusion. Almost all purchasing decisions include factors such as delivery and handling, marginal benefit, and fluctuations in the prices of goods. Organisations which have adopted a corporate social responsibility perspective are also ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Beverages
A drink or beverage is a liquid intended for human consumption. In addition to their basic function of satisfying thirst, drinks play important roles in human culture. Common types of drinks include plain drinking water, milk, juice, smoothies and soft drinks. Traditionally Hot beverage, warm beverages include coffee, tea, and hot chocolate. Caffeinated drink, Caffeinated drinks that contain the stimulant caffeine have a long history. In addition, alcoholic drinks such as wine, beer, and liquor, which contain the drug ethanol, have been part of human culture for more than 8,000 years. Non-alcoholic drinks often signify drinks that would normally contain alcohol, such as beer, wine and Cocktail, cocktails, but are made with a sufficiently low concentration of alcohol by volume. The category includes drinks that have undergone an alcohol removal process such as Low-alcohol beer, non-alcoholic beers and de-alcoholized wines. Biology When the human body becomes dehydrated, a perso ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dry Goods
Dry goods is a historic term describing the type of product line a store carries, which differs by region. The term comes from the textile trade, and the shops appear to have spread with the mercantile trade across the British Empire (and former British territories) as a means of bringing supplies and manufactured goods to far-flung settlements and homesteads. Starting in the mid-18th century, these stores began by selling supplies and textile goods to remote communities, and many customized the products they carried to the area's needs. This continued to be the trend well into the early 20th century. With the rise of department stores and catalog sales, the decline of dry goods stores began, and the term has largely fallen out of use. Some dry goods stores became department stores especially around the turn of the 20th century. The term goes back to the 17th century and originally referred to any goods measured in dry measure, not liquid measure, of volume, such as stere, bu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bakery
A bakery is an establishment that produces and sells flour-based food baked in an oven such as bread, cookies, cakes, donuts, pastries, and pies. Some retail bakeries are also categorized as cafés, serving coffee and tea to customers who wish to consume the baked goods on the premises. Confectionery items are also made in most bakeries throughout the world. History Baked goods have been around for thousands of years. The art of baking was developed early during the Roman Empire. It was a highly famous art as Roman citizens loved baked goods and demanded them frequently for important occasions such as feasts and weddings. Because of the fame of the art of baking, around 300 BC, baking was introduced as an occupation and respectable profession for Romans. Bakers began to prepare bread at home in an oven, using mills to grind grain into flour for their breads. The demand for baked goods persisted, and the first bakers' guild was established in 168 BC in Rome. The desire f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
