Retail of Business Chapter 2.1 Vocab

Front

Fewer items in stock than recorded due to expired products, damage, theft, or errors.

Back

Inventory Shrinkage

Front

Retailer system that tracks inventory, sales, pricing, and orders.

Back

Inventory Tracking System

Front

Part of inventory tracking: includes barcode scanners, registers, card readers, receipt printers, tablets, online checkouts, and self-service kiosks, aiding in tracking inventory reduction as sold.

Back

Point-of-Sale (POS) System

Front

Term for when customers buy less than estimated, leading to too much stock?

Back

Excess Inventory

Front

Term for when customers buy more than estimated and inventory is sold out, possibly unavailable in the future.

Back

Out-of-Stock

Front

Placing inventory on sales shelves is called?

Back

Stocking

Front

Extra inventory kept for unexpected customer demand.

Back

Safety Stock

Front

Area for inventory not on sales floor or awaiting release?

Back

Stockroom

Front

A machine-readable series of parallel lines that create a unique item identifier is called?

Back

Barcode

Front

Tags that identify objects using radio waves, recognizing individual items or groups like pallets.

Back

RFID (Radio Frequency Identification)