Tangible objects that can be manufactured or produced for resale

A promise made to the consumer that a product’s purchase price will be refunded if that product is not satisfactory; often called a money-back guarantee

The formal, printed record of a sale that includes all necessary information as to the buyer, the seller, items purchased, amounts, prices, delivery date, credit or discount terms, etc.

The act of determining whether to produce a needed part or purchase it from a supplier

A type of producer that changes the shapes or forms of materials so that they will be useful to consumers

The process of one party reaching an agreement with another party to meet specific needs or wants

The amount and the value of goods and services produced (outputs) from set amounts of resources (inputs)

A ratio of net profit (after taxes) divided by net sales that reflects the profit per dollar of sales

A purchase contract that lists the good(s) or service(s) to be purchased, the quantity to be purchased, the price, terms of delivery, payment information, warranty and guarantee information, and other details as needed

The form that a business fills out to order goods; may be the same as a purchase agreement or purchase contract

The buying of goods and services for a business

A series of sequential steps taken by purchasing specialists to buy goods and services for a business

A business that buys consumer goods or services and sells them to the ultimate consumer

Intangible activities that are performed by other people for money

A promise made by the seller to the consumer that the seller will repair or replace a product that does not perform as expected

Intermediaries who help move goods between producers and retailers by buying goods from producers and selling them to retailers

Vendors; businesses from which other businesses buy goods or services

 Long-range planning (three to five years) for the company as a whole

A method of collecting price quotes from suppliers vying for an order or job