Cul 129 Chapter 4 Latest Update Graded A+

CUL 129 CHAPTER 4 LATEST UPDATE GRADED A+ What refers to activities related to buying and selling products and services through online sources? E-commerce What sort of items might an NBG negotiate for with a specialty manufacturer? Toys for kids meals Which statement is accurate regarding the purchasing function supply sources for a unit in a multiunit franchise? Product consistency between properties is necessary What purchasing-related benefit do franchisees use to help justify or negate the franchise fees? Savings on products negotiated for very large-volume, franchise-wide purchases What are the two basic types of vendors for which purchasers must make selection decisions? Products routinely purchased and one-time or infrequent need What is the difference between a trade show and a vendor-sponsored event? A trade show has competitors; a vendor-sponsored event promotes one purveyor's products Is it necessary for approved suppliers to be regularly evaluated? Yes, as it needs to be determined if the operation is receiving value What is the purchasing method most often selected by purchasers? Several methods and selection procedures are used at the same time What is meant by the concept of "preferred vendor"? Approved vendors with the highest rating What refers to the idea of evaluating vendors before using their services? Vendor sourcing What sort of operation would be most likely to use a buyer's club? Small, particularly if cash flow is an issue What kind of relationship is considered optimal to cultivate with a vendor? One that resembles a partnership Which alternative purchasing source offers a deep selection of relatively few products? Specialty-line vendor What is a purchaser's most immediate contact with the vendor? Distributor sales representative Less time for purchasing and receiving, along with reduced unit costs that come with volume, are advantages of which kind of vendor? Broad-line Which alternative purchasing source offers a wide variety of products, perhaps hundreds or even thousands? Broad-line vendors What is the purpose of a Vendor Sourcing Form? Assess potential benefits of a specific vendor What do many purchasers consider to be the most important and the most useful information source regarding vendors? Previous experience What are the benefits of effective vendor servicing decisions for the buyer? Improve purchasing decisions and vendor relationships What refers to that which owns and manages a brand and sells the rights to use its name, trademarks, and operating systems? Franchisor Account An organization to which a vendor sells products Broad-Line Vendor A vendor that offers a wide variety of products Distributor Sales Representative (DSR) The purchaser's most immediate contact with the vendor, also referred to as a sales person or account executive E-Commerce Activities related to buying and selling products and services through online sources Franchisor A company that owns and manages a brand and sells the rights to use its name, trademarks, and operating systems Hazard Analysis Critical Control Point (HACCP) A system used to control risks and hazards throughout the food supply process National Account An organization with very large-volume purchase requirements that are spread across the manufacturer's sales regions Payment Card Discount A reduction in processing fees that credit and debit cards issuers charge to those accepting payment cards Qualified Buyer A person with the authority to make purchase decisions for his or her organization Request for Proposal (RFP) A document used to request prices from approved vendors for products of a specified quality and in a specified quantity Specialty Line Vendor A vendor that offers a deep selection of relatively few products Trade Show An industry specific event that allows vendors to interact with, educate and sell to individuals and businesses in the industry Vendor Sourcing Decisions that determine which vendors will be asked to quote prices for needed products