3.2 Key Words

DESIGN MIX

The range of variables which contribute to successful design: function, cost and appearance.

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STOCKS

Materials that a business holds. This could be raw materials or finished stock.

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MAXIMUM STOCK LEVEL

The highest amount of stock to be kept by a business.

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RE-ORDER LEVEL

The amount of stock held by a business at which an order for new stock is placed with suppliers.

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BUFFER STOCK LEVEL / MINIMUM STOCK LEVEL

The lowest amount of stock to be kept by a business.

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JUST IN TIME STOCK CONTROL

A stock management system where stocks are only delivered when they are needed by the production system, and so no stocks are kept by a business.

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QUALITY

Achieving a minimum standard for a product or service, or a production process, which meets customers’ needs.

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QUALITY CONTROL

Testing a product for quality at the end of the production process.

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QUALITY ASSURANCE

Ensuring that quality is produced at every stage of the production, often through making quality the responsibility of every worker.

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CUSTOMER SERVICE

The experience the customer gets when dealing with a business and the extent to which that experience meets and exceeds customer needs and expectations.

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INNOVATION

The process of transforming inventions into products that can be sold to customers.

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SALES OF GOODS LEGISLATION

Gives consumers rights to compensation of a product they buy is not of merchantable quality, not as described or not fit for purpose.

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TRADE DESCRIPTIONS LEGISLATION

Makes businesses liable for prosecution and fines if products are sold in a misleading way.

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3.2 Key Words

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