3.2 Key Words

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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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Other cards in this set

Card 2

Front

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

Back

STOCKS

Card 3

Front

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

Back

Preview of the back of card 3

Card 4

Front

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

Back

Preview of the back of card 4

Card 5

Front

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

Back

Preview of the back of card 5
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