The range of variables that contribute to the successful design of a product. They are function, cost and appearance.
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Stock
Materials that a business holds. They may take the form of raw materials yet to be used or yet to be delivered to customers.
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Maximum Stock Level
The highest amount of stock to be held by a business.
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Re-order Level
The amount of stock to be held by a business at which an order for new stock is placed with suppliers.
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Buffer Stock/Minimum Stock Level
The lowest amount of stock to be held by a business.
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Just In Time (JIT)
A stock management system where stocks are only delivered when they are needed by the production system and so no stocks are kept in the business.
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Quality
Achieving a minimum standards for a product, service or process which meets customer needs.
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Quality Control
Ensuring that a product or service meets customer needs, often through testing of sample products once they have been made.
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Quality Assurance
Ensuring that quality is produced and delivered at every stage of the production process, often through making quality the responsibility of all employees.
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Competitiveness
Ability of a firm to offer products and services that meet the quality standards of the local market at prices that are competitive and provide adequate returns on the resources employed or consumed in producing them.
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Productivity
The level of output per worker over a period of time.
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Customer Service
The experience that a customer gets when dealing with a business and the extent to which that experience meets and exeeds the customer's expectations.
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Innovation
The process of transforming inventions into products that can be sold to customers.
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Sale of Goods Legislation (Sale of Goods Act)
Gives consumer rights to compensation if a product they buy is not of good quality, not as described or not fit for purpose.
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