Central Buying

Caveat Venditor – The Latin phrase which means “ let the buyer beware”. It denotes the philosophy that the buyer had better take care what he is getting because once the sale is made, the buyer will have no recourse. See: Caveat Venditor

Ceefax – A phonetic rendering of “see facts”, the British Broadcasting Corporation (BBC) has given its “newspaper on the air,” which permits subscribers by means of a decoding device attached on an ordinary television set to select from a number of particular areas of news. The viewer may take whatever time necessary and then switch to other news or regular programming. See: Oracle

Census – (1) A complete enumeration of a statistical population. See: Sample (2) The process of measuring the population for the data of interest to the one making study.

Census Block – Usually a well defined rectangular area are bounded by streets or roads. However, it may be irregular in shape and may be bounded by physical features such as railroads or streams. Census blocks do not cross boundaries of countries, tracts, or block numbering areas.

Census Tract – A small, relatively permanent area in to which Metropolitan statistical areas (MSAs) and certain other areas are divided for the purpose of providing statistics for small areas. When census tracts or establish, they are designed to be homogeneous with respect population characteristics, economics status, and living conditions. Census tracts generally have between 2,500 and 8,000 residents.

Census of Business – Compilation of detailed statistics on retail, wholesale and service trades according to about 150 business groups. Data include sales volume, expenses, storage facilities, and the like for counties cities, and SMSAs. Does not cover the professions nor the insurance and real estate firms. Authorized to be taken every five years in the years ending in “2” and “7”. More current information on some of the series is contained in the publications “Monthly Retail Trade,” “Monthly Selected Services Receipt, and “Monthly Wholesale Trade.” Collected by the Bureau of Census of the Department of Commerce.

Census of Government – Presents information about state and local governments such as size of payroll, number of employees, operating revenues and costs, and amount of indebtedness. Authorized to be taken every five years ending in “2” and “7”. Because of the time lag involved in compiling the data, this census may not be current enough for some purposes.

Census of Housing – Taken in conjunction with census of population and in the same years, it provides details on type of structure, rent, facilities, equipment, and other items of interest for planners. For large Metropolitan areas detailed statistics are compiled by city block. More current information is available in the frequent “Current Housing Reports.” Collected by the Bureau of the Census of the Department of Commerce.

Census of Manufacturers – Contains detailed Industry and geographic statistics in about 450 classes regarding number of establishments, value added by manufacture, employment, wages, inventories, sales by customer class, and utilities consumption. Taken in the same years as the Census of Business. Annual data is contained in the “Annual Survey of Manufacturers” and monthly and annual production figures for some commodities are found in the “Current Industrial Reports.” Collected by the Bureau of the Census of the Department of Commerce.

Census of Mineral Industries – Compiles information similar to the Census of Manufacturer but just for the mining Industry. Covers about 50 mineral industries. Taken in the same years as the Census of the Manufacturers. Collected by the Bureau of the Census of the Department of Commerce. Annual data may be found in the “Minerals Yearbook,” which is published by the Bureau of Mines of the Interior Department. Because the latter is a product classification while the former is an industrial classification, the two are not entirely comparable.

Census of Population – A count of population by geographic region, with detailed demographic characteristics some of which are determined by the need of business to have certain information. Some specific computer runs may be had on a fee basis. Taken every ten years in the years ending with “0”. More current data is available in the annual “Current Population Reports.”

Census Of Transportation – Data cover passenger travel, the transportation of commodities by the various transport modes, and truck and bus inventory and use. Taken in the same years as the Census of Business and by the same Bureau.

 Center Of Influence Method – A prospecting used by salespeople in which salesperson cultivates well-known, influential people who are willing to provide sales leads.

Center Spread – (1) See: Double Truck (2) In outdoor advertising, two adjacent panels on which the copy has been coordinated.

Central Business District – Characteristics: convergence of local and inter-city transportation facilities; sale of shopping goods predominates;substantial numbers of specialty shops but usually on the edges of the area; numerous convenience goods stores to accommodate the downtown employment of a large number of people.

Central Buying – An arrangement within the firm whereby the acquisition of whatever the firm requires is the responsibility of one organization division. Frequently this one division is subdivided into highly specialized units each responsible for acquiring but one type of product under defined conditions.  See: Blanket Order, Systems Contracting

Central Limit Theorem – States that if Simple Random Samples of a large size are drawn from a universe with a given mean and variance, the sample mean will be approximately normally distributed. The sample parameters will become more and more accurate as the sample size becomes larger.

Central Market – A place where large number of suppliers are concentrated. The location may be a simple area, such as a merchandise mart, or it may be located in the same in the same general section of a city. For example, New York is still the primary central market for many types of merchandise, especially women’s wear.

Central Office Edit – The thorough and exacting scrutiny and correction of completed data collection forms, including a decision about what to do with the data.

Central-Peripheral Pattern – One of the significant location determinants, it refers to an activity which originates at some central point and becomes extended through a surrounding area to a boundary. This pattern is typical of the retail store which serves a neighborhood, the New York Produce Market serving as a central clearance point to move produce to a large surrounding area though many types of middlemen, etc. Other factors such as costs, land contours, and the like, also affect location decisions.  See: Flow Pattern

Central Place Theory – 1. (retailing definition) A model that ranks communities according to the assortment of goods available in each. At the bottom of the hierarchy are communities that represent the smallest central places (centers of commerce). They provide the basic necessities of life. Further up the hierarchy are the larger central places, which carry all goods and services found in lower-order central places plus more specialized ones that are not necessary. 2. (geographical definition) A normative theory that explains the size, number, and spacing of distribution centers to serve a dispersed population.

Central Route to Persuasion – one of two types of cognitive processes by which persuasion occurs. In the central route, consumers focus on the product messages in the ad, interpret them, form beliefs about product attributes and consequences, and integrate these meanings to form brand attitudes and intentions.

Central Processing Unit – Same as: CPU

Centralized Adjustment System – A centralized office that handles complaints, whether placed by telephone, mail, or personal visit to the  store. It would no apply to routine matters, such as the return of merchandise in good condition and within the limits of the store’s policy governing approval sales, exchanges and so on.

Centralized Management – The practice of referring matters of decision to higher levels of management, particularly to corporate management.

Centralized Sales Organization – A sales force, reporting to corporate or group management that sells the products of two or more divisions. this may be appropriate when the products of the divisions are distributed through the same channels.

Cents-off Offer – A consumer sales promotion technique offering a certificate good for discount off the posted purchase price of the a particular product.

CEO – Generally accepted abbreviation for: Chief Executive Officer

Certification Mark – Applies to a mark used upon or in connection with the products or services of one or more persons other than the owner of the mark to certify regional or other origin, material, mode of manufacture, quality, accuracy or other characteristic of such goods or services, or that the work or labor on the goods and/or services was performed by the members of a union or other organization. May be registered in the U.S Patent Office.

Ceteris Paribus – Latin for; other things being equal.

Chain Break – An I.D. In which the station uses two seconds of the time in order to identify itself.

Chain Discount – A series of discounts taken on a base reduced by each preceding discount, e.g., a chain discount of 40%, 5%,& 5% is the same as one discount of 45.85% taken on the list price.

Chain Prospecting – A technique of prospecting in which a salesperson seeks the names of one or more prospects from each one approached. Same as: Endless Chain Method

 

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