Job Lot

Inventory Overage – The value of physical inventory in excess of the book value.

Inventory Policy – A firm’s standard practice regarding the level of inventory to be maintained. For example, it may be customary to hold a 60 or 90 day supply.

Inventory Stock Shortage – The value of the book inventory in excess of the actual physical inventory, often expressed as a percentage of net sales. It is the amount of theft, breakage, sales in excess of amounts charged customers, and errors in record keeping. It maybe either clerical (caused by miscalculation), or physical (caused by misappropriation of goods).

Inventory Turnover – 1. (physical distribution definition) The number of times average inventory is sold during a specified time period (usually one year). 2. (retailing definition) The number of times per year the retailer sells its average inventory.

Investment – Any outlay of cash flow in the near term that is expected to generate cash inflows in the future periods. Typically some or all of the cash outlay is capitalized on the balance sheet of the firm.

Investment Strategy – A strategy that specifies (1) the requirements for funds needed to achieve the competitive advantage, and (2) the outcomes expected from the allocation of these funds. The broad investment choices are build, defend, or harvest market position.

Invisible Assets – Assets that are hard to copy, very time-consuming to develop, capable of many uses, an unattainable with money alone. Invisible assets are mainly embodied in factors such as the superior skills of people, corporate culture, advanced technical design and production skills, and mastery of the dominant technologies. These assets may be acquired through first-mover advantages, accumulate experience, continued investment in training, and insightful nurturing of strengths.

Involvement – The degree of personal relevance a consumer perceives a product, brand, object, or behavior to have. High involvement products are seen as having important personal consequences or as useful for achieving important personal goals. Low involvement products are not linked to important consequences or goal.

Item Merchandising – The special planning and control effort employed to discover and take advantage of the sales opportunities afforded by items that are in greater consumer demand.

Item Merchandising – The special planning and control effort employed to discover and take advantage of the sales opportunities afforded by items that are in greater consumer demand.

Item Nonresponse – A source of nonsampling error that arises when a respondent agrees to an interview but refuses or is unable to answer specific questions.

Itemized Rating Scale – A scale distinguished by the fact that individuals must indicate their ratings of an attribute or object by selecting one from among limited number of categories that best describe their position on the attribute or object.

Job Lot – A promotional grouping of merchandise through which some vendors dispose of the end-of-season surpluses and incomplete assortments. For example, a blouse manufacturer may offer, in minimum units of three dozen garments, a miscellaneous selection of different sizes and styles at one-half the original or early season wholesale price.

Jobber – Earlier, a dealer in odd lots or job lots; now, a middleman who buys from manufacturers (or importers) and sells to retailers; a wholesaler.

Joint Rate – A form of transportation pricing in which more than one carrier is involved in the movement of freight. A joint rate means that freight moves on a through bill of lading even though multiple carriers are involved in the transport.

Joint Venture – A form of participation in foreign markets by means of alliance with a local partner.

Joint Venturing – A linkage between two companies in order to facilitate the supply and/or sale of products to a market or market segment. A joint venture arrangement might be set up between two or more companies in order to enter a new market (e.g., a foreign market) , or between two or more companies in the value chain as when the child of two corporate parents develops a new distribution or builds a supplying plant. Joint ventures can be informal sharing agreements or formal equity -sharing arrangements.

Judgment Sample – A nonprobability sample that is often called a purposive sample because the sample elements are handpicked because they are expected to serve the research purpose.

Junket – A publicity device in which members of the media are brought to a company to observe the product being made, research facilities, and the like.

Jury of Executive Opinion – A method of developing a sales forecast in which the executives of the company are polled for their assessment of likely sales. It is also known as the jury of expert opinion method.

Just-In-Time (JIT)- An inventory management system based upon the philosophy that well-run manufacturing plants do not require the stock piling of parts and components. Instead, they rely upon receiving necessary inventory in the exact quantity and at a specified time to support manufacturing schedules.

Just-In-Time II (JIT II) – A supply management system that builds on JIT to include close working relationships between suppliers and manufacturers. Suppliers actually work in the manufacturer’s facility to coordinate production scheduling, delivery, and participate in early product design. No traditional buyer/supplier representatives exists in such a relationship.

Keiretsu – A Japanese interbusiness alliance or enterprise group.

Kerning – The degree of tightness in the space between type characters such as the individual letters in headlines, subheads, and body copy. Art directors frequently adjust the degree of closeness between type characters to give the appearance of more natural (and more readable) character and word spacing.

Key Account – A large account, usually generating more than a precipitated annual sales level, that receive special treatment from salespeople.

Key Items – The items that are in the greatest consumer demand. They are also referred to as best sellers

Key Success Factors – Those factors that are necessary condition for success in the given market. That is, a company that does poorly on one of the factors critical to success in its market is certain to fail.

Keystone Map – A markup in which the cost price is doubled or a markup of 50 percent of retail is obtained. For example, if an item is retailed at $20 and the cost the retailer is $10, then the keystone markup has been applied.

Kickback – A payment made by salesperson to a buyer based on the size or number of orders placed by the buyer for the salesperson’s products or services.

Knowledge – Consumer’s meaning or belief about products, brands, stores, etc., that are stored in memory.

Knowledge Function of Attitudes – A function of attitudes that serves the individual in understanding the environment. The knowledge function aids the individuals in organizing information into an understandable or cohesive whole. It is one of the functions theory of attitudes.

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