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Procurement System Review
An audit of the
procedures used by an entity to obtain goods,
services, or construction.
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Procurement/Purchasing Card (pCard)
A
payment method used to empower an entity's
internal clients to buy directly from suppliers
within pre-approved authority levels and
spending limits.
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Procurement/Purchasing Manual
A document
that describes procurement-related rules,
regulations, policies, and procedures to be
followed by the procurement department and
the entity/departments it serves.
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Procurement/Purchasing Methods
Methods by
which goods, services, or construction may be
obtained. Such methods may include blanket
orders, emergency purchases, standing
offers, purchase orders, transfers, competitive
bidding, competitive negotiation,
intergovernmental cooperative agreements,
small purchase contracts, or purchases via
credit card.
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Producer
A company, country, or individual that
grows, supplies, or makes goods or services
for sale.
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Producers Price Index (PPI)
A measurement tool,
compiled by the U.S. Bureau of Labor
Statistics, that measures the average change
in selling prices during a specific time period
compared to the prices charged in a base
year by domestic producers of goods and
services.
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Product Differentiation
The process of identifying
and communicating the benefits and unique
qualities of a specific brand compared to
similar, competing brands.
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Product Launch
1. The introduction of a new product into a
market.
2. The beginning stages of the product life cycle.
(Ferrell and Hirt 2002)
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Product Life Cycle
A product generally has the
following life cycle stages: introduction,
growth, maturity, and decline.
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Production
1. The making of goods available for use.
2. Total output, especially of a commodity or
industry.
(Schiller 2000)
