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Vendor Complaint Form
A form completed by the
using agency to document unacceptable
vendor performance.
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Vendor File
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Vendor’s Lien
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Verbal Contract
An agreement that is oral and
not in writing. Usually enforceable if under
$500.
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Vertical Integration
Theory describing a style of
business ownership and control. Vertically
integrated companies are united through a
hierarchy and share a common owner.
Usually, each member produces a different
product, and the products combine to satisfy
a common need. Vertical integration is an
important theory for procurement
professionals who become involved in
price/cost negotiation to understand. There
are three major types of vertical integration:
backward vertical, forward vertical, and
balanced vertical.
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Vertical Linkage Analysis
A tool used to increase
a company's competitive advantage by
analyzing the value chain beyond the
company itself, from the beginning (material
suppliers) to the end (end users).
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Vertical Training
Specialized, in-depth training on
specific topics to prepare the employee for
upward mobility and promotional
opportunities.
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Virgin Product
A product that is made with 100%
new raw materials and contains no recycled
materials. (Martin and Miller 2006)
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Virtual Store
An eCommerce term for an online
marketplace, or store, that displays goods or
services for buyers to order. May include other
options, such as a live text chat with a
company representative.
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Vision Statement
A sentence or short paragraph
that is part of a strategic plan that describes
the goal of an entity's mission and reason for
its existence.
