Definitions of Business Terms

¥ Customer

- A party that receives or consumes products (goods or services) and has the ability to choose between different products and suppliers.

¥ Marketing

- The management process through which goods and services move from concept to the customer

¥ Design engineering

- A method for determining what features a product should have, and what metrics can be used to measure the quality or performance of the product, based on analysis of customer needs and preferences. The concept engineering process generally includes framing the project, collecting data, analyzing the data, and selecting actions.

¥ Procurement

- The act of obtaining or buying goods and services. The process includes preparation and processing of a demand as well as the end receipt and approval of payment.

¥ Process design

- The activity of determining the workflow, equipment needs, and implementation requirements for a particular process. Process design typically uses a number of tools including flowcharting, process simulation software, and scale models.

¥ Production

- The processes and methods used to transform tangible inputs (raw materials, semi-finished goods, subassemblies) and intangible inputs (ideas, information, knowledge) into goods or services. Resources are used in this process to create an output that is suitable for use or has exchange value.

¥ Inspection and test

- Critical appraisal involving examination, measurement, testing, gauging, and comparison of materials or items. An inspection determines if the material or item is in proper quantity and condition, and if it conforms to the applicable or specified requirements.

¥ Packaging and storage

- Preparation of product or commodity for proper storage and/or transportation. It may entail blocking, bracing, cushioning, marking, sealing, strapping, weather proofing, wrapping, etc.

- Non-transitory, semi-permanent or long-term, containment, holding, leaving, or placement of goods or materials, usually with...