procurement, the process of buying goods or services for a company, inventory management, controlling and organizing the products a company keeps in stock, economies of scale, reducing costs by producing or buying larger quantities, buffer stock, extra products kept to prevent shortages, supply chain, the system of companies and activities involved in making and delivering a product, lead time, the time between ordering and receiving goods, wholesaler, a company that buys products in large quantities and sells them to retailers, retailer, a business that sells products directly to customers, just in time (JIT), a system where goods are delivered only when they are needed, tender, an official offer to provide goods or services at a stated price

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