Defined business terms

Finished goods

Stuff that you made, that has not yet been sold to a customer.

Intangible

Something that does not have a physical form. You can't touch it.

Inventory

Stuff that you've bought that you will use to produce one of your products. Customers don't buy your inventory; they buy the finished goods that you produce with it.

Merchandise

Commodity items that you purchased, that have not yet been sold to a customer.

Procedure

A set of instructions for completing a specific task.

Process

A series of procedures that transforms some input (e.g. inventory) into some output (e.g. finished goods).

Sales channel

The methods or paths through which you sell your product or service.

Stock

Any completed item that is available for sale. Can be made up of finished goods and merchandise.

Supplier

Someone who sells you the raw materials or equipment that you use in your business. The stuff you purchase from them might be tracked as inventory.

Tangible

Something that has a physical form. You can touch it.

Vendor

Someone who sells your stock on your behalf.