Business Terms A-Z


 

Dropshipping : An arrangement between a business and the manufacturer or distributor of a product the business wishes to sell in which the manufacturer or distributor--and not the business--ships the product to the business's customers .

 

Manufacturer: a person or company that makes goods for sale.

 

Minimimum Order Quantity (MOQ) :  A requirement specifies the lowest quantity of a certain product that a supplier is willing to sell. If the importer cannot reach the MOQ requirement, then the supplier is not willing to enter production

 

Request for quotation (RFQ): is a standard business process whose purpose is to invite suppliers into a bidding process to bid on specific products or services. RFQ generally means the same thing as IFB (Invitation For Bid).

 

Supplier: supplier is the provider of the product or service coming from the manufacturer themselves

 

TT: Telegraphic Transfer a bank transfer either placed through your online bank or through a branch

 

Unit: A single item

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