Finished goods

Examples of Finished goods in the following topics:

• Total Quality Management

  • Workers in a cell environment tend to have a greater sense of ownership and pride in their work because they have a "big picture" view of the product as it is converted from raw material to a finished good.

• Inventory Management

  • Inventory represents finished and unfinished goods that have not yet been sold by a company.
  • It may also include finished cans that are not yet packaged into cartons or pallets.
  • Its finished good inventory consists of all the filled and labeled cans of food in its warehouse that it has manufactured and wishes to sell to food distributors (wholesalers), to grocery stores (retailers), and even perhaps to consumers through arrangements like factory stores and outlet centers.
  • Inventory management is primarily about specifying the location and amount of stocked goods.
  • Work in process (WIP): materials and components that have began their transformation to finished goods

• Supply Chain Management

  • Supply chain management spans all movement and storage of raw materials, work-in-process inventory, and finished goods from point of origin to point of consumption.
  • Inventory management: Quantity and location of inventory, including raw materials, work-in-process (WIP), and finished goods.

• Importing and Exporting

  • In International Trade, "exports" refers to selling goods and services produced in the home country to other markets.
  • Export goods or services are provided to foreign consumers by domestic producers.
  • It is a good that is brought in from another country for sale.
  • Import goods or services are provided to domestic consumers by foreign producers.
  • Exporting raw materials accounts for the funds spent on importing finished goods.

• Warehousing

  • A warehouse is a commercial building for storage of goods.
  • They usually have loading docks to load and unload goods from trucks.
  • Sometimes warehouses are designed for the loading and unloading of goods directly from railways, airports, or seaports.
  • Stored goods can include any raw materials, packing materials, spare parts, components, or finished goods associated with agriculture, manufacturing, or commerce.
  • The database can then provide useful reports about the status of goods in the warehouse.

• Balance of Trade

  • The balance of trade is sometimes divided into a goods and a services balance.
  • The trade balance is identical to the difference between a country's output and its domestic demand (the difference between what goods a country produces and how many goods it buys from abroad; this does not include money re-spent on foreign stock, nor does it factor in the concept of importing goods to produce for the domestic market).
  • The cost and availability of raw materials, intermediate goods and other inputs
  • Prices of goods manufactured at home (influenced by the responsiveness of supply)
  • However, with domestic demand-led growth (as in the United States and Australia), the trade balance will worsen at the same stage in the business cycle as these economies will import additional raw materials and finished goods.

• Consumer goods marketing and business-to-business (industrial) marketing

  • Consumer goods marketers sell to individuals who consume the finished product.
  • For the consumer goods marketer, the various marketing components are relatively fixed.
  • In addition, consumer goods marketers might employ emotional appeals and are faced with the constant battle of getting their product into retail outlets.

• Clean production defined

  • Food service setups, service provider procedures, delivery routines, office systems, even agriculture are all good examples of ‘production' in that commodities (e.g. raw materials) flow from one area (or machine or department) to another whereupon a set of procedures, labour skills or other processes are performed so as to end up with a finished product (or service).

• Classifying Business Products

  • Business products are goods or services that are sold to other businesses rather than to end-consumers.
  • The demands for manufactured industrial goods are usually derived from the demands for ultimate consumer goods.
  • There are a number of specific types of manufactured industrial goods.
  • Process machinery (sometimes called installations) refers to major pieces of equipment used in the manufacture of other goods.
  • Supplies and service do not enter the finished product at all, but are nevertheless consumed in conjunction with making the product.

• Countertrade

  • Countertrade is a system of exchange in which goods and services are used as payment rather than money.
  • Countertrade means exchanging goods or services which are paid for, in whole or part, with other goods or services, rather than with money.
  • Any transaction involving exchange of goods or service for something of equal value.
  • Barter: Exchange of goods or services directly for other goods or services without the use of money as means of purchase or payment.
  • Agreement by one nation to buy a product from another, subject to the purchase of some or all of the components and raw materials from the buyer of the finished product, or the assembly of such product in the buyer nation.