Glossary of Industry Terms
The relationship between the benefits associated with a product or service and the costs of obtaining the product or service. See also perceived value.
Value-added tax (VAT)
A type of tax system which adds a fixed percentage of taxation on products and services at each step of production or service delivery.
Pricing a product based on buyer perceptions of value rather than actual product costs.
Costs that change with sales or production levels.
A summary of how much a company has gone above or below budget.
Stamp of approval recorded in a traveler’s passport to enter a country for a specific purpose.
The purchase of large quantities of a product or service.
Documents that are exchanged for goods and service to substantiate payment that will be or already has been made.