Inventory definition: Copy, customize, and use instantly
Introduction
The term "Inventory" refers to the tangible goods, materials, and products that a business holds for the purpose of sale, production, or operational use. It is essential for managing supply chains, meeting customer demand, and supporting business operations effectively.
Below are various examples of how "Inventory" can be defined in different contexts. Copy the one that fits your needs, customize it, and use it in your contract.
Definition of "Inventory" as goods held for sale
This definition ties "Inventory" to items intended for sale.
"Inventory" means goods, merchandise, or products that a business holds in stock for the primary purpose of selling to customers in the ordinary course of business.
Definition of "Inventory" as raw materials and supplies
This definition connects "Inventory" to materials used in production.
"Inventory" refers to raw materials, components, and supplies that are held by a business for use in manufacturing or producing finished goods.
Definition of "Inventory" as finished and semi-finished goods
This definition links "Inventory" to its categorization by production stage.
"Inventory" means finished goods ready for sale, semi-finished products awaiting further processing, and materials held by a business to support its operations.
Definition of "Inventory" as operational stock
This definition applies "Inventory" to its role in supporting business operations.
"Inventory" refers to all stock held by a business, including goods for sale, spare parts, and consumables necessary for day-to-day operations.
Definition of "Inventory" as a balance sheet asset
This definition ties "Inventory" to its financial representation.
"Inventory" means the tangible assets of a business, including goods, materials, and supplies, recorded as current assets on the balance sheet.
Definition of "Inventory" as a business resource
This definition ties "Inventory" to its role as a critical business resource.
"Inventory" means all goods, materials, and products held by a business as resources to support sales, production, and operational activities.
Definition of "Inventory" as stock for resale
This definition connects "Inventory" to its purpose in resale activities.
"Inventory" refers to goods or products acquired or manufactured by a business specifically for resale in the ordinary course of business operations.
Definition of "Inventory" as stock categorized by type
This definition links "Inventory" to its classification by type or function.
"Inventory" means all stock categorized as raw materials, work-in-progress, or finished goods, held by a business to meet operational or customer needs.
Definition of "Inventory" as stock for production cycles
This definition applies "Inventory" to its use in production processes.
"Inventory" refers to items, including raw materials and semi-finished products, required for ongoing or planned production cycles within a business.
Definition of "Inventory" as a supply chain component
This definition ties "Inventory" to its role within the supply chain.
"Inventory" means all goods and materials that a business manages as part of its supply chain to ensure smooth production and delivery to customers.
Definition of "Inventory" as a measure of business efficiency
This definition connects "Inventory" to its role in assessing business performance.
"Inventory" refers to the stock held by a business, which serves as a measure of operational efficiency, supply chain management, and demand planning.
Definition of "Inventory" as goods for immediate use or sale
This definition links "Inventory" to its readiness for use or sale.
"Inventory" means goods or materials that are immediately available for operational use or sale to customers, supporting business continuity.
Definition of "Inventory" as items subject to valuation
This definition applies "Inventory" to its financial evaluation.
"Inventory" refers to all tangible goods and materials owned by a business, which are subject to periodic valuation for accounting and financial reporting.
Definition of "Inventory" as controlled stock
This definition ties "Inventory" to its management and control.
"Inventory" means all stock under the control of a business, including goods in transit, warehouse stock, and items at retail locations, tracked for operational purposes.
Definition of "Inventory" as a key operational asset
This definition connects "Inventory" to its importance as a business asset.
"Inventory" refers to goods and materials that are essential for a business’s operational success, ensuring the ability to meet production and customer demands.
Definition of "Inventory" as a tangible asset class
This definition ties "Inventory" to its categorization as a tangible business asset.
"Inventory" means the tangible goods and materials held by a business, classified as assets available for production, sales, or operational use.
Definition of "Inventory" as a stock for meeting customer demand
This definition connects "Inventory" to its role in fulfilling customer requirements.
"Inventory" refers to goods and products maintained by a business to meet anticipated or actual customer demand in a timely manner.
Definition of "Inventory" as a buffer for supply chain disruptions
This definition links "Inventory" to its function as a safeguard in supply chain management.
"Inventory" means the stock held by a business as a buffer to mitigate the risks of supply chain disruptions and ensure continuous operations.
Definition of "Inventory" as a representation of working capital
This definition applies "Inventory" to its relationship with working capital.
"Inventory" refers to the goods and materials that form a significant portion of a business's working capital, crucial for operational and financial planning.
Definition of "Inventory" as stock awaiting distribution
This definition ties "Inventory" to goods in transit or storage before distribution.
"Inventory" means items stored or in transit, awaiting distribution to customers, retail locations, or production facilities.
Definition of "Inventory" as a component of operational continuity
This definition connects "Inventory" to its role in maintaining business operations.
"Inventory" refers to the stock held by a business to maintain continuity in production, sales, and other critical operations.
Definition of "Inventory" as cyclical or seasonal stock
This definition links "Inventory" to its fluctuation based on demand cycles.
"Inventory" means goods and materials that vary in quantity based on cyclical or seasonal demand, managed to optimize costs and availability.
Definition of "Inventory" as reserved stock for strategic purposes
This definition applies "Inventory" to its strategic reserve function.
"Inventory" refers to stock deliberately reserved for strategic purposes, such as meeting unexpected demand or capitalizing on market opportunities.
Definition of "Inventory" as items accounted for in cost analysis
This definition ties "Inventory" to its role in cost calculations.
"Inventory" means all goods and materials factored into cost of goods sold (COGS) calculations, directly affecting profitability and pricing strategies.
Definition of "Inventory" as a key input for production planning
This definition connects "Inventory" to its importance in production workflows.
"Inventory" refers to raw materials, components, and finished goods that serve as critical inputs for production planning and execution.
Definition of "Inventory" as stock managed for turnover efficiency
This definition ties "Inventory" to its role in managing stock turnover rates.
"Inventory" means goods and materials held by a business, monitored and managed to optimize turnover efficiency and minimize holding costs.
Definition of "Inventory" as a valuation tool for profitability
This definition connects "Inventory" to its role in determining business profitability.
"Inventory" refers to the stock valued to calculate cost of goods sold (COGS) and gross profit, playing a critical role in financial performance analysis.
Definition of "Inventory" as a supply readiness metric
This definition links "Inventory" to its function in maintaining supply readiness.
"Inventory" means the stock maintained by a business to ensure supply readiness, enabling timely response to market or production needs.
Definition of "Inventory" as raw and auxiliary stock
This definition applies "Inventory" to its inclusion of both raw materials and auxiliary supplies.
"Inventory" refers to raw materials, auxiliary supplies, and other goods used in production or sales processes, categorized for operational purposes.
Definition of "Inventory" as a balance sheet measure of liquidity
This definition ties "Inventory" to its role in assessing liquidity.
"Inventory" means the stock recorded as a current asset on the balance sheet, reflecting its contribution to the business’s liquidity position.
Definition of "Inventory" as stock subject to obsolescence
This definition connects "Inventory" to its management for avoiding obsolescence.
"Inventory" refers to goods and materials monitored to mitigate risks of obsolescence and ensure alignment with current demand trends.
Definition of "Inventory" as stock for market responsiveness
This definition links "Inventory" to its role in adapting to market changes.
"Inventory" means items maintained by a business to respond quickly to market fluctuations, ensuring supply meets dynamic customer demands.
Definition of "Inventory" as goods tracked for logistics efficiency
This definition applies "Inventory" to its role in logistics and distribution.
"Inventory" refers to the stock tracked across storage, transit, and distribution channels to optimize logistics and ensure timely delivery.
Definition of "Inventory" as strategically held surplus
This definition ties "Inventory" to its role as surplus held for strategic use.
"Inventory" means surplus goods and materials strategically maintained to address unexpected demand spikes or supply chain disruptions.
Definition of "Inventory" as a cost optimization factor
This definition connects "Inventory" to its impact on operational costs.
"Inventory" refers to the goods and materials managed to optimize costs related to storage, procurement, and production, ensuring operational efficiency.
This article contains general legal information and does not contain legal advice. Cobrief is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.