Monday, 20 September 2021, 11:15 PM
Site: Bcom International Supply Chain Management
Course: Bcom International Supply Chain Management (IMM)
Glossary: SCS Glossary

6-Step Selling Cycle

The selling cycle is the process a company or organisation undergoes when sell-ing their product or service to a customer.  

Step 1: Prospecting

Step 2: Planning the sales call

Step 3: Approach and sales presentation methods

Step 4: Handling objections

Step 5: Closing the sale

Step 6: Follow up


Absolute Advantage

Absolute advantage exists where a country can produce a good or service with less effort or resources than another country.


a collective term referring to the community of teachers and students in higher education.

Academic Essay

an extensive piece written around a specific academic concept

Academic Literacy

Academic literacy is the ability to write and read about academic subjects. The ability to gather information, process information and understand the information in a post-secondary education environment

The skills of academic literacy can be applied in the classroom, assignments and exams. The goal is to equip students with the ability to summarize, compare, contrast, create ideas and analyse information from a wide variety of sources.


Accommodation Policy

Accommodation policy refers to the SARB as lender of last resort. The SARB holds Repo auctions where banks can borrow money against assets such as Government Bonds, Land Bank Bills and Reserve Bank debentures.


Accounting – the system/process of gathering, analysing, recording, reporting and interpreting financial information.

Accounting Costs

Accounting costs are explicit costs only.

Accounting Profit

Accounting profit is total revenue minus explicit costs where TR > explicit costs.

Accrual Basis

Accrual basis – all the income earned and expenses incurred are recorded in the period to which they relate and not when cash is received or paid.