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FOB ( free on board) is a term in international commercial law specifying at what point respective obligations, costs, and risk involved in the delivery of goods shift from the seller to the buyer under the Incoterms standard published by the International Chamber of Commerce. FOB is only used in non-containerized sea freight or inland waterway ...
Everyday low price (also abbreviated as EDLP) is a pricing strategy promising consumers a low price without the need to wait for sale price events or comparison shopping. EDLP saves retail stores the effort and expense needed to mark down prices in the store during sale events, and is also believed to generate shopper loyalty. [1]
Promo (media) A promo (a shorthand term for promotion) is a form of commercial advertising used in broadcast media, either television or radio, which promotes a program airing on a television or radio station/network to the viewing or listening audience. Promos usually appear during commercial breaks, although sometimes they appear during ...
International reply coupon. An international reply coupon (IRC) is a coupon that can be exchanged for one or more postage stamps representing the minimum postage for an unregistered priority airmail letter of up to twenty grams sent to another Universal Postal Union (UPU) member country. IRCs are accepted by all UPU member countries.
Uniform Shipping Law Code. Uniform shipping Law Code (USL Code) is one of the shipping laws and regulations of Australia, which provides standards for the design, construction and operation of domestic commercial vessels in Australian waters. The basic idea of the uniform shipping laws code is to harmonize the regulations of the sailing vessels ...
The law of one price (LOOP) states that in the absence of trade frictions (such as transport costs and tariffs), and under conditions of free competition and price flexibility (where no individual sellers or buyers have power to manipulate prices and prices can freely adjust), identical goods sold in different locations must sell for the same price when prices are expressed in a common currency.
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