Various Difficulties Associated With Inventory Term Paper

Length: 2 pages Subject: Business Type: Term Paper Paper: #48274095
Excerpt from Term Paper :

Ameliorating Inventory Problems Preemptively

One of the many dangers of not managing inventory correctly is that it is possible for retail locations to not know what inventory they have, and what inventory they do not have. This lack of knowledge can certainly affect customer service and one's interactions with customers. For instance, it is possible that a customer might return to a location to purchase another item that they had previously purchased from there before. Perhaps they might desire that item in a different color, or in a different style. Locations that do not properly keep track of their inventories will have a difficult time finding such an item and an even more difficult time finding the point of variation of that item from the one the customer previously purchased. Even if the store happens to be well stocked, lack of order and knowledge of inventory can create situations in which customers have to wait for employees to search through their inventory to find the desired item. Even worse, they may need to tell the customer to return at some later time -- during which time it is possible for the customer to locate the item elsewhere. As such, one of the most poignant dangers associated with keeping inventory is doing so in a disorganized fashion in which stores do not know which inventory they have. This can cause delays and strained relationships with customers, as well as churning.

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The way that this method can alleviate the potential problem alluded to in the posting by student 1 is that it enables organizations to know when they are running low on a certain product, so that they can make a purchase order to get more of that product. Additionally, this situation can be addressed by keeping strict tabs on which products are sold and in what amount. Thus, if an organization keeps track of its initial inventory and then documents (preferably electronically) how much of each product is sold, it will be able to determine in advance which items are selling well and need to be restocked. This method is beneficial because it allows retail location to know exactly how each of their items it doing. Additionally, this sort of insight from this inventory method can also yield insight into in-store marketing and display information. Simply be denoting the inventory as it changes on a daily or even half-day basis, the store is able to determine if product placement within its borders have any effect on which items are selling and how.

Student 2 discusses a fairly…

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