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Inventory Control System On Three Products Of Three Supermarkets
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1.2 STATEMENT OF PROBLEM
The
inventory control system has been undermined by supermarkets and other
business organizations, which has created room for loss of goods or
products and improper record keeping (stock keeping). As a result the
following problems arise:
1. Lack of inventory control in the supermarkets and other business organizations.
2. Lack of optimum quantity of commodity to be ordered for and when best to make the order.
3. Improper management of stock in the supermarkets and other business organizations.
1.3 AIMS AND OBJECTIVE
The aims and objective of the study are:
i. To examine the nature of stock control measures applied by the three supermarkets.
ii. To attempt to provide alternative strategies on effective management of stock, where necessary in the supermarkets.
iii. To determine the optimum quantity of commodity to order for and when best to make the order.
iv. To maintain a system that will minimize total cost
1.4 SIGNIFICANCE OF THE STUDY
Managing
huge stock of a product is one of the most important jobs of
wholesalers. A business must have enough space for storage purposes,
together with a supply management system in place.
a. The study will help to prevent or check fraudulent activities in the business.
b. it will help to maintain accurate stock records
c. It will help in checking the expiry date management of the goods.
d. It will help in determine when the goods are to be replenished.
e. It help to determine product that is selling well and which stock of items that need to be reduced.
1.5 SCOPE OF STUDY
The
study is limited to three supermarkets in Owerri urban, Pick n’ Smile,
Noble and Maris supermarkets. These are market oriented establishment
and their sole operation is the purchase and resale of local and foreign
products. These supermarkets are the points of sales where the demand
volumes of customers are relatively high to other retailers in the
markets.
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ABSRACT - [ Total Page(s): 1 ]This research work entails the process involved in inventory control of three supermarkets on three products they sell. The supermarkets include Noble supermarket, Pick ‘n’ smile supermarket and Maris supermarket as a case study. We take their inventory on Candid Red Wine, So Klin Detergent (900g sachet) and Peak Milk Powder. In this research work, data for the observation were collected and analyzed using statistical inventory control models. The inventory models used here were Sin ... Continue reading---
