Customer Care - Stock Control 0.0 / 5 ? OtherAnimal ManagementOtherOther Created by: Becky_BerryCreated on: 02-03-21 10:22 Stock Control Physical Resource: a tangible item required of the business Asset: something the business owns, made up by some physical resources Capital: the form of wealth, either money/assets 1 of 6 Physical Resources Records Land/property all businesses must have a postal address Machinery e.g., tills, power tools anything that needs power Tools and equipment things needed to complete daily activities Stock Tenure: the financial arrangement for paying for a property, can either by owner occupancy or tenancy in tenancy the landlord owns the land Materials: the items you will be selling includes raw materials and stock includes materials used for service 2 of 6 Monitoring Stock perishable: can go out of date/past its best illegal to sell out of date products e.g., antivenom, feeds non-perishable: cannot go out of date/past its best e.g., soft toys Sell-by: how long the shop has to sell the item Use-by: the time it takes for the item to go off and potentially make the consumer ill 3 of 6 Stock Rotation Reduces wastage make a financial loss from the item, still have to pay the supplier throw in the bin as past sell-by or broken if non-perishable can use a first-in first-out basis, shortest date at the front Cost-price: the amount of money an item costs the business to make if we throw that away or if it breaks then we make a loss by the same as the cost price Can use special promotions to reduce the price and encourage the public to buy a product near its sell-by/use-by date 4 of 6 Stock Inventories Need to be able to predict what the demand for a product is make sure they have enough stock too little = lose sales too much stock = money tied up in capital stock items have 2 prices selling price: what the business sells a product for cost price: what the business buys the product for write offs are how we record wastage holding stock: stock that has been bought from the supplier but has not been sold buffer stock: the minimum stock level we can have to keep the business running and prevent selling out amount sold in a week + 1 (to make sure we don't run out) till system can automatically order more if stock falls below the buffer can be changed, so needs constant monitoring only paying for stock you need lead time: time it takes for stock to be delivered after ordering buffer stock needs to last for the lead time some businesses do an annual stock take departmental stock take is where different sections are done each week 5 of 6 What are the key areas of stock control? how much of each item is sold in how much time stock inventory non-perishable and perishable stock perishable stock rotation buffer stock identify how many the business normally sells controls cost stock review 6 of 6
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