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Conceptual Review of Inventory Control Management
Conceptual Review of Inventory Control Management
Conceptual Review of Inventory Control Management
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1 PRODUCT There are many items that sell at the J-mart. The owner has to order more staple merchandises because those kinds of merchandises were the store basic stock. Besides that, those kinds of merchandises normally will have more demand by the customers. The owner needs to have enough goods on hand in order to satisfy the customers and to prevent out of stock situation. Next, for the assortment merchandise the owner can order in the quantity that less than staple merchandise because those kinds of merchandises were not the store basic products. This is to prevent excessive merchandise in the store. Besides that, in order to manage the store financial level, the owner of the J-mart can order the goods that have more customers buy …show more content…
This is because the location can determine how successful or failure a store in the future. As we know, Jmart is located in an unplanned business district. The problem that encounter by Jmart is inadequate parking slots and this problem will become serious during the weekends. Besides that, there also will having floods during the rainy season. In order to improve these problems, the owner needs to construct more drainage channel around the store, so that the rain water can drain away smoothly. For the parking space problems, the owner can try to avoid park their own car in the parking slots and leave the space for the customer’s car and increase more parking slots near the …show more content…
This method is more systematic compared with others. In addition, it also makes the payment process more fast because the cashier just needs to scan for the bar code rather than type the price one by one. Furthermore, this can also reduce the mistakes that maybe done by the cashier when do calculating on the prices. The last suggestion is the owner of the store has to update their price regularly so that the prices of the products are not outdated.
6.4 PROMOTION As we know, J-mart uses the personal selling strategy in order to promote it products to their customers. J-mart can offer discount for the loyal customers so that they remain to purchase the daily products with J-mart. By giving benefits to the customers the customers will help to promote the store to others. J-mart has its own store website to promote it store. Most of the business will use the Internet to promote their products and services. In order to compete with the competitors, J-mart has created a website for their company. By using this method, the customers can know more about J-mart through the store web site. Besides that, J-mart can also create a Facebook page for the customers to follow up them and leave their comment about the products or services of the
This will help them in achieving maximum sales. The company’s marketing team should first collect information regarding the income level of customers who live in the vicinity of the potential store location. They should determine income of the area’s population in order to make sure that it matches that of their typical customers. They should also take a look at education level as well occupational information for the area in question.
Trader Joe’s also followed the statement into the cost leadership strategy that they do not set up a large shopping center area, instead of a place less than 10000 square feet which carry less items than normal market. It shows that, people would rather like to shopping in the area with less items because it can save their time of finding the products and consideration of buying products.
The ecommerce industry is growing faster than ever. TJ Maxx needs to start focusing more on ecommerce not only to keep up with competition, but also to make sure they do well during weak economic periods. ecommerce, overall, tends to do very well during lackluster economic times. TJ Maxx will be able to cut costs more easily the more they expand their ecommerce business. Our business idea will allow them to expand their ecommerce as we will take over their website and delivery. TJX Companies’ three ecommerce sites accounts for only about 1.0% of the company’s total sales. However, the online channel is a key growth driver and TJX is taking initiatives to improve its online business. The ecommerce sales
...ir advantage. Franchises such as Walmart, manipulate product advertising and put items in specific places to increase chance of sales.
With the ability to control its stock and see at a glance how any store is performing, Wal-Mart is able to keep its finger on the pulse of its business and make critical adjustments as necessary. The low transportation costs it achieves with its own transportation system makes it possible to deliver goods to different stores within or under 48 hours, and transportation costs are only 3% of the total costs, as compared with 5% for their competitors ("Wal-Mart 's Supply Chain Management Practices: The Benefits Reaped"). Its advanced methods of transport, This combination of technology and down-home attention to customers as people makes Wal-Mart hard to beat on any soil, and it uses the winning formula to maximum advantage.
Wal-Mart has a competitive advantage that helps set them apart from the others. They operate under economies of scale. Competition has a hard time matching superstores on price because they typical lack volume to negotiate better deals With the development of its own distribution center and scale of operations, Wal-Mart is able to order in larger quantity at lower prices and passed on the savings to its customers. This generates store traffic and supports a one-stop shopping experience.
stores are smaller because the products are mainly grocery items. They have wide aisles and
Wal-Mart’s competitive environment is quite unique. Although Wal-Mart’s primary competition comes from general merchandise retailers, warehouse clubs and supermarket retailers also present competitive pressure. The discount retail industry is substantial in size and is constantly experiencing growth and change. The top competitors compete both nationally and internationally. There is extensive competition on pricing, location, store size, layout and environment, merchandise mix, technology and innovation, and overall image. The market is definitely characterized by economies of scale. Top retailers vertically integrate many functions, such as purchasing, manufacturing, advertising, and shipping. Large scale functions such as these give the top competitors a significant cost advantage over small-scale competition.
... To keep the customers going back to the website again, JD offers special offers to its customers. These include things such as 20% off on your next purchase from us. This makes the customer want to go back to the website and purchase more items. The reason JD offers these discounts is to retain the customers and keep them shopping on the website.
1. A good place to start with an internal firm analysis is to catalog the assets possessed by a firm.
Since brands depend on delivering a uniform, consistent product, global brands has traditionally adopted a “one size fits all” strategy (Crothers). Wal-Mart continues to expand internationally because it relates to other U.S global brands such as McDonalds. “ McDonalds grounded on one simple idea: provide desirable food and drink at low cost.”(Crothers 130). Wal-Mart’s strategy was almost the same to begin with. What they have in common is convenience and low cost. Its fast and quick just like McDonalds’. Customers at Wal-Mart can buy anything at one place and one time. It’s a superstore and everything you need is there. Customers do not need to leave to go to another store, which is why Wal-Mart is so successful. Smaller retail companies get replaced because they don’t have a chance with competing with Wal-Mart. A Wal-Mart store opening can destroy almost three local jobs for every two they cre...
Inventory management is a method through, which a business handles tangible resources and materials to ensure availability of resources for use. It is a collection of interdisciplinary processes including a full circle from the demand forecasting, supply chain management, inventory control and reverse logistics. Inventory management is the optimization of inventories of manufactured goods, work in progress, and raw materials. According to Doucette (2001) inventory management can be challenging at times; however, the need for effective inventory management is largely seeing more as a necessity than a mere trend when customer satisfaction and service have become a prime reason for a business to stand apart from its competition. For example, Wal-Mart’s inventory management is one of the biggest contributors to the success of the company;
This strategy understand that customers have specific needs and wants that must be meet. A major customer need is affordable products which is the first focus in Walmart’s operation’s strategy. First a company must meet order qualifiers for customers to want to buy from them, one major part of which is affordability. If a customer cannot afford something then the business will not be an order winner. The focus is on providing customers with their slogan of “everyday low prices”.
There are many reasons for choosing to go into a store to purchase items needed. For instance, having some assist you in finding what you need, or just answer questions about the product. It is also a way to get out of the couch, away from the television, or off the computer. Another feature is you can see and examine what you are going to purchase, helps in the decision making for most people. You know the minute the salesperson ring you up the product are yours to take home and use right away. It also makes return on items simple, take it back to where you bought and get an exchange or a refund if needed. For the draw backing for in store shopping is you do spending hours looking for the right product or in the lines trying to just purchase it. Or listening to all the people around you and all the additional noises you hear in stores. Not to mention store have set hours on when you can shop and when you can not, this is something which can change with assign on the door.
There are many reasons for choosing to go into a store to purchase items needed. For instance, having someone assist you in finding what you need, or just answer questions about the product. It is also a way to get off the couch, away from the television, or off the computer. Another feature is you can see and examine what you are going to purchase. This helps in the decision making for most people. You know the minute the salesperson rings you up, the product is yours to take home and use right aw...