ENTREPRENEURIAL OPERATIONS
INVENTORY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What is one thing you need to keep in mind when purchasing inventory?
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Developing a model inventory
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Having absolutely no system
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Doing nothing
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Keeping a very messy inventory
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Explanation:
Detailed explanation-1: -Businesses are reliant on having items in stock; otherwise customers will simply go to a competitor who can provide what they want. However, holding inventory in stock is not without costs – storage, insurance and maintenance all must be considered.
Detailed explanation-2: -Product is delivered to your facility. Product is inspected, sorted, and stored. Inventory levels are monitored. Customer orders are placed. Customer orders are approved. Products are taken from stock. Inventory levels are updated. Stock levels trigger reordering.
There is 1 question to complete.