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Inventory Management– The Most Important Concept To Be Followed In Retail Management | MITSDE

Inventory refers to the stocks that are stored for prospective use or selling. In the retail industry, it refers to the goods that may be under various stages of development or in storage before the selling process.

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Inventory Management– The Most Important Concept To Be Followed In Retail Management | MITSDE

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  1. Inventory Management– The Most Important Concept To Be Followed In Retail Management https://www.mitsde.com https://www.mitsde.com

  2. About Us Inventory refers to the stocks that are stored for prospective use or selling. In the retail industry, it refers to the goods that may be under various stages of development or in storage before the selling process. https://www.mitsde.com

  3. Significance of Inventory Management Company or retailers opt for inventory management because one cannot afford to lose even a single customer. If a product is not available at a store, then the buyer will go to other stores and he/she may be averse to come back to that store in the near future as it might leave a negative impact on his/her mind. Inventory management avoids such kind of situations. So, in order to keep the customers intact, inventory management is imperative for every organisation. This concept forms a proper link between the manufacturing of a product and its sale in the market within the preferred time period. https://www.mitsde.com

  4. Types of Inventories Raw Materials: Raw materials are the basic things/objects or key components required for the production of any item. Work-in-progress: These are the semi-manufactured inventories, e. when the goods are still in the process of manufacturing and are yet to be finished. Finished Goods: Finished goods refer to the final goods that are ready for sale or that can be stored in the go downs as stocks for future consumption. https://www.mitsde.com

  5. Motive of Inventory Management Precautionary Motive: The business environment is dynamic and one cannot predict the future as there are chances that the business may face spurt in the demand by the customers. Precautionary motive refers to managing the inventory in order to avoid any unpredictable loss in the future. https://www.mitsde.com

  6. Transaction Motive In the future, a company may face situations such as unavailability of raw materials or finished goods. Transaction motive entails avoiding such situations or any other bottlenecks by managing inventories. Speculative Motive Price fluctuations occur frequently and a company can take advantage of this situation in the near future by holding inventories for the stipulated time. This is termed as a speculative motive. https://www.mitsde.com

  7. Conclusion • Inventory Management is the core process that marks the success or failure of any retail store. It is an integral component of Retail Management. • That is why our course materials of PGDM in Retail Management include lucid lessons on Inventory Management. • We provide our students with all the requisite knowledge and skills in Inventory Management that eventually makes them sought-after candidates for the industry. https://www.mitsde.com

  8. THANK YOU !! Website : https://www.mitsde.com Toll-Free No.: 9112- 207 - 207 https://www.mitsde.com

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