Toys from the world, for the world 5 years ago, while conducting an online search for a toy for her two kids Alice von Bergen was stuck with how very cheap, fairly, fast and convenient it is to import toys into the country- this led to a business idea that led to the establishment of the toy importing company toys-4-the world. Four years later, the business is going strong, and Alice is thinking of expanding into Swaziland and Lesotho. storage space has been secured, transportation service providers have been contracted, office staff are undergoing training and a sales team has been put together-this signals for Alice that it is all systems go. Q.1 Summarise cost of inventory shortages (stock- out cost) and make at least two recommendation on how the toys-4 the world business should manage them to ensure profitability Q.2 Differentiate between inventory timing and inventory quantity and recommend the best method for toys for the world to use to ensure effective inventory planning and control
Toys from the world, for the world
5 years ago, while conducting an online search for a toy for her two kids Alice von Bergen was stuck with how very cheap, fairly, fast and convenient it is to import toys into the country- this led to a business idea that led to the establishment of the toy importing company toys-4-the world.
Four years later, the business is going strong, and Alice is thinking of expanding into Swaziland and Lesotho. storage space has been secured, transportation service providers have been contracted, office staff are undergoing training and a sales team has been put together-this signals for Alice that it is all systems go.
Q.1 Summarise cost of inventory shortages (stock- out cost) and make at least two recommendation on how the toys-4 the world business should manage them to ensure profitability
Q.2 Differentiate between inventory timing and inventory quantity and recommend the best method for toys for the world to use to ensure effective inventory planning and control
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