MARKETING
7th Edition
ISBN: 9781260087710
Author: Grewal
Publisher: RENT MCG
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Chapter 16, Problem 6MA
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To discuss: The advantages and disadvantages of just-in-time inventory system and whether it is suitable for Retailer X.
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- A just-in-time (JIT) inventory system appears to be an importantsuccess factor for retailers like H&M and Forever 21. Choose a localretailer and examine the advantages and disadvantages of its use of aJIT system. Do you believe it should use JIT? Why?arrow_forwardDefine inventory and provide some examples. Explain the importance of inventory, types of inventories, and key decisions and costs. How does inventory affect a firm’s financial performance? Define environmentally preferable purchasing or green purchasing. Define and explain the different types of inventory costs that managers must consider in making replenishment decisions. How can these costs be determined in practice? How does order cost differ from setup cost? What is a SKU? Provide some examples in both goods and services. Explain the difference between independent and dependent demand, deterministic and stochastic demand, and static and dynamic demand. Provide an example of an inventory item for each combination of these demand types (e.g., independent, stochastic, and static, and so on). Define lead time. What factors affect lead time? Describe the two different types of stockouts that firms often face. What must be done to prevent them?arrow_forwardOne of the benefits of having one centralized warehour as opposed to multiple regional warehouses is having less safety stock at the centralized warehouse(as compared to the sum of safety stocks at the regional warehouses) True or False?arrow_forward
- study the Inventory management by one of the major companies from any part of the world. For this company, Discuss the Challenges & Best practices with respect to the inventory management.arrow_forwardVisit a local business or research one online, observe its operations, then describe and explain the following: Identify the different types of inventory. Explain the functions of its inventory. Explain the objectives of inventory management at the company. Describe how those inventory management objectives are measured. State whether you visited the business or whether you did online researcarrow_forwardWhat makes is difficult for managers in today’s marketplace to achieve the proper balance of inventory? Provide examples to support your argument.Despite the challenges of inventory management, in what ways can inventory turnover provide important insights about an organization’s competitiveness and efficiency?arrow_forward
- Discuss how rapidly do we provide inventory to our customers ?arrow_forwardDiscuss the different kinds of costs in carrying inventory and what role the inventory turnover ratio has in determining those costs. Then think about a product(s) you recently purchased and answer the following question: Which inventory cost category is probably the largest for this product(s) and how could this category of inventory cost be reduced?arrow_forwardSome companies may choose to have a high level of inventory while other companies in the same industry may choose to have a low level of inventory. What factors need to be considered while determining a policy on the level of inventory? Provide a hypothetical example of inventory optimization. (Note: While describing the factors describe the points like Manager and function, purchasing cycle, Just in time (JIT), Access to vendors, Inventory forecast, and Supply Chain Management).arrow_forward
- Describe how different forms of inventory are affected by factors such as lead time and lot size?arrow_forwardHi there can you you please please assist me with the following question below 1.1 Explain any three roles of inventory with the use of your own examples 1.2 In your opinion, should organisations actively work towards ensuring thate-commerce transactions are secure from threats? Justify your stance by explaining at least three key points.arrow_forwardWhat are the advantages and disadvantages of "just-in-time Inventory" for a company?arrow_forward
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