Q6. What tasks does a retailer have to carry out in inventory management? Assess the importance of various inventory levels.
Inventory control (also known as inventory management) refers to the systems and strategies businesses use to ensure that they have adequate supplies of raw materials for production and finished goods for shipment to customers, while also minimizing their inventory carrying costs. Storing excess inventory is costly, because the space and financial resources invested in the goods can often be put to better use elsewhere. At the same time, however, inadequate inventory stores can result in costly production shutdowns or delays in filling customer orders. Inventory control systems help companies to find the delicate balance between too little and too much inventory.Email to kvsude@gmail.com for getting Complete Answer
