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20 Cards in this Set
- Front
- Back
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Inventory
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is any asset held for future use or sale
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Inventory Management
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involves planning, coordinating & controlling the acquisition, storage, handling, movement, distribution and possible sale of raw materials, component parts and subassemblies, supplies and tools, replacement parts, and other assets to meet customer wants and needs
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Ordering Costs
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Cost of ordering and receiving raw materials
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Shortage Costs
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When Demand exceeds supply: opportunity costs of making sales
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Holding Costs
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cost to carry raw materials and finished goods inventory
Safety stock inventory: an additional amount of inventory kept over and above the amount required to meet expected demand |
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Stock Outs
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inability to satisfy demand for an item
Lost sale: occurs when the customer is unwilling to wait and purchases the item elsewhere |
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Amount=
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expected + safety - inventory
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Promotion
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is used to supplement product, pricing and distribution strategies
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Promotional Elements
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advertising, personal selling, sales promotion, public relations
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Promotional Mix
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Combination of Promotional Elements
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Inventory
|
is any asset held for future use or sale
|
|
|
Inventory Management
|
involves planning, coordinating & controlling the acquisition, storage, handling, movement, distribution and possible sale of raw materials, component parts and subassemblies, supplies and tools, replacement parts, and other assets to meet customer wants and needs
|
|
|
Ordering Costs
|
Cost of ordering and receiving raw materials
|
|
|
Shortage Costs
|
When Demand exceeds supply: opportunity costs of making sales
|
|
|
Holding Costs
|
cost to carry raw materials and finished goods inventory
Safety stock inventory: an additional amount of inventory kept over and above the amount required to meet expected demand |
|
|
Stock Outs
|
inability to satisfy demand for an item
Lost sale: occurs when the customer is unwilling to wait and purchases the item elsewhere |
|
|
Amount=
|
expected + safety - inventory
|
|
|
Promotion
|
is used to supplement product, pricing and distribution strategies
|
|
|
Promotional Elements
|
advertising, personal selling, sales promotion, public relations
|
|
|
Promotional Mix
|
Combination of Promotional Elements
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