Author: pravinap301

50 Dozen Rosé

Posted on by pravinap301

In our last class one of the things we learned about is inventory management which is one of the most important aspects of any business. Without control of product inventory, determining if the business has enough inventory on hand or how much product is needed to restock inventory would be difficult to ascertain. Not having enough inventories to meet the demands of consumers would be detrimental to a business and could lead to loss in customers and sales.

I am fully aware of the importance of inventory control and learned firsthand the effects it has on a business. One of the places I have worked at was a winery shop and the store had a certain Rosé champagne that was one of the best sellers. During the week of Valentine’s Day the store had a special on the popular Rosé champagne and I was in charge of ordering the champagne to restock our inventory. After taking inventory I needed to order 100 cases of Rosé champagne which has 6 bottles in each case. When I was placing the order online, I unknowingly ordered 10 cases instead of 100 and since we only received 10 cases the store did not have enough to accommodate our customers’ needs. So on Valentine’s Day the champagne that we had a special on was completely out of stock and we would have to wait a week to order the next shipment. The store loss potential sales because there was a good amount of people that came in and asked for that popular champagne. Now if I had double checked the order quantity then the shortage would not have occurred.

From this experience I understand the importance of inventory management and how vital it is for a business because sufficient inventory is needed to generate sales. Has anyone been in a situation where you had a shortage on products and had to tell customers that you were out? If so, how did you handle the situation and was the situation resolved?

Security vs. Cheap Labor

Posted on by pravinap301
Sending work overseas for cheap labor is ideal for companies to do in order to maximize profit.  If they can buy low or have low costs for production and sell high on their products, companies will have more income versus costs which leads to more profit.  For example, Foxconn Technology, an electronics maker who assembles products and parts for companies including Apple, Dell, and Hewlett-Packard, has campuses in China that manufactures products at minimal costs increasing profit for these companies.
I feel that with certain manufacturing work such as clothes, electronics, cars and car parts are ideal to send overseas to maximize profits in companies but when it comes to personal and financial information such as bank accounts, insurance, and credit cards customer service representatives should not have to be located overseas in a different country.  When dealing with overseas customer representatives who seem like “a middle man” instead of dealing directly with the company itself does not seem very efficient at all especially when they ask you why you are calling and end up transferring you to the company directly anyways.  Sometimes there is a language barrier where it may be difficult for the customer and the oversea customer representatives to fully understand one another clearly.  If banks, insurance, and credit card companies are strict on security wouldn’t it be more secure to deal with them directly and in the same country?  How secure is your personal information in the hands of someone else in a different country?