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Grand Canyon University Business Economic Order Quantity Discussion

Grand Canyon University Business Economic Order Quantity Discussion

Description

Week 8 Discussion:

Please respond to the following:

  • Techniques of inventory management include:
    • Economic order quantity.
    • Just in time inventories.
    • Optimum stocking level.
    • Periodic inventory.
    • Perpetual inventory.
    • Barcoding.
    • Point–of–sale systems.
  • Select three of the seven inventory techniques listed above and explore why a business would implement each one. Be sure to list specific reasons for each.
  • Be sure to respond to at least one of your classmates’ posts.

Peer Response:

Natalie Johnson

RE: Week 8 Discussion

Hello everyone,

In inventory management, businesses have an array of techniques to choose from, each tailored to specific needs. Let’s delve into three of these techniques – Economic Order Quantity (EOQ), Just-in-Time (JIT) inventories, and Perpetual Inventory – and explore why businesses would implement them.

**Economic Order Quantity (EOQ):**

EOQ calculates the ideal order quantity to balance holding and ordering costs. Businesses implementing EOQ aim to minimize costs associated with carrying excess inventory while avoiding frequent, costly ordering. This technique ensures optimal inventory levels, reducing storage costs and obsolescence risk.

**Just-in-Time (JIT) Inventories:** 

JIT focuses on minimizing inventory levels by receiving goods just when they are needed. Businesses adopting JIT strive to reduce waste, optimize production, and decrease storage costs. This technique is suitable for industries where excess inventory is costly, such as perishable goods or industries with fast-changing product lines.

**Perpetual Inventory:**

Perpetual inventory involves real-time tracking of stock levels through technology. Businesses implementing perpetual inventory aim to maintain accurate and up-to-date inventory data. This technique helps prevent stockouts and overstock situations, enabling efficient order fulfillment and minimizing opportunity costs.

Each technique offers distinct benefits, demonstrating the importance of aligning inventory strategies with a business’s unique operational needs.

Week 8 Assignment – Creating a Marketing Plan

Introduction 

“Entrepreneurs must determine what to sell, to whom and how often, on what terms and at what price, and how to get the product or service to the customer. In short, a marketing plan identifies a company’s target customers and describes how it will attract and keep them. The process does not have to be complex.” (1).

Overview

With this assignment, you will address some of the basic areas within a marketing plan and help to refine your strategies for creating a successful business.

Instructions 

Using the business from the assignment, Feasibility Analysis, write a 3–4 page paper in which you:

  1. Identify its primary target market. Explain your response.
  2. Specify three methods you will use to research customer needs and wants.
  3. Describe the marketing mix: a) product, b) pricing strategy, c) promotion and d) placement or distribution.
  4. Create a one-year advertising budget and plan that incorporates the use of various advertising media and publicity.
  5. Sources
  6. Norman M. Scarborough. 2015. Entrepreneurship and Effective Small Business Management. p. 274.

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