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Demand And Inventory Management

Demand And Inventory Management

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Demand and Inventory Management

[Name of the Writer]

[Name of the Institution]

Demand and Inventory Management

I live in a suburban area which has many small and large business operating inside and near it. Being a business student, I have always been very interested in the area of different kinds of businesses and their operations (Muller, 2019). I regularly observe different kinds of business running in my neighborhood and often wonder how these big or small corporations are operating in this area or any area, how would their operations differ if they were carrying on a similar kind of business in a different region.

One of the most important aspects of running a business is inventory. Any business owner or manager should learn to manage their inventory in such a way that it lasts much longer and provides benefits to the business for a maximum extent of time. This technique is called inventory management. Only that business become successful whose owner or manager knows the excellent level of inventory management (Wild, 2017). There is a bakery near my house by the name of "Cups and Cakes". It is not a very small, but also not a very large bakery either. While regularly making a purchase from the bakery, I have closely observed the working and the operations of this bakery and have got deep knowledge about the inventory that is required to carry on the normal operations of a confectionary business.

The first and foremost thing required in the inventory of a bakery is the raw material or the ingredients. There are a number of ingredients that include flour, yeast, chocolate chips, cocoa powder, baking powder and most importantly a large amount of sugar. Another very important part of the inventory that is required for the successful running of the confectionary business is the refrigerator. A refrigerator is a must, as it stores the baked objects like cakes and pastries in it and keeps them fresh for a long period of time.

References

Muller, M. (2019). Essentials of inventory management. HarperCollins Leadership.

Wild, T. (2017). Best practice in inventory management. Routledge.

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