I'm doing that paper 2 but the answer mentioned above is just copied from mark schemes available on websites.I could have done that too but I need some explaination to that ques.
Explain Why Effective Stock Control Is Important For A Large Business?
Helps to quickly respond to less stock level.
Company will have less amount of expired or old products to throw out / reduction of wastage
Well it seems you are doing Business cie as because I'm doing that paper and you asked it exactly like in the exam anyhooo the answer is
(a) Explanation could include an initial definition or statement of effective stock control – stocks
not too high or too low – avoid unnecessary holding costs, storage costs, insurance costs, –
theft – deterioration etc. – or opportunity costs of low stocks – losing customers – reference
to importance – implications of poor stock control – competition – business at risk – low
profits etc. – retail context – empty shelves – out of date fashions.
Sound analysis of effectiveness and/or importance in the context of retailing. [7–8]
Analysis of stock control issues with possible reference to effectiveness and importance. [5–6]
Some understanding of stock control issues. [3–4]
Limited understanding of stock control. [1–2]
(a) Explanation could include an initial definition or statement of effective stock control – stocks
not too high or too low – avoid unnecessary holding costs, storage costs, insurance costs, –
theft – deterioration etc. – or opportunity costs of low stocks – losing customers – reference
to importance – implications of poor stock control – competition – business at risk – low
profits etc. – retail context – empty shelves – out of date fashions.
Sound analysis of effectiveness and/or importance in the context of retailing. [7–8]
Analysis of stock control issues with possible reference to effectiveness and importance. [5–6]
Some understanding of stock control issues. [3–4]
Limited understanding of stock control. [1–2]
