Thesis Abstract and Dissertation Abstracts
Effectiveness Of Stock Control In The Pharmaceutical Industry
Abstract Category: Accounts and Economics
Course / Degree: Master of Science, Economics
Institution / University: Atlantic International University, United States
Published in: 2013
Effective stock control is known to reduce cost and enhance growth in business. However, the problem is to determine the extent to which stock management can reduce cost and ensure business growth. This motivated the researcher to research into the topic, stock control at Kojack Pharma Limited Takoradi.
Inventory management techniques are applicable to all types of organization that have inventories, even those in which the only stock or inventory is an inventory of office supplies. Merchandise organizations such as pharmaceutical firms are particularly concerned about stock control. This is because too much stock can result in unnecessary costs of carrying inventory and too little inventory can also result in loss of sales if customers buy the products elsewhere. Therefore the question is how much should be kept as inventory or stock in the business?
Stock control has become has become one of the dimensions upon which companies compete on the global scale. Most companies even use complex computer models to manage their stocks. It has been realized that a firm’s strategic viability is now dependent on the ability of the firm to operate with substantially low stocks. Innovations in stock control assisted by technology can lead to the entire restructuring of industries. Recent technological development is making the system of stock control simpler and attractive.
The entire stocks of pharmaceutical firms form their main working capital. Therefore, inefficiency in its stock control systems can cause the company to go into liquidation.
Stock Control activities in pharmacies rage from ensuring that, there is an adequate selection of different types and sizes of drugs available in the stores and seeing to it that replacement of the drugs are timely.
Stock control seeks to minimize total cost and also check the cost of replenishing goods that have been sold. Also, effective stock control seeks to safeguard against deterioration, obsolescence, obsolete materials, theft and fraud. Therefore, it is a must for every pharmaceutical firm to strengthen its stock control procedures so as to boost the growth of the business.
Inventory management techniques are applicable to all types of organization that have inventories, even those in which the only stock or inventory is an inventory of office supplies. Merchandise organizations such as pharmaceutical firms are particularly concerned about stock control. This is because too much stock can result in unnecessary costs of carrying inventory and too little inventory can also result in loss of sales if customers buy the products elsewhere. Therefore the question is how much should be kept as inventory or stock in the business?
Stock control has become has become one of the dimensions upon which companies compete on the global scale. Most companies even use complex computer models to manage their stocks. It has been realized that a firm’s strategic viability is now dependent on the ability of the firm to operate with substantially low stocks. Innovations in stock control assisted by technology can lead to the entire restructuring of industries. Recent technological development is making the system of stock control simpler and attractive.
The entire stocks of pharmaceutical firms form their main working capital. Therefore, inefficiency in its stock control systems can cause the company to go into liquidation.
Stock Control activities in pharmacies rage from ensuring that, there is an adequate selection of different types and sizes of drugs available in the stores and seeing to it that replacement of the drugs are timely.
Stock control seeks to minimize total cost and also check the cost of replenishing goods that have been sold. Also, effective stock control seeks to safeguard against deterioration, obsolescence, obsolete materials, theft and fraud. Therefore, it is a must for every pharmaceutical firm to strengthen its stock control procedures so as to boost the growth of the business.
Dissertation Keywords/Search Tags:
Stock Control
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Submission Details: Dissertation Abstract submitted by David Ackah from Ghana on 08-Mar-2015 16:08.
Abstract has been viewed 2792 times (since 7 Mar 2010).
David Ackah Contact Details: Email: drdavidackah@gmail.com Phone: +233 244 218 418
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