Store Head Interview Questions and Answers

Inventory refers to the goods or materials a business holds for the purpose of resale or production.

• Inventory includes raw materials, work-in-progress, and finished goods.

• It is an important aspect of supply chain management.

• Inventory management involves balancing the costs of holding inventory with the benefits of having enough stock to meet demand.

• Examples of businesses that rely heavily on inventory management include retail stores, manufacturers, and wholesalers.

Inventory class can be identified based on its usage, demand, and value.

• Analyze the usage frequency of the inventory

• Determine the demand for the inventory

• Evaluate the value of the inventory

• Classify inventory as A, B, or C based on usage, demand, and value

• A - high usage, high demand, high value

• B - moderate usage, moderate demand, moderate value

• C - low usage, low demand, low value

We control stores inventory through regular audits, implementing inventory management software, and setting up reorder points.

• Regular audits to identify discrepancies and ensure accuracy

• Implementing inventory management software to track inventory levels and movement

• Setting up reorder points to ensure timely replenishment

• Monitoring sales trends and adjusting inventory levels accordingly

• Collaborating with suppliers to optimize inventory levels and reduce lead times

ABC analysis is a technique used to categorize items based on their value or importance.

• ABC analysis divides items into three categories: A, B, and C.

• Category A items are the most important and valuable, while category C items are the least important and valuable.

• The analysis is based on the Pareto principle, which states that 80% of the value comes from 20% of the items.

• Example: A store might use ABC analysis to categorize its inventory, with high-value items like electronic...read more