Strategies For Effective Store Management Operation In Industry (A Case Study Of Vitamalt Plc Agbara)
This research work focused on strategies for effective store management operation in industry, taking study of Vitamalt PLC Agbara, the research revealed that out of the characteristics of Vitamalt are taste, odour, brand, packaging and price; all equal significant effect on the preference of the beer product consume; Vitamalt is meant for both children and adult which give them strength.
Table of Contents
- Title page
- Table of contents
1.0 Background of the study
- 1.1 Introduction
- 1.2 Statement of the problem
- 1.3 Objectives of the study
- 1.4 Significance of the study
- 1.5 Scope and limitations of the study
- 1.6 Definition of terms.
2.0 Review of Related Literature
- 2.1 Introduction
- 2.2 Inventory control/management strategies
- 2.3 Store house operation
- 2.4 Stock valuation
- 2.5 Method and techniques of inventory control
- 2.6 Categories of stock
- 2.7 Material requirement planning control system
3.0 Research Methodology
- 3.1 Sources of data collection used
- 3.2 Questionnaire
- 3.3 Population and sample size
- 3.4 Limitations
4.0 General Findings
- 4.1 Historical background of vitamalt plc. Lagos.
- 4.2 Store manager
- 4.3 Function of the store manager
- 4.4 Method/strategies adopted by vitamalt to manage stores
- 4.5 Data presentation and analysis
5.0 Summary and Conclusion
- 5.1 Summary of findings
- 5.2 Recommendation
- 5.3 Conclusion
1.0 Background of the Study
Human being cannot live without the heart pumping blood all over the body. The same is to a producing firm it cannot perform without the existence of store. Therefore, the store is regarded as the pumping organ of a production firm as well as the bedrock of a producing organization and other department that exist under the organization.
The word “STORE” connotes a place where materials that are not consumed immediately are kept for future consumption or used. While “STRATEGIES” means procedure in planning and directing of the whole operation in the campaign or policies, hence store with material management
1.2 Statement of the Problem
The vitamalt plc, which specialize in the manufacturing of vitamalt drinks. Due to the increasing demand of quality soft drinks by individuals and co-operate bodies which leads to the expansion of the present lines were embarked upon to increase the output. Therefore, the increase in the purchase of raw material and modern machinery made provision for the extension of store system into sub-store to meet demand from different production lines. In most cases, the vitamalt plc run out of stock because of some raw materials for production.
It’s noted that about 45% of the company raw materials are imported while 55% are produced locally. The sources of the locally raw materials are not reliable. Most of the items they produce are less quality and sub-standard materials.
Meanwhile, the root of all these problems can be trace down to inability of the store and purchasing department to strategies effective store management. In vitamalt plc store is that the organization operate partial centralized store department, the consequences of this method are as follows:
- It imposes high cost of acquisition of stock to the central store. And it brings up delay in the production department.
- Some of the staffs are not competent of the store work due to lack of training and development in store management.
- The problem of improper handling and inspection caused by the stock items.
- High rate of illiteracy among store workers. Most of the workers do not know about the work “STORE” connotes and the value of the organization.
- Pilferage caused by the store workers, most of the store worker steals those items, kept with them in the store because stock is done regularly in the organization.
- Office policies and struggle among the store staff.
- Poor communication and report writing skill among store staff to carry out the day to day running of the store.
- Ineffective decision making among the store manager.
1.3 Objectives of the Study
Objectives of the research projects are:
- To strategies the effective way of controlling store management department.
- To ensure better relationship between the store and other departments.
- To restructure the vitamalt plc store department.
- To ensure the best and accurate way accountability of goods and service in the store department.
- To initiate better budgeting control system.
- To introduce and install better control system
- To eliminate or reduce fraud in the store department.
1.4 Significance of the Study
The importance of strategies for effective store management in producing organization cannot be over emphasized. This research is also important to the researcher because it remains part of the requirement for the award of national diploma in business studies by the NBTE.
- The strategies for effective store management in a producing organization pave way for proper recording of the store items.
- The significance of the study also gives room for store accountability of the organization. Some store managers tried all their possible to account for the store resources committed to their hands.
- It also ensures efficiency of the store stall that are to carry out the daily store activities.
- To gives the organization confidence over the materials they have in store that is properly managed.
- It makes the staff to be competent in discharging their daily duties in store. It makes them to know the right qualities of materials to be issued out and the quantities to be received into the store.
1.5 Scope and Limitations of the Study
The scope of the study “STRATEGIES FOR EFFECTIVE STORE MANAGEMENT IN PRODUCING ORGANIZATION, a case study of vitamalt plc, is therefore to cover diverse area of high relevance to all producing organization.
The areas to be covered are the following:
- The positive effects of store management
- The nature of material to be stored and their life-span in the store
- How fraud can be detected and prevented in the store
- The procedure for issues of store items and receipt in the store.
Needless to say that uneasy to the way of success many constraint and lordship stood between us and the project in spite of our continuous explanation that the exercise is for academic purpose only yet, among personal withheld vital facts from us.
Lack of fund, at the time of this research study, the money needed for implement was not sufficient.
Time factors, the fact that research project is part of the school, there was no enough time to get details of the research study as expected.
1.6 Definition of Terms
It is a general term describing the goods which are held in storehouse and stock house.
It refers to all materials, part supplies; expenses; work in progress or finished product recorded on book by an organization and kept in store room.
It simply means procedure in planning and directing of the whole operation of policies.
Having an intended or expected result
One of the major marketing mix variables concerned with informing the target customers that the right product is available at the right place, at the right price.
Is any paid form of impersonal presentation of product or ideas of commercial significance to prospective buyers. It involves presenting to a group orally visual or openly through one or more media and it is paid for an identified sponsors.
The climax of the sales presentation is the securing of sales action. The sales may be determined with the customer’s decision to by or not buy.
It is any activity that is used to stimulate sales of a product a services and usually accruing once over a limited period of time such as sales conducted by a retail store featuring reduction on money items of merchandise.
1.7 Plan of the Study
The vitamalt plc, which specialize in the manufacturing of vitamalt drinks. The increasing demand of quality soft drinks by individuals and co-operated bodies which leads to the expansion of the present lines were embarked upon to increase the output. The increase in the purchase of raw material and modern machinery made provision for extension to store system into sub-store to meet demand from different production line. It’s noted that about 45% of the company raw material are imported while 55% are produce less quality and sub-standard materials.
5.0 Summary, Conclusion and Recommendation
5.1 Summary of Findings
All organization strive to achieve positive results, well through out strategy is vital to their success. The key to organizational survival is the ability of such organization to know how to manage its store successfully. This is done by effective control and monitoring of stock in the store.
It obviously stated that almost all firms operate in an era of unprecedented as the strategies frame work is carried out in dynamic and less predictable over all environments. Organization must implement with intelligence and experience less predictable outcome could make sensible prediction and develop ratio scenario.
Vitamalt should pay more attention to the department so that the firm will not die a sudden death due to mismanagement and the company’s non challant attitude towards the department.
This is the following conclusions have been reached:
- The store staff should be allow to go for training so that they can easily know when to reduce high cost of acquisition of materials by passing the information to the purchasing staff.
- Stock taking in an organization should be implemented in the organization in order to avoid under shocking and under stocking of raw materials in an organization.
- Store department should be paid special attention to because it is the bed rock of producing organization. It is a market fact that 75% of the organization resources are in stock from there, special attention must be given to the department in order to enhance continuous production.
In a producing organization determine the rate of their raw materials consumption and the volume and quality of the product realized the need to embark on effective strategies in an organization.
Strategies are accepted or rejected in the basis of whether manager can precise about the HOW as well as the WHAT of their staff about store management.
In order for a firm to be able to manage its store department effectively both the head office and either branches across the nation, so that the organization will not under stock or overstock raw materials. There is a need for effective running and management of the organization store departments, headed by the store manager who formulate polices for the running of the store and make sure the goals is achieved.
In the addition, the store department should be separate from either purchasing or account because store management deserved a skilled man in field of store management. It covers very wide range compared to other department in the organization.
Again based on the fact that the store management have been strategies effectively. It makes simple and easy method of issue and receipt in an organization.
Finally, since faulty implementation of strategies do not enhance strategies for effective store management the store manger(s) should not introduce unfruitful strategies to the store in order to avoid the untimely collapse of such organization.
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