First two questions, you will discuss how you currently apply some of the concepts of an effective purchasing plan in your own life. Last two questions you will discuss how you can apply these concepts for the small grocery store business.
1) Provide your own example of how you utilize the principles of one of the following:
Total Quality Management (TQM)
*5S
*Six Sigma
*Economic Order Quantity (EOQ)
*Reorder Point Analysis OR
*Discounts (trade, quantity, and cash) in your personal life or in the workplace.
2) What are the benefits associated with utilizing these principles?
3) Drawing from the module material, respond to the following questions for your focus small business: How would you incorporate at least three of the elements of an effective purchasing plan listed above into your own small business? Explain how you would utilize each of these principles. Your response must be specific to your small grocery store business.
4) How will utilizing these elements of an effective purchasing plan benefit your small business?