Business Accounting Assignment

Added on - 21 Apr 2020

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BUSINESS ACCOUNTINGTABLE OF CONTENT
SINTRODUCTION......................................................................................................................3a) Discuss the challenges and lessons learned in industry.....................................................3b) Example of challenges and lessons learned in the industry...............................................5c) Illustration showing Inventory management system..........................................................5REFERENCES...........................................................................................................................6
INTRODUCTIONCurrent research paper is all about explaining the restoration of the customer servicein a fabrication and assembly plant of an entity. Focus of the footwear industry is to know theexpectations of all the customers located in the external business environment to deal with theissues faced by all the individuals (Kumar & Kumar, 2017). Simulation techniques used byan entity to know the fluctuations in demands in the external market which helps indelivering quality oriented services to retain most of the customers with an entity for longtime span. Technology play a significant role in providing quality oriented services to all theusers located in the external entity to deal with all the issues (Chari and et. al., 2016). Currentassignment will emphasises all the challenges and lessons learned by an entity in the currentindustry to manufacture products as per the expectations of the customers as buyers isregarded as one of the important users of the business without which the existence of thebusiness is not imagined as every entity established for earning higher profit. Customerservice can be improved by an enterprise owner by improving the quality of services as this isone of the important things in attracting large number of customers towards an entity.a) Discuss the challenges and lessons learned in industryChallengesOne of the challenges faced by an entity of good memory of customers as they prefersame brand after the successful changes takes places in the market. The preferences ofthe customers can be in the form of affordable price of the products, quality, andfeatures included in different products. It’s very difficult for an entity to provide thesimilar features and all the characteristics products to all the customers after thechanges takes places in the market (Svejenova and et. al., 2017). With the increasinginflation in the industry, the price of the products gets increases but the customerdemands the same product in lower prices.Filling shelves in the shop is another challenge faced by an entity as filling upresources in a shop help in attracting large number of customers but this requiresenough sources of working capital.Lack of inventory reviewing systems will increases the difficulty for an entity asinventory needs to be replenished on time to fill the customer’s order within astipulated time otherwise they shifted to another seller.Lessons learned3
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