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VTHT 1217 Ch 15

Inventory Management

QuestionAnswer
What makes up good inventory control? running list of manufacturers/distributors with contacts, organize products, maintain a regular ordering schedule, monitor supplies regularly, maintain a waste log, rotate supply, backorder protocol, and do not stock duplicates
What percentage of gross revenue should be tied up in inventory? 12-15%
What is a distributor? a business that sells products from multiple manufacturers
What is a manufacturer? a business that produces products and sells to a distributor or directly to the Vet
How can reps assist inventory manager? Reps have product knowledge, know your sales history and will give you information on products and sales
What are the guidelines for ordering large amounts of products? must save >40% of the original price and sell entire stock within 6 months
What are the pros and cons of keeping a small inventory? Pros: lowers holding costs, prevents shrinkage Cons: contributes to loss of money and clients and having a supply cushion is best for client satisfaction
True or False: Expiration dates are required by the FDA. True
How should expired products be dealt with? They need to be disposed of properly and cannot be sold, even if unopened.
What is capital inventory? Inventory that stays with the clinic for life (furniture, equipment, etc.)
What is the second largest liability in a veterinary practice? Inventory
How do you decrease loss? travel sheets, appropriate fees, structured inventory system, hold team members accountable
capital the rights (equity) of the owners in a business enterprise
central inventory location a central location within the practice where excess inventory is stored; often a locked location
distributor representative a representative of a company that sells products of larger manufacturing companies
inventory extra merchandise or supplies that the practice keeps on hand to meet the demands of customers
inventory turns per year the number of times an item must be reordered within a stated period. 8-12 turns per year should be a goal of each practice
just in time ordering the process of ordering and receiving product just as its needed, rather than storing excess
manufacturer representative a representive of a large company that produces products for businesses. Manufacturers may have distributors distribute products for them
markup the amount or percentage added to a product or service to cover the cost of the product or service including a percentage of overhead expenses and produce a profit. Most products are marked up 150 - 200%
order book a book that provides distributor and manufacturer information as well as the order history for products purchased
reorder point the inventory level in which additional product is ordered
reorder quantity a set amount of product that is ordered
safety data sheet MSDS; provided by OSHA
US FDA United States Food and Drug Administration
Want list a list developed of needed inventory
What minimum percentage should products be marked up to break even? unit cost + hard cost + soft cost + (profit x sales price)
To help reduce soft costs, orders of top producing items should be placed: a. weekly b. semimonthly c. monthly d. as needed c. montly
consolidating inventory reduces profits false
In order to determine the least cost that can be charged to a client, a practice must determine the: a. turnover rate b. break-even cost c. markup d. soft cost b. break even cost
Created by: kcrabtree507