Procure and buy stock in a specific retail industry

Overview

Issuing an order for stock replenishment is the subsequent step in the procurement process. Negotiating conditions for stock procurement includes discussing terms, prices, and other relevant factors. Evaluating current suppliers against negotiated standards helps ensure that they meet the agreed-upon criteria for continued collaboration.

The qualifying learner is capable of sourcing suppliers of stock, negotiate acceptable and profitable purchasing conditions, and develop relationships that will ensure effective supply of stock to the business. On achievement of this unit standard, the learner will be able to establish sources of stock supply, issue an order for stock replenishment, negotiate conditions for the procurement of stock and evaluate current suppliers against negotiated standards.

Course Content

  • Stock is sourced by listing suppliers and indicating what stock can be obtained from whom and under what supply agreement/conditions.
  • The organisation’s policy/practice on supplier specifications is stated and explained with reference to the minimum criteria.
  • The vetting and approval of suppliers are explained with reference to company policy and procedure.
  • The organisation’s purchasing policy/procedure is explained in terms of how it is applied
  • The purchasing documentation is identified and verified according to policies and procedures.
  • The purchasing documentation for the acquisition of stock is prepared according to company policies and procedures.
  • The organisation’s policy and procedure on stock movements are explained in terms of how it is applied.
 
  • A supply of stock is negotiated in accordance with policies and procedures.
  • Minimum stock levels are calculated.
  • A purchase condition is negotiated in compliance with company purchasing policies and procedures. 
  • Relationships with suppliers are explained in terms of the importance thereof and the results it has on sales.
  • The process/procedure for monitoring and evaluating current suppliers is described.
  • Current suppliers are evaluated according to standard procedures and regarding their supplier specifications and performance.
  • The procedure to monitor current suppliers according to standard procedures is explained regarding their supplier specifications and performance.
  • Recommendations concerning the acceptance/rejection of stock from a current supplier are made per company procedures and based either on a monitoring or evaluation activity.
  • Non-accredited: Short course only  
  • Duration: 1h 30m
  • Delivery: Classroom/Online/Blended
  • Access Period: 12 Months 
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