TABLE OF CONTENTS
Title page ………………………………………………………………………………………i
Declaration ……………………………………………………………………………………ii
Certification …………………………………………………………………………………..iii
Dedication …………………………………………………………………………………….iv
Acknowledgment ………………………………………………………………………………v
Table of Contents………………………………………………………………………………ix
List of Figures………………………………………………………………………………….x
List of Tables ………………………………………………………………………………….xi
Abstract ……………………………………………………………………………………….xii
CHAPTER ONE
INTRODUCTION
- Background to the Study ………………………………………………………………1
- Statement of the Problem ……………………………………………………………..10
- Objectives of the Study ………………………………………………………………..12
- Research Questions………………………………………………………………………12
- Research Hypotheses …………………………………………………………………..13
- Significance of the Study ………………………………………………………………14
- Scope of the Study ……………………………………………………………………..14
- Limitations of the Study ……………………………………………………..………….14
- Definition of Operational Terms ……………………………………………..………..15
- Background of the Study Area………………………………………………..………..16
CHAPTER TWO
REVIEW OF RELATED LITERATURE
CONCEPTUAL FRAME WORK
2.1 Introduction ……………………………………………………………………..….…..17
2.2 Concept of Inventory …………………………………………………………….…….18
2.2.1 Nature of Inventory ……………………………………………………………………18
2.2.2 Types of Inventory……………………………………………………………………..20
2.2.3 Reasons for Holding Inventory by Organizations……………………………..……….21
2.2.4 Cost Associated with Inventory ……………………………………………………….25
2.3 Inventory Management and Control…………………………………………………..26
2.3.1 Objectives of Inventory Management and Control ……………………………………27
2.3.2 Benefits of Inventory Management and Control ………………………………………27
2.3.3 Techniques of Inventory Management and Control ……………………………………28
2.3.4 Inventory Management and Control Terminology ……………………………………..30
2.3.5 Inventory Management and Control Models ……………………………………………34
2.3.6 Inventory Control Systems ……………………………………………………………..36
2.3.7 Inventory Control Levels…………………………………………………………………37
2.3.8 Inventory Valuation Methods………………………………………………………………………………..37
2.4 Concept of Profitability …………………………………………………………………..39
2.4.1 Profit and Profitability …………………………………………………………………..41
2.4.2 Profitability Indicators and Measurement……………………………………………….43
2.5 Empirical Studies ………………………………………………………………………..43
CHAPTER THREE
RESEARCH METHODOLOGY
3.1 Introduction ………………………………………………………………………….47
3.2 Research Design ……………………………………………………………………..47
3.2.1 Population of the Study ……………………………………………………………..48
3.2.2 Sample of the Study …………………………………………………………………48
3.3 Sources of Data ………………………………………………………………………49
3.4 Method of Data Collection …………………………………………………………..50
3.5 Validity and Reliability ………………………………………………………………50
3.6 Techniques of Data Analysis …………………………………………………………51
CHAPTER FOUR
DATA PRESENTATION, ANALYSIS AND FINDINGS
4.1 Introduction ……………………………………………………………………………..52
4.2 Data Presentation and Analysis ……………………………………………………….52
4.3 Test of Hypotheses ……………………………………………………………………..59
4.4 Discussion of Findings …………………………………………………………………63
CHAPTER FIVE
SUMMARY CONCLUSION AND RECOMMENDATIONS
5.1 Summary of Findings ………………………………………………………………….66
5.2 Conclusion ………………………………………………………………………………67
5.3 Recommendations ………………………………………………………………………68
5.4 Suggested Areas for Further Studies ……………………………………………………69
Bibliography
Appendix
LIST OF FIGURES
Fig 2.2.4 Carrying cost curve …………………………………………………………23
Fig 2.3.3 ABC Classification analysis graph…………………………………………28
Fig 2.3.5 Graphical representation of EOQ …………………………………………..33
Fig 2.3.6 Fixed order quantity ………………………………………………………..35
LIST OF TABLES
Table 1.0 Questionnaires returned and used …………………………………………52
Table 2.0 Respondents Gender……………………………………………………….52
Table 3.0 Position and Frequency of Respondents in the organization………………53
Table 4.0 Staff departmentalization and Frequency of Responses…………………..53
ABSTRACT
The study was carried out to assess the impact of Inventory Management and Control on Profitability of Top Choice Bakery Makurdi – Benue State, Nigeria. The objectives in the study were; (i) to assess the impact of Inventory Management and Control on relative cost of Top Choice Bakery, (ii) to assess the impact of Inventory Management and Control on efficiency of Top Choice Bakery, (iii) to assess the impact of Inventory Management and Control on competitive strength of Top Choice Bakery, (iv) to assess the impact of Inventory Management and Control on product price of Top Choice Bakery, and (v) to assess the impact of Inventory Management and Control on demand of Top Choice Bakery. The researcher used relative cost, efficiency, competitive strength, price, and demand as the factors that affect profitability of the company. Primary data was collected through the administration of close ended Questionnaire in the two Departments of the company. 60 copies of Questionnaire were issued and 59 copies were returned. However, only 58 copies were used for analysis because 1 copy was spoilt. A simple sample survey technique was adopted for this research. Employees in the two Departments were sampled. The sample size for the study was sixty (60) while the population is seventy (70). Primary data was collected and analyzed using Pearson correlation analysis. The researcher used SPSS for data analysis. The result of the study shows that Inventory Management and Control has a positive significant impact relationship on efficiency, relative costs, competitive strength, product price and demand. Therefore, it was concluded and recommended that the Management of Top Choice Bakery and other organizations should: (i) emphasize cost minimization through inventory management, (ii) pay attention to efficiency in managing it holdings, (iii) recognized that they are operating with several competitors and should try to outweigh them, (iv) deploy relative pricing to encourage patronage in order to maximize sales and (v) treat Inventory Management and Control as a driver of organization’s Profitability.
CHAPTER ONE
INTRODUCTION
- Background to the Study
It is not uncommon that most businesses make use of one type of inventory or the other irrespective of whether it is a manufacturing or service organization. Most business however does not put much attention to proper management of their stock. Inventories generally refers to the materials in stock. It is also called idle resource of an enterprise (Kumar & Suresh 2006:91). Inventories represent those items which are either stocked for sale or they are in the process of manufacturing or they are in form of materials which are yet to be utilized. The interval between receiving the purchased parts and transforming them into finished products varies from industries to industries depending upon the cycle time of manufacture. It is therefore, necessary to hold inventories of various kinds to act as a buffer between supply and demand for efficient operation of the system (Kumar & Suresh, 2006).
Pandey (2013) asserted that inventories exist in various forms in a manufacturing company. These are raw materials, work-in-process and finished products. Raw materials are those basic inputs that are converted into finished product through the manufacturing process. They are units of inventories which have been purchased and stored for future production. Work-in-process inventories are semi manufactured products. They represent products that need more work before they become finished products for sale. Finished goods inventories are those completely manufactured products which are ready for sale (Pandey, 2013). Inventories are core components of manufacturing firms, thus an effective management and control of inventory is a must for smooth and efficient running of the production cycle with least interruptions (Kumar & Suresh, 2016).
Inventory management refers to all activities involved in developing and managing the inventory levels, whether the inventory is raw materials, semi finished goods, so that adequate supplies must always be available and the firm must make sure that the cost of over or under stocks are always low (Anichebe & Agu, 2013). According to Mohamad, Suraidi, Rahman & Suhaimi (2016), an inventory management is able to generate more sales for the company which directly affects the performance of the company. For an inventory management to be effective there must be a system which is managed by a group of employees who are experts in this area. The sales department may argue for a large amount of stock but the finance department may on the other hand argue for a minimal amount of stock so that the spare finance can be utilized elsewhere (Anichebe & Agu, 2013). In the management of inventory, the firm is always faced with the problem of meeting two conflicting needs; maintaining a large size of inventory for efficient and smooth production and sales operations, and maintaining a minimum level of inventory so as to maximize profitability (Pandey, 2013). Both excessive and inadequate inventories are not desirable. On the other hand, inventory control is a planned approach of determining what to order, when to order, how much to order and how much to stock so that costs associated with buying and storing are optimal without interrupting production and sales (Martand, 2005). Inventory control basically deals with two problems; when should an order be placed? (Order level) and how much should be ordered? (Order quantity). These questions are answered by the use of inventory model known as economic order quantity (EOQ). The scientific inventory control system strikes a balance between the loss due to non availability of an item and cost of carrying the stock of an item. Scientific control aims at maintaining optimum level of stock of goods required by the company at minimum cost to the company (Martand, 2005).
The above terms (inventory management and control) both goes down to mean the same thing. The difference lies in their nomenclature as well as quantity and time as a focus. Inventory management focus more on quantity while inventory control deals with quantity and time of order to enhance uninterrupted production and sales.
Inventory control is one of the most important studies for thinking on effective cost control. In any manufacturing business materials constitute 50% to 70% of the input value. A very detailed study of materials, consumption pattern, sourcing and planning of purchase and storage is going to help in a big way to reduce the cost of input and hence improve cost efficiency and profitability (Badi & Badi, 2004)
The management and control of inventories is important because inventory constitutes the most significant part of current assets a larger majority of Nigerian manufacturing industries (Pandey, 2013). Because of the relative largeness of inventories maintained by most firms, a considerable sum of an organizations fund is required to be committed to them. It thus becomes absolutely imperative to manage inventories efficiently so as to avoid cost of charging production rates, overtime, sub-contracting, unnecessary costs of sales and lack order penalties during periods of peaks demand. A firm neglecting the management of inventories will be jeopardizing its Long run profitability and may fail ultimately. It is possible for a company to reduce its levels of inventories to a considerable degree without any adverse effect on production and sales, by using simple inventory planning and control techniques. The reduction in excessive inventories carries a favorable impact on a company’s profitability (Pandey, 2013).
Profit is a watch word in a business organization. The terms Profit and Profitability are used interchangeably. But in real sense, there is a difference between the two. Profit is an absolute term, whereas, the profitability is a relative concept. However, they are closely related and mutually interdependent, having distinct roles in business.
Pandey (2013:594) define profit as the difference between revenues and expenses over a period of time (usually one year). Profit is the ultimate ‘output’ of a company, and will have no future if it fails to make sufficient profits. Iyer (1995) defined profitability as ‘ability of a given investment to earn a return from it use’. Therefore, the financial manager should continuously evaluate the efficiency of the company in terms of profits. A company should earn profits to survive and grow over a long period of time, profits are essential, but it would be wrong to assume that every action initiated by the management of a company should be aimed at maximizing profits irrespective of concerns for customers, employees, suppliers or social consequences.
Maximizing profit is a function of certain variables; these are variables or determinant factors affecting a firm’s profitability. These variables determine the level of profitability of firms and are firm specific. According to Tejvan (2016), the essence of profitability is a firm’s revenue minus costs with revenue depending upon price and quantity of the goods sold. He listed variables that affect profitability of firms to include;
Relative cost
Economies of scale
Price
Objectives of the firm
Management
Efficiency
Substitutes
Advertising
State of the economy
Strength of demand
Degree of competition
The variables above are firm specific as not all of them may apply to every organization. In this study, the variables applicable to Top Choice Bakery Makurdi as they affect the profitability of the company are as follows;
Relative costs– An increase in cost will decrease profit, this could include labour cost, cost of raw materials, and cost of rent. A firm can manipulate cost to earn profit. For example, devaluation of the exchange rate would increase cost of imports. Therefore, companies that import raw materials would face an increase in costs. Alternatively, if the firm is able to increase productivity by improving technology, then profits should increase (Tejvan, 2016). Minimizing cost would increase profitability. Effective inventory management and control will minimize cost associated with inventories to enhance profitability of firms.
Efficiency– efficiency entails making optimal use of minimal resources. If a firm is dynamically efficient, then over time cost will increase thereby affecting it profitability (Tejvan, 2016). Economic order quantity as scientific inventory control aims at improving efficiency of firms. The more efficient a firm is the more profitable the firm will be.
Degree of competition a firm faces-if a firm has monopoly power then it has little competition. Therefore, demand will be more inelastic. This enables the firm to increase profits by increasing price. If the market is very competitive then profit will be lower, this is because consumers will buy from the cheapest firms (Tejvan, 2016). A good Inventory management and control will helps firms to outweigh their rivals through effective inventory control practices. This is because there would be no arbitrary costs, interrupted production and distribution.
Price– if the firm can price discriminate it will be more efficient. This involves charging different prices for the same good, so the firm can charge higher prices to those with inelastic demand (Tejvan, 2016). Generally, price affects profits and relative price enhance sales through patronage. If raw materials are obtained at the right time at right cost in the right place, firms can charge prices in such a way to encourage sales without adverse effect on profit.
Strength of Demand/sales- demand is a major determinant of profitability. High demand for a firm’s product increases the profit of the firm through sales. For example, demand will be high if the product is fashionable. E.g mobile phone companies were profitable during the period of rising demand and growth in the market. Some companies like Apple have successfully carved out strong brand loyalty making customers demand many of the new Apple products hence increasing their profitability by selling many of their products (Tejvan, 2016). Inventory management and control affects demand and sales by ensuring there are no stock out and quality products being manufactured. These variables can be measured to know their impact on profitability of firms.
In measuring profitability, Mclaney (2009) and Abanyam (2015) advocated the use of profitability ratios for measuring a company’s profit. Profitability ratios are concerned with the effectiveness of the business in generating profit. A very popular means of assessing a business is to assess the amount of wealth generated for the amount invested. These ratios are; return on capital employed (ROCE), return on equity (ROE), Gross profit margin, operating profit margin or net profit ratio and return on assets or assets turnover.
Return on capital employed (ROCE): this looks at the return on the longer term providers of funds (equal in amount to the sum of non-current and current assets less liabilities). The logical profit figure to use in calculating this ratio is the operating profit. The ROCE ratio, through taking actions that could adversely affect long term profitability (Mclaney, 2009). It is measured or expressed as: ROCE = × 100%.
Return on equity (ROE): This is similar to return on capital employed, but considers matters more specifically from the shareholders viewpoint. For this reason, the profit figure is that which shareholders earn after all charges have been met (Mclaney, 2009). It is calculated as
ROE = × 100%.
Gross profit margin: it shows what percentage of the sales revenue remains after the expense of making the inventories available to the customers (or the direct cost of providing the service) is taken into account. It is expressed as
Gross profit margin= × 100%.
Operating profit margin: this shows what is left of sales revenue after all the expenses of running the business for the period has been met. Once again, it should be as large as possible, provided that high profit margins are not being earned at the expense of some other aspect (Mclaney, 2009). This is measured as
Operating profit margin = ×100%.
Return on assets:
According to Kabajeh, Mukhled & Dahmash (2015), return on assets measures the operating efficiency for the company based on the firm’s generated profits from its total assets. The return on assets ratio, often called the return on total assets, is a profitability ratio that measures the net income produced by total assets during a period by comparing net income to the average total assets. In other words, the return on assets ratio or ROA measures how efficiently a company can manage its assets to produce profits during a period. Since company assets’ sole purpose is to generate revenues and produce profits, this ratio helps both management and investors see how well the company can convert its investments in assets into profits. You can look at ROA as a return on investment for the company since capital assets are often the biggest investment for most companies. In this case, the company invests money into capital assets and the return is measured in profits (Kabajeh, Mukhled & Dahmash, 2015). This is calculated as ROA=
The above ratios are used for measuring profitability of a company (including Top Choice Bakery Maundy). However, return on equity is not applicable to measuring profitability of Top Choice Bakery Makurdi because of the ownership structure ( individual ownership) of the company but return on capital employed (ROCE), Gross profit margin, Operating profit margin and Return on assets (ROA) are practically applicable.
Many scholarly works have been written on the impact or effects of inventory management and control on profitability of companies. According to Anichebe & Agu (2013), every company must ensure that inventory is maintained at desired levels. Too much or too low inventories bring down the level of profitability of an organization, whether it is a manufacturing or a merchandized organization. Pandey (2013) in the same vein, assert that the reduction in ‘excessive’ inventories carries a favorable impact on a company’s profitability by using simple inventory planning and control techniques. Davis, Aquilano & Chase (2003) opined that poor inventory management and control will result in shortages. When the stock of an item is depleted and a customer orders that product, then a stock out cost is incurred. This is usually the sum of the profit and any “ill-will” generated. Temeng, Eshun & Essey (2010) in a study on the applications of inventory management principles to explosive products manufacturing and supply concerns, stated that organizations have historically ignored the potential savings from proper inventory management, treating inventory as a necessary evil and not as an asset requiring management. As a result, many inventory systems are based on arbitrary rules. It is therefore not unusual for some organizations to have more funds invested in inventory than necessary and still not be able to meet customers demand because of poor distribution of investment and inventory items (Temeng, Eshun & Essey, 2010).
From the foregoing, ineffective management and control of inventories which may be under stocking or over stocking, in either ways affects the profitability of a company. Good inventory management and control should be adequately put in place as it affects a company’s profitability.
Top choice Bakery Makurdi is also a company that deals with inventories in production such as raw materials, work-in-process and finished products. These inventories need to be properly managed and controlled to enhance smooth production and distribution and ultimately increase profitability. According to Pandey (2013), the management and control of inventories is important to any manufacturing company because, inventory constitutes the most significant part of current assets a larger majority of Nigerian manufacturing industries. It is against this background, that the management and control of inventories is advisable at top Choice Bakery Makurdi if it want to remain in business so as to make sizeable profit.
Therefore, every organization constantly striving to maintain optimum inventory to be able to meets its requirement and avoid over or under inventory that can impact on the financial figure and profitability should implement this system.
1.2 Statement of the Problem
Problems of inventory management and control have been around for a very long time. The need to collect food when it is readily available and then store it for times of shortage is perhaps the fundamental stock holding problem, which was tackled long ago by man. Nowadays, we usually think of stocks being held by organizations to allow efficient and continuous operations (Anichebe & Agu, 2013).
Managers are aware of the vital roles inventory plays in the activities of organizations. In most organizations, direct materials represent up to 50% of the total product cost, as a result of the money entrusted on inventory thereby affecting the profitability of the organization. Firms at times do not control their holding, resulting in under stocking and causing the organizations to stay off production, thereby resulting to organizational ineffectiveness. This therefore creates relationship problems between inventory management and organizational productivity, profitability and effectiveness (Anichebe & Agu, 2013).
The control and maintenance of inventory is a problem that is common to organizations in different sectors of the economy. Inventory problems have proliferated as technological ability to produce goods in greater quantities and at factor rate. Cash invested in inventories could be used somewhere else for profit making, debt servicing in investment in other revenue generating assets.
According to Nigel, Chambers & Robert (2007), Inventory ties up money in the form of working capital, damaged, incur storage cost and also involve administrative and insurance cost. Managers of organizations are faced with the challenge of maintaining optimum quantity of inventory to enhance their production. This study focus on Top Choice Bakery Makurdi, the company experienced decline in profitability as a result of shortages of raw materials and low sales thereby affecting the profitability of the company hence the study seeks to assess how inventory management and control can impact on the profitability of the company.
1.3 Research Objectives
This study is based on the following research objectives
- To assess the impact of inventory management and control on relative costs in Top Choice Bakery Makurdi.
- To assess the impact of inventory management and control on efficiency in Top Choice Bakery Makurdi.
- To assess the impact of inventory management and control on competitive strength of Top Choice Bakery Makurdi.
- To assess the impact of inventory management and control on product prices in Top choice Bakery Makurdi.
- To assess the significance of inventory management and control on demand for products of Top Choice Bakery Makurdi.
1.4 Research Questions
The achievement of the objectives of this research relies on the answers to the following questions;
- To what extent does inventory management and control impact on relative costs in Top Choice Bakery Makurdi?
- To what extent is the impact of inventory management and control on efficiency in Top Choice Bakery Makurdi?
- To what extent does inventory management and control impacted on the competitive strength of Top Choice Bakery Makurdi?
- To what extent does inventory management and control affects the product prices in Top Choice Bakery Makurdi?
- To what extent is the impact of inventory management and control on demand of products in Top Choice Bakery?
1.5 Research Hypotheses
The answers to the above research questions is based on the following hypothesis
Ho1 There is no significant impact of inventory management and control on relative costs in Top Choice Bakery Makurdi.
Ho2 There is no significant impact of inventory management and control on efficiency in Top Choice Bakery Makurdi.
Ho3 There is no significant impact of inventory management and control on competitive strength of Top Choice Bakery Makurdi.
Ho4 There is no significant impact of inventory management and control on product prices in Top Choice Bakery Makurdi.
Ho5 There is no significant impact of inventory management and control on demand of products in Top Choice Bakery Makurdi.
1.6 Significance of the Study
This research study will be of paramount benefit to the following stakeholders.
The Researcher: This research study will be beneficial to the researcher because it will lead to award of Bachelor of Science degree in Business management as it is a partial fulfillment of the requirement for the award of Bachelor of Science Degree.
The Company (Top Choice Bakery): This work will help Top Choice Bakery in efficient and effective management and control of inventory which will enhance flow in production thereby increasing it profit potentials. It will aid Top Choice in cost minimization by striking a balance between inventory ordering and carrying cost. Also it will help management decision making.
Government: It is the desire of Government for corporate organizations to pay tax promptly and adequately. Profit made by Top Choice from efficient and effective inventory management will be taxed by the Government.
Academic: This study will add more contributions to the existing Body of knowledge in the field of management hence research is cumulative.
Host community/public: It is ethical for corporate organization to be socially responsible despite economic goal as a major aim of existence. The organization should give back to the society where it operates. Top Choice Bakery will improve the living condition of it host community by administering it corporate social responsibility objective from the profit it generate from the community even without the society buying from them.
Customers: Without production, the demand of the customer will not be satisfied. Inventory management and control will lead to satisfaction of the customer through uninterrupted production, quality products and availability of products at all times.
1.7 Scope of the Study
The study is limited to Top Choice Bakery Makurdi, a division of Bonab Business Ventures Ltd. The population of the study ranges from 60 to 71 employees of the company. This covers a period of ten (10) years (2007 -2016) only, anything outside this time period is not considered. The study involves two variables which are inventory management and control, and profitability. Inventory management and control is an independent variable and profitability a dependent variable. However, the findings may be applicable to other organization.
1.8 Limitations of the Study
In the course of the study, the following major factors constrained the efforts of the researcher in carrying out his research. These are:
Finance: Being a student is not always easy since students are having one problem or the other. The period for the conduction of this research work was a critical economic time. The period was characterized by economic recession couple with inflation. This affected the financial strength of the researcher to go out and search for resources on the topic, typing and administration of questionnaire adequately.
Time: Time was also a major obstacle or constraint the researcher experienced in the course of the study. The study was carried out at a time the researcher has to prepare adequately for semester examination and presentations on topics in different core courses of his programme of study and other academic work. This affected the quality of this research work which ordinarily would have being the best of it kind.
1.9 Definition of Operational Terms
In the course of the study the researcher defined some terms peculiar to the study. These are:
Inventory: A stock of goods for production and distribution. This includes raw materials, finished goods, component parts and semi processed goods.
Inventory Management and Control: It is the art and science of ensuring there is no over and under supply of inventory to enhance smooth production and distribution.
Profitability: This is a measure of the amount by which a company’s revenue exceeds its relevant expenses.
1.10 Background of the Study Area
Top Choice Bakery Makurdi is a company owned by an individual. It is registered with corporate affairs commission (CAC) and commenced operations in 1999. The company is a subsidiary of Bonab Business Ventures Ltd. and is into Bread production which its quality is capable of satisfying customer’s needs. The Bakery is Located at Bem Dzoho street, off Nyiman Layout Makurdi Benue State. It is one of the Best Bakery in Benue State. The target market of the company is Benue State at large. The brands of it products include; Extra-extra large, Extra large, Small oyoyo, medium cover palm and smallest open palm. The company has 71 employees whom are from production department and sales department. The production department personnel comprises of a mixers, operators and table men. Sales department personnel on the other hand comprises of drivers, sales personnel and accountant. The company can be reached on 08085318261.
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