Dayton’s 2nd Street Market Visit and Analysis

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Table of Contents

Introduction
The Olive Tree
Inventory Management
Conclusion

Introduction

The market operates throughout the year and tends to attract high customer traffic during spring. This is mainly attributed to favorable weather and availability of a wide range of items such as pastries, dairy products, beverages, flowers, apparel, jewelry, meat products, syrups, fabrics, homemade craft items and honey among others. Farmers also get a chance to showcase their products. Market days are full of glamour as live music is played. This offers customers a memorable and seamless shopping experience. The visit to the market on took place on Thursday, 12^th March 2015 at 11:30 am and the experience was overwhelming. There was a chance to visit various vendors such as Cheeky Meat Pies who offered different pies, Fabric Art Creations who offered handmade rugs, Bellbrook Chocolate Shop who were selling chocolates and the Olive Tree that generated olive oils and vinegar. The Olive Tree was the best vendor. Most interesting was the unique Basil Olive Oil, Fig Balsamic Vinegar and Chile Vinegar.

The Olive Tree

Everything about The Olive Tree vendor was intriguing. They had exceptional customer service and took time to explain the product features and different uses of the products. It was evident that this vendor had a good understanding of the products they were offering. This definitely boosted their customers’ confidence, something which they seemed to value so highly. There was a meticulous display of their products, which made it easy for customers to look through. The flavored oils were distinguished from the unflavored oils and the vinegars. Customers were encouraged to taste the products in order to savor the various flavors and make informed choices. They keenly explained that their vinegars could be used for dressing salads, marinating meat and as bread dips. On the other hand, the olive oils could be used for dipping, grilling and sautéing different dishes. It was observable that this vendor had a lot of merchandise inventory and probed them further to gain insight on how they managed their operations. The vendor disclosed that they imported flavored olive oils from Morocco, unflavored olive oils from Spain while vinegars were sourced from Italy. Disclosing the source of their products resonated well with the need to keenly manage stock and ensure that they meet the demand. This definitely entailed upholding inventory management in a cost effective manner and ensuring that the business operated efficiently.

Inventory Management

The Olive Tree vendor had merchandise inventory which they bought from suppliers for resale. Inventory management is critical for businesses of this nature as it helps ensure that they optimal stock and run efficiently. To achieve this, a number of factors were considered. First, the level of product demand was essential in determining the desired supply level. The second factor was the duration needed for products to arrive from the respective import countries. The third factor the best time to place new import orders, the quantities to order and the frequency of placing the orders. Finally, it was important to consider the level of buffer stock to hold in order to accommodate spiking demand levels.

Conclusion

Inventory management plays a key role in business. The Olive Tree vendor seemed keen on inventory management as evidenced by the availability of different products. Proper planning, record keeping, day to day stock control and co-ordinated stock ordering are very important when dealing with merchandise inventory. The Olive Tree vendor appeared to have mastered and applied inventory management.

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Dayton’s 2nd Street Market Visit and Analysis

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