Irish Indigenous firm Smyths Toys Superstores is now the largest toy retailer in Europe - Leaving Cert Business - Question C - 2019
Question C
Irish Indigenous firm Smyths Toys Superstores is now the largest toy retailer in Europe. Bridie and Paddy Smyth ran a pub and newsagents in Claremore's and also sold... show full transcript
Worked Solution & Example Answer:Irish Indigenous firm Smyths Toys Superstores is now the largest toy retailer in Europe - Leaving Cert Business - Question C - 2019
Step 1
Name two types of plan used in business.
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Answer
Strategic Plan
Operational Plan
Step 2
Explain one type of plan that Smyths Toys Superstores might have.
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Answer
A strategic plan could be the mission statement, which serves as the overall vision document for Smyths Toys Superstores. This includes long-term goals and objectives, guiding the actions and policies of the company over an extended period.
Step 3
Explain the term stock control.
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Stock control refers to the process of managing the supply and inventory of products in a business. This involves ensuring an adequate amount of stock is available to meet customer demand while minimizing excess inventory to reduce costs.
Step 4
Explain two reasons why stock control is important for a toy store.
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Increased Customer Satisfaction: Efficient stock control helps prevent shortages of popular toys, particularly during peak shopping seasons, such as Christmas, ensuring that customers find the products they want in stock.
Reduced Costs: Effective stock control reduces the need for storage space and prevents overstocking, which can lead to obsolete items. This helps the store manage operating costs effectively.
Step 5
Draw a diagram to illustrate a functional organisational structure for a business with four departments.
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Answer
Shareholders
|\n Board of Directors
|
Managing Director
/ | \
/ | \
Finance Production Marketing HR
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