WAREHOUSING
Hey Everyone, Happy New Week. This week shall bring Good News
for everyone of us in Jesus name- Amen. Today we are in a New Topic entirely,
so let's get started.
Warehousing is the act of storing goods produced
or bought in a place until they are needed. It ensures that there is a regular
and steady supply of goods. In Other Words, It's just a place set aside for
loading already produced goods to make room for more production and also where
they can be stored until demand is made by customers.
TYPES OF WAREHOUSE:
a. BONDED WAREHOUSE- is a place, where goods whose
custom duties have not been paid are stored until the duties are settled. It is
usually located around the sea port. This is especially for goods that are
being imported and exported.
b. STATE WAREHOUSE- is a place, where contraband and
illegal goods seized by the Customs Authority are kept, until they are
destroyed.
c. WHOLESALE WAREHOUSE- is a place, where a Wholesaler
stores all the goods
he purchased from the Producer.
d. MANUFACTURER WAREHOUSE- is a place, where a Producer
stores all his/ her goods; until they are demanded.
e. PUBLIC WAREHOUSE- is a privately owned warehouse that is made
for renting purposes.
FUNCTIONS OF A WAREHOUSE:
a. It serves as store for stocking wide variety of goods.
b. It is where Finished goods are kept by the Wholesaler,
before being sold in small units to retailers.
c. It is available for use to all middle men in the chain of
distribution and also to individuals and government agencies like the Custom
etc.
FACTORS TO BE CONSIDERED IN SETTING UP A WAREHOUSE:
a. CAPITAL- To set up a warehouse requires a huge sum
of money to start with. This is one important factor to consider.
b. TYPE OF WAREHOUSE- Before setting up a warehouse,
you have to decide on the type of warehouse you want to have. Either, Public,
Bonded, State etc.
c. LOCATION / SITE- Before setting up a warehouse, you
have to acquire a large plot/ parcel of land to enable the warehouse take in
lots of products and goods.
ANSWERS TO PREVIOUS
QUESTIONS
Some Questions were posted last week, hope you attempted the
questions. Here are the Answers to the Questions. Good Luck
1. C- Commerce
2. C- Warehousing
3. B- Immediate Feedback
4. A- Manufacturing Industry
5. D- Trade & Aids-to-Trade
6. B- Competitive Advertising
7. A- Differentiate Goods from other similar goods made by
other producers
8. D- Departmental Store
NOTE: ALL THE
QUESTIONS IN THIS POST ARE CREDITED TO WEST AFRICA EXAM COUNCIL 1989 AND 1990
PAPERS. SOME ANSWERS WERE HOWEVER ALTERED TO SUIT THE PURPOSE OF THIS POST.
THANKS
This brings us to the end of Today's Session. Hope this was
very helpful to you, leave a comment of what you think of this Tutorial and of
your Questions below. Have a Blessed Day and Remember You are Amazing. God
Bless.
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