Store Management Waec Syllabus

Introduction to Store Management

Store Management

• Meaning of store management;
• Importance of store management;
• Functions of a store manager;
• Characteristics of a store manager;
• Customer services:
  • pre-sale services
  • after-sale services

Functions of Management

• Planning;
• Organization;
• Leading;
• Staffing;
• Controlling.

Factors to be considered in establishing a Store

• Market
• Finance
• types of stock
• transport
• accessibility
• security
• government regulation
• personnel.

Concepts of retailing and wholesaling

Retailing

• Definition
• Functions of a retailer

Wholesaling

• Definition;
• Functions of a wholesaler

Warehousing

1. The meaning of warehousing
2. types of warehousing;
3. the importance of warehousing

Transportation

• definition;
• means of transportation;
• advantages and disadvantages of each means of transportation;
• factors that will determine the choice of transport

Stock Control

Introduction to Stock Control

• Meaning of stock control;
• Importance of stock control;
• Types of stock records-Stock list, Bin card/ Store Card, Store requisition form and Delivery notes

Methods of Stock Control

• Manual method;
  • Periodic, perpetual, and annual stocktaking.
• Computerized method;
• Levels of stock control;
  • maximum level.
  • minimum level.
  • reorder level.
• Issuing of stock:
  • FIFO and LIF

Pricing

• Definition of pricing
• Types of pricing:
  • skimming
  • mark-up
  • mark-down
  • penetration
  • below or above mark pricing

Organizational policy

Organizational Policy

• Definition
• Employment policy
• Decision;
  • customer services
  • public relations

Organizational Standards

• Definition of standards;
• Productivity standards;
• Standard for customer satisfaction

Organizational Culture

• Definition of culture;
• Explanation of organizational culture;
  • attitude to customers
  • relationship with co-workers
  • relationship with the Boss
  • dress code

Business Communication

Overview of Communication

• Definition of communication;
• Types of communication;
  • oral, written and non-verbal.
• (iii) Business documents;
  • letters, memos, reports and circulars

Electronic Communication

• Definition of communication;
• Means of communication
  • fax, telephone, email, radio messages.
• Word Processing – Using a computer to write business letters

Business Law

Overview of Basic Business Law

• definition

Law of contract

• elements of a contract.
• Rights and obligations of employer and employee

Agency

• Definition
• Types of agents
• Creation of agency
• Rights and obligations of principals and agents

Sale of Goods Act

• Contract of sale
• Formalities of sale

Government Regulation of Business:

• Meaning and uses of :
  • Patent right;
  • Copyright;
  • Trademark.
• Health and Safety at Work Act.
• Consumer Protection agency
• License

Government Regulatory Agencies

• NAFDAC, NDLEA, SON

Record Keeping

Documentation

• Definition of filing and indexing
• Rules of filing
• Filing and indexing method

Source document

• Meaning;
• Types.
  • Invoices, receipts, cheques, vouchers

Trade Documents

• Documents used in foreign trade;
  • Bills of Lading, Certificates of Origin, Consular invoice, Insurance certificate, inspection certificates, Bills of
  • Exchange, Indent, Letters of Credit, Proforma invoice
• Documents used in the home trade.
  • Order, Enquiry, Waybill, Consignment note, Manifest, invoice, proforma invoice Receipts, Credit and Debit note, Vouchers

Book Keeping

Subsidiary Books

• Meaning, Types, Uses, Purchase and Sales day book, Returns outwards/inwards books, Cash books

Imprest System

• Definition and description of the imprest system;
• Preparation of petty cash book

Final Accounts

• Definition and purpose;
• Simple Trading, Profit and Loss Account and Balance sheet

Sales / Turnover

• Meaning;
• Calculation of rate of sales turnover

Risk Management Risk Management

• Definition;
• Methods of risk management.
  • Sound management practices
  • Reduction of risks – optimum stock level
  • Hedging
  • Risk transfer through insurance

Handling Finances of the Store 10.1 Investments

Investments

• Meaning
• Capital Investment:
  • Meaning
  • investment in the capital market;
  • functions of the Stock Exchange;
  • advantages of shareholding.
• Money market instruments:
  • Meaning
  • treasury bill;
  • commercial papers;
  • bonds

Taxation

• Meaning of tax;
• Importance of tax;
• Types of tax.
  • Income tax, Import duties, excise duties, VAT