Loss Of Sales Research Articles

Time Series Perspective on the Sustainability of the South African Food and Beverage Sector

This study aims to quantify and graphically illustrate the negative lingering effect that the COVID-19 pandemic had on the sales in South African Rands (ZAR) of the food and beverage sector using the time series seasonal autoregressive integrated moving average with exogenous components (SARIMAX) intervention model. The SARIMAX2, 1, 00, 1, 212 intervention model provided the best fit, supported by the lowest values of the model selection and error metrics (Akaike’s information criterion, Bayesian information criterion, and root mean square error). The total estimated loss of sales in the 52 months during the intervention period (March 2020 to June 2024) amounts to ZAR 130,579 million. The most affected months were April 2020 and May 2020 with estimated losses of ZAR 7719 million and ZAR 7633 million, respectively. The findings of this study align with the Statistics South Africa® statistical report based on empirical estimation without any model fitting, thus highlighting the effectiveness of the SARIMAX intervention model in quantifying the effects of the pandemic. The lingering negative impact of the COVID-19 pandemic still continues to threaten the sustainability of the South African food and beverage sector, violating the United Nations’ Sustainable Development Goal, Number 2, which is to end hunger, achieve food security, improve nutrition, and promote sustainable agriculture.

Market Evolution and Consumer Trends in Poland's Confectionery Industry

The Polish confectionery market is considered to be one of the most developed and dynamic markets in the world. But in recent years, the Polish food industry has faced a sharp increase in production and marketing costs, disruptions in the supply chains of raw materials, consumables and packaging, as well as the loss of traditional sales markets due to the war in Ukraine. The study of the peculiarities of the Polish confectionery market made it possible to assess the main indicators of the Polish market of confectionery goods of all categories, as well as its volume and trends. The article analyzes the situation on the Polish confectionery market, including production, export, import, consumption, geographic location of the market, levels of competition and development of the market's production and transport infrastructure. It was concluded that during 2022 there was a 12% increase in the volume of production of confectionery goods of all categories. At the same time the manufacture of Polish flour confectionery products increased by 19.3%. The growth rates of production of cocoa–rich and sugar sweets were 3.8% and 6.8%, respectively. About 50–70% of manufactured products are exported by Polish manufacturers. It is necessary to mention that during 2022 a record number of products were exported from Poland, exceeding the similar figures of the previous year by 13.8%. Meanwhile, despite the presence of developed domestic production of confectionery goods in Poland, the volume of imported supplies traditionally remains high and increased by 7.8% in 2022. At the same time, the level of competition in the Polish domestic market for flour, cocoa–rich/chocolate and sugar confectionery products is estimated as high. The level of the market's production and transport infrastructure is rated as developed.

Institutional peculiarities of the functioning of the economy of Ukraine in the conditions of martial law

The paper shows that the peculiarities of the state of war force the state to reorient its resources and attention to solving critical tasks related to ensuring national security and overcoming the consequences of war. As a result, the priorities of formation, redistribution and use of resources change, which affects the socio-economic model of the state. However, the limiting conditions for adjusting the model of the national economy in the conditions of war are: preserving its economic potential and maintaining viability, which will ensure the future development of the country and its post-war recovery. It is shown that since the beginning of the full-scale invasion of the Russian Federation into Ukraine, the share of the military-industrial complex and related industries in the overall structure of the economy has increased. These changes caused significant difficulties for the economy of Ukraine, but also opened up new opportunities for adaptation and development in crisis conditions. Increasing investment in the military industry, developing new logistics routes and diversifying the economy can become part of the country's recovery and development strategies after the war. It has been proven that positive changes in regulatory and legal support, aimed at facilitating business conditions, are necessary, but not sufficient. In order to solve the fundamental problems of the loss of sales markets and opportunities for continued economic activity, strategic measures are needed, including the restoration of infrastructure, support for exporters, stimulation of business relocation and support of labor resources. It is substantiated that the institutional features of the functioning of the economy of Ukraine under martial law are related to the formation of a hybrid model, which is a synthesis of two models, namely: the model of the military economy, designed to meet military needs and vital goods and services, as well as the model of the civilian economy, designed to meet the needs of the population. A comprehensive solution to the outlined problems requires coordination of the efforts of the government, business and international partners to ensure the stability and development of Ukraine's economy in the conditions of the war and after its end, as well as to ensure its sustainable development in the future.

Designing A Multi-item Product Inventory Policy to Reduce Stockouts on CV VLJ

CV VLJ is a distributor of mineral water and bottled water in Cilegon area, Indonesia selling various water brands and is supplied by four suppliers. CV VLJ often runs out of goods in the warehouse when consumers want to buy the goods they are looking for. As a result, consumers are disappointed and buy it at other distributors. This leads to lost sales. Therefore, this study aims to reduce the loss of sales and minimize the total inventory cost at each supplier. The determination of the order quantity and period is calculated using the EOQ, POQ, EOQ multi-item and multi-item EOI methods. The inventory total cost and lost sales can be calculated through the inventory table simulation. Based on the simulation results, sales losses can decrease by 88-99% for all four suppliers and total costs decrease by an average of around 33% compared to actual conditions.

Cognitive Factors Leading to Human Error: A Major Contributing Factor for Quality Deviations in Pharmaceutical Industry

The pharmaceutical sector is one of the top research-based sectors in the world which continuously produces new medications that improve and save human lives. Patients, as well as healthcare professionals depend on pharmaceutical companies for the treatment of ailments, so it is very important to develop a good quality product following Good manufacturing practices guidelines that ensure the quality, safety, and efficacy of the product. Human cognitive errors are a major cause of quality deviations. These quality deviations result in product recalls, a ban on products by regulators where the company’s reputation will be tarnished which can result in loss of sales and revenue. Human errors can be identified and mitigated by various techniques. In this paper, we discuss the factors contributing to cognitive errors, the impact of cognitive errors on the pharmaceutical industry, the identification of the cognitive errors causing current good manufacturing practices (cGMP) deviations, and challenges in the mitigation of cognitive errors. A survey questionnaire and the form human error assessment and reduction technique (HEART) tool were also developed and discussed in the manuscript.

Proposed contract manufacturing strategy for Baby Food Industry using Kepner-Tregoe and Analytic Hierarchy Process (Ahp) Approach

Purpose: The aim of this study is to select the best contract manufacturing strategy to ensure sustainable growth and fulfillment of MA baby food at PT. S.A. Methods: This study used qualitative and quantitative research methods. The qualitative approach involves conducting interviews and forum group discussions (FGD) with Subject Matter Experts (SMEs) to determine the root cause of problems using Kapner Tragoe and Why Tree Diagram analysis and to determine the criteria and alternative solutions for this problem. The quantitative approach uses the Analytical Hierarchy Process (AHP) to select the best alternative solution. Results: Using the AHP method, the most important criteria that could influence the decision-making process were schedule (32.95%), cost (30.31%), delivery (16.44%), capacity (8.66%), ability (6.79%), and quality (4.86%). The best alternative solution for the short term to resolve the business issue is “Produce in existing contract manufacturing and distribute using 3rd party trader (58,09%)”. This alternative solution will ensure fulfillment and prevent sales losses of 96 billion but with a trade-off of a 10% increase in costs. Meanwhile, the best alternative solutions for long term is “Terminate existing Manufacture & Produce in Alternative Local Contract Manufacture in Indonesia (31,55%)”. This alternative solution provides cost savings equivalent to 8.8% of the existing COGS and ensures sustainable growth and fulfillment of MA baby food at PT. S.A.

카지노 리더⋅구성원의 교환관계가 잡크래프팅과 인게이지먼트에 미치는 영향

Due to the impact of COVID-19 over the past three years, most casino companies in Korea have experienced a significant loss in sales, the departure of key personnel, and organizational downsizing. Particularly, the issue of key personnel leaving casino companies, while an inevitable survival strategy during the pandemic, now poses a major challenge for businesses due to the resulting shortage of high-quality labor. To address this issue, company members must find personal meaning in their work and fully engage with their responsibilities, and the relationship between leaders and the members they oversee should be strengthened. Thus, this study aimed to elucidate the effect of leader-member exchange (LMX) on members' job crafting and engagement, and to examine whether members' core self-evaluations moderate the relationship between LMX and job crafting. We employed structural equation modeling to analyze the relationship between the independent variable (leadermember exchange), the mediating variable (job crafting), and the dependent variable (engagement), and used SPSS Process Macro's model 4 and model 7 to analyze the moderating effect of core self-evaluation. The survey participants were employees of domestic casino companies, selected as the study population. Over three weeks, from July 3 to July 23, 2023, we distributed 270 surveys through both online and offline methods, and analyzed the 255 responses collected. The findings are as follows: First, LMX was shown to impact members' job crafting. Second, the job crafting of members was found to influence engagement. Third, LMX was found to affect members' engagement directly. Additionally, the mediating role of job crafting in the relationship between LMX and engagement was confirmed. Lastly, it was determined that members' core self-evaluation moderates the relationship between LMX and job crafting. Therefore, to enhance human resources post-COVID-19, casino companies should implement and manage the concepts of LMX, job crafting, core self-evaluation, and engagement within their management practices.

Optimizing Inventory Management of MFD Studio To Reduce The High Lost Sales

This research delves into optimizing inventory management at MFD Studio by implementing demand forecasting to mitigate lost sales. Notably, the company has encountered a significant loss of sales, approximately 31.26% of the revenue generated by their flagship product, Outer, which has consistently held the position of the best-seller from 2021 to 2023, contributing approximately 60% to MFD Studio's overall product line during this period. The research aims to enhance inventory management efficiency by employing demand forecasting techniques. The methodology includes a thorough literature review, analysis of root causes, and conceptual framework development. The findings underscore the substantial impact of demand forecasting on inventory management, leading to a noteworthy reduction in lost sales. The study advocates for adopting a quantitative approach to demand forecasting, explicitly endorsing the ARIMA, Holt, and Winter models. Notably, the ARIMA model stands out with the lowest error, boasting a 0.0059 RMSE value, 0.0025 MAE value, and 0.0363 MAPE value. The forecast generated by the ARIMA model is anticipated to diminish the likelihood of future lost sales to 5.5%, representing a substantial decrease from the initial 31.26%. In conclusion, this research underscores the pivotal role of demand forecasting as a crucial tool for businesses, particularly in similar industries, to enhance inventory management and curtail lost sales. The practical recommendations contribute significantly to inventory management, offering actionable insights for businesses seeking to optimize their inventory processes.

Evaluating Environmental, Social and Governance (ESG) Practice Among Malaysian Public Listed Construction Companies Using FTSE Russell Rating Model

Implementation of Environmental, Social and Governance (ESG) in company strategy has become critical as it increases investors confident in the company. A company without ESG strategies will have problem on loss of intellectual capital, loss of customers, sales and decline in reputation. Failed to disclose ESG information perceived as having poor investments in high-risk sectors. Therefore, the purpose of this paper is to evaluate current ESG practices disclosed in annual reports and sustainability statements among 55 construction sector companies listed in Bursa Malaysia from 2021 until 2022. The investigation was conducted using content analysis based on ESG pillars and themes of FTSE Russell rating model. The rating model consists of 3 individual pillars and 14 themes. A binary scoring method was used, and the result was analyses in descriptive analysis. Based on the content analysis, the results indicate that social pillar has the highest percentage of ESG practice among the construction company with 64% score with the focus on health & safety.Environmental pillar practice remains the second highest score with 57.45% followed by governance with 55% score. The findings of this study are useful to investors, government agencies such as Bursa Malaysia and Securities Commission, industry, policy makers, and other related agencies. This study is among the first content analysis study on auditing ESG practices of construction sector in Malaysian public listed companies guided by FTSE Russell rating model.

Differing impacts of the COVID-19 pandemic on farmers and intermediaries: insights into the Ecuadorian cocoa value chain

The COVID-19 pandemic generated diverse impacts and responses in agricultural value chains worldwide. Cocoa is a key crop for Ecuadorian exports, and the analysis of effects the pandemic had on value chain actors contributes to the understanding of their individual capacities to coping with a major shock. The purpose of this study was to assess the number and severity of impacts and responses implemented by two links in the cocoa value chain to the pandemic, based on a survey of 158 cocoa farmers and 52 cocoa intermediaries from the main cocoa-producing provinces of the northern coast of Ecuador in 2021. Surveyed farmers and part of the intermediaries form part of the sustainability program of a large Swiss chocolate manufacturer. The impacts and responses reported were grouped into seven resources according to the Activity System Approach. Then, a comparison between groups was applied using the Wilcoxon rank sum test for nonparametric data, determining the most severe impacts and effective resilience responses among the actors. The results reveal that farmers and intermediaries were similarly affected by the pandemic, reporting 21 and 16 negative impacts, respectively. Farmers experienced a higher number and severity of impacts on financial and social resources, while intermediaries on human and material resources. The strongest impact was the loss of sales, reported by 65% of farmers and 58% of intermediaries. Farmers implemented more social responses that they judged highly effective, while intermediaries implemented more human responses that they judged highly effective. Public policy should enhance the social resources of farmers by strengthening their associativity and the capacities of their members, as mechanisms to mitigate their vulnerability to future health and climate crises. The financial resources of both actors should be protected through public credit and agricultural insurance.

Enhanced Out-of-Stock Detection in Retail Shelf Images Based on Deep Learning.

The term out-of-stock (OOS) describes a problem that occurs when shoppers come to a store and the product they are seeking is not present on its designated shelf. Missing products generate huge sales losses and may lead to a declining reputation or the loss of loyal customers. In this paper, we propose a novel deep-learning (DL)-based OOS-detection method that utilizes a two-stage training process and a post-processing technique designed for the removal of inaccurate detections. To develop the method, we utilized an OOS detection dataset that contains a commonly used fully empty OOS class and a novel class that represents the frontal OOS. We present a new image augmentation procedure in which some existing OOS instances are enlarged by duplicating and mirroring themselves over nearby products. An object-detection model is first pre-trained using only augmented shelf images and, then, fine-tuned on the original data. During the inference, the detected OOS instances are post-processed based on their aspect ratio. In particular, the detected instances are discarded if their aspect ratio is higher than the maximum or lower than the minimum instance aspect ratio found in the dataset. The experimental results showed that the proposed method outperforms the existing DL-based OOS-detection methods and detects fully empty and frontal OOS instances with 86.3% and 83.7% of the average precision, respectively.

Examining the Correlation Between Product Pricing and Sales Performance of Sari-Sari Stores

Product pricing is an important aspect of operating a business, especially for sari-sari store owners, who must set prices that attract customers, enhance sales performance, and produce profits. This study investigated the relationship between product pricing and the sales performance of sari-sari businesses in three barangays of Ozamiz City, Philippines that have been operating for three or more years each. The study used a quantitative research design and purposive sampling to identify respondents, focusing on sari-sari store owners who met the given criteria. Data were obtained using a researcher-made questionnaire, and analysis has been done using frequency and percentage, mean and standard deviation, and Pearson correlation coefficient. The findings indicate that product pricing is vital for generating profit. Additionally, both cost and customer demand showed a significant relationship with the sales performance of the stores. However, competition did not exhibit a significant relationship with sales performance. Based on these findings, the researchers recommend that sari-sari store owners carefully consider their pricing strategies, taking into account factors such as cost, customer demand, and competition, to maintain profitability. Furthermore, store owners could manage costs and meet customer demand to avoid sales losses. Future researchers are encouraged to explore other factors in the marketing mix not covered in this study or expand the study’s scope to different settings.

Social Media as Digital Marketing Tool in MSME: A Systematic Literature Review

The pandemic has caused difficulties for micro, small, and medium enterprises (MSMEs) in managing their finances, as all activities have been temporarily halted for health recovery. As a result, MSMEs have experienced losses in sales. One of the ways to ensure continuous sales and attract more buyers is by utilizing digital marketing. There are various options available in digital marketing, and one of them is leveraging social media platforms. MSME players have started to venture into digital marketing to increase their sales volume. However, previous research has shown that it has been only partially effective despite utilizing social media for sales facilitation. To address this issue, a Systematic Literature Review was conducted to document and review all articles related to enhancing social media utilization as a digital marketing tool to facilitate sales for MSMEs. A total of 20 nationally and internationally accredited journal articles were accessed from DOAJ, Google Scholar, and lens.org. The findings of the literature review study analyzed these 20 research articles that suspected social media as a digital marketing strategy to facilitate sales for MSMEs.

Impact of Social Norms on Japanese Small Businesses’ Survival: Conflict Management Amid the COVID-19 Pandemic

This study examines how governmental business restrictions and community social norms under the COVID-19 pandemic affected small businesses in terms of business continuity, suspension, and resumption. Through interviews with 27 small Japanese businesses, this study analyzes business continuity using the KJ Method (affinity diagram). The analysis reveals that the four conflicts associated with business continuity, suspension, and resumption can be organized into two polar tensions: compliance–compatibility decisions and business–value–compatibility decisions. Conflicts were as follows: cancellation of all (events and gatherings) versus business-as-usual (social norms within the community); government standards versus voluntary standards (response to government policies); compensation for sales loss versus extensive use for future growth (securing business funds); and mutual help versus new relationships (relationships with customers and suppliers). It showed that small businesses responded along the axis of not only protecting their company values but also adapting to social institutions and norms. Moreover, conflict management is an important source of resilience for small businesses, focusing on corporate culture in different societies.

Local sales tax exportation: The impact of commuters, tourists, and college students on the tax base

AbstractLocal sales tax bases are determined by factors including businesses, residential populations, and nonresidential visitors. This paper capitalizes on the COVID‐19 pandemic, using the sudden absence of in‐commuters, tourists, and college students to estimate the contributions these populations have on the sales tax base in North Carolina's 100 counties. The findings suggest that losing one in‐commuter results in a loss of roughly $1000 a month in taxable sales. Similarly, the loss of one hotel night booking results in a loss in taxable sales of approximately $525. This translates, for the median county, to exporting 17% to in‐commuters and 12% to tourists. The impact on the loss of a residential college student is less clear.

Impact Analysis of Public Electric Vehicle Charging Stations on Transformers and Distribution Networks

Public Electric Vehicle Charging Stations (SPKLUs) are critical infrastructure in facilitating the increasingly popular use of electric vehicles. The increasing number of electric vehicles using SPKLU also has an impact on existing transformers and distribution networks. This research uses the Fluke 1748 tool to analyze the impact on transformers and distribution networks. The Fluke 1748 is a tool that can record and analyze electrical parameters such as voltage, current, power, and power factor with high precision. The method used in this analysis involves installing the Fluke 1748 device at strategic points around the SPKLU, transformer, and distribution network. The results of this study are At the public electric vehicle charging station, an analysis has been carried out on the voltage and current where the results of THDV of 2.212% still meet the IEEE 2014 standard and THDi of 4.929% meet the IEEE 2014 standard, the impact caused is that there are losses in kWh sales due to voltage drops or voltage drops of 2250 watts, losses in significant transformers and in the conductor also cause a voltage drop of 2.5% of the nominal voltage.

Analyzing sales of the Korean restaurant franchise during the COVID-19 pandemic with the mixed-effects model approach.

Using point-of-sales (POS) data, the sales trends of 48 member stores of a Korean restaurant franchise during the COVID-19 pandemic were analyzed. As daily sales are nested in each member store of a franchise, the hierarchical structure of POS data was fully and effectively utilized by employing a mixed-effects model. The results showed that although sales volumes in all member stores were negatively affected by the pandemic, the level of impact varied according to store location: sales at some stores were drastically reduced, while a few others even achieved a slight increase in sales during the pandemic. These findings suggest that the government support policy for small business owners should be designed in a locally optimized way, to take account of neighborhood characteristics and the degree of sales loss for individual business owners.

Hypothetical e-liquid flavor ban and opinions among vape shop retailers in the Greater Los Angeles Area.

Evaluating anticipated responses to flavor bans in the context of vape shops is needed to inform legislation and enforcement. This cross-sectional study examined vape shop retailers' opinions about the potential impacts of an e-liquid flavor ban on shop sales and customer behavior-change intentions. From December 2019 to October 2020 we conducted structured interviews over the phone with 46 brick-and-mortar vape shop retailers in the Greater Los Angeles Area. Most participants were managers (43.5%), followed by owners (26.1%) and clerks (26.1%). More than half (52.2%) reported that sales would drop a lot if flavored e-liquids were banned in all vape shops. Controlling for store position, multivariable linear regression showed that opposition to a hypothetical ban on non-tobacco flavored e-liquids was associated with participants' opinions that customers would likely not purchase tobacco flavored e-liquids (b= -0.44, p<0.01), and would likely use combustible tobacco products (b=0.47, p<0.05). In this cross-sectional study, vape shop retailers in the Greater Los Angeles Area reported that if a ban on non-tobacco e-liquid flavors occurred, they would oppose strongly, and that a ban would have a negative impact on their shop (e.g. loss in sales) and customer behavior (e.g. would replace vaping with smoking combustible tobacco products). Implications for research and practice are discussed.

Optimal Lot-Sizing Decisions for a Remanufacturing Production System under Spare Parts Supply Disruption

Remanufacturing is one of the ways forward for product recovery initiatives and for maintaining sufficient production flow to satisfy customer demand by providing high-quality goods with a combination of new and return parts through a circular economy. Recently, manufacturers have been progressively incorporating remanufacturing processes, making their supply chains vulnerable to disruptions. One of the main disruptions that occurs in remanufacturing systems is the shortage of spare parts supply, which results in unexpected delays in the remanufacturing process and could eventually result in a possible loss of sales. In the event of such potential disruptions, remanufacturing facilities must manage their supply chains in an effective and optimal manner such that the negative impact of disruptions to their business can be minimised. In this study, a two-stage production–inventory system was analysed by developing a cost-minimisation model that focuses on the recovery schedule after the occurrence of a disruption in sourcing spare parts for a remanufacturer’s production cycle. The developed model was solved using the branch-and-bound algorithm, where the experimental results demonstrated that the model provides effective solutions. Through numerical experiments, results indicated that the optimal recovery schedule and the number of recovery cycles are considerably dependent on the disruption time, lost sales and backorder costs. A sensitivity analysis showed that the lost sales option seems to be more effective than the backorder sales option in optimising the system’s overall cost due to unmet demand, which becomes lost sales when serviceable items are reduced, thereby shortening recovery time. Furthermore, a case study revealed that a manufacturer’s response to disruption is highly influenced by the spare part costs and overall recovery costs as well as the supplier’s readiness level. The proposed model could assist managers in deciding the optimal production strategy whilst providing interesting managerial insights into vital spare parts recovery issues when disruption strikes.

Rethinking ‘Knowledge in Use’ in Small Businesses: A Perspective

Small businesses are the backbone to every economy and according to the United Kingdom (UK) Department for Business, Innovation and Skills, accounts for about 48% (12.9 million) of employment and about 36% (1.6 trillion) in business turnover, job creation and local communities. In a period where the Covid-19 pandemic and war in Ukraine has damaged economic activities, small businesses are under pressure with breakdown in supply chains and inflationary situations leading to loss in sales and closures. Though many governments, including the UK government have devised special measures to support small businesses, this has not been not had the required effects across the board as failures increase and the perception of success is low, for example the UK Department of Business, innovation and Skills (2018) reports that there was a decrease of small business in the UK of 1.5% (about 82,000 businesses) between 2021 and 2022 and 6.5% between 2020 and 2021. This article takes the view that small businesses could look more inwardly and rethink their ‘knowledge in use’ as a critical success resource to adapt and survive in a chaotic environment. It also provides suggestions for small business owners and policymakers. Understanding this would require knowledge of self and the fundamental reasons for being in business, that of being an entrepreneur and therefore being entrepreneurial. Small businesses as compared to bigger businesses revolve around their owner-managers who are entrepreneurs.