Vol. 2 No. 3 (2023): December Special Issue of The QUEST: Journal of Multidisciplinary Research and Development
Articles

Analysis on the Inventory Management Practices of Guizhou Liansheng Pharmaceutical Co. Ltd. in China: Basis for Strategic Plan

  • Li Ailin,
  • Jennifer Fronda
Li Ailin
Guizhou Liansheng Pharmaceutical Company, Beijing, China
Jennifer Fronda
Nueva Ecija University of Science and Technology
DOI: https://doi.org/10.60008/thequest.v2i3.145

Published 12/30/2023

Keywords

  • Inventory management; Pharmaceutical company; Practices; System; Strategic plan

How to Cite

Ailin, L., & Fronda, J. (2023). Analysis on the Inventory Management Practices of Guizhou Liansheng Pharmaceutical Co. Ltd. in China: Basis for Strategic Plan. The QUEST: Journal of Multidisciplinary Research and Development, 2(3). https://doi.org/10.60008/thequest.v2i3.145

Copyright (c) 2023 The QUEST: Journal of Multidisciplinary Research and Development

Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.

Abstract

The study analyzed the inventory management practices of Guizhou Liansheng Pharmaceutical Company in China. Through survey questionnaires administered to 80 employees selected via purposive sampling, the research examined the company's inventory management system, focusing on factors such as business size, years in operation, ISO compliance, and asset size. Results were analyzed using descriptive statistics, mean scores, and tabulation. The study aimed to characterize the company's inventory management system, assess its scope, methods, benefits, and challenges, and evaluate its impact on production and financial performance. A strategic plan was proposed to enhance the management system, considering ethical considerations throughout the research process. The findings highlighted the importance of efficient inventory management for productivity and financial performance, suggesting areas for refinement to align practices with the company's goals and objectives.

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