When answering this question, emphasize your strategic approach to inventory management and stock replenishment. Discuss specific methods and tools you use, such as inventory management software, demand forecasting, and data analysis. Highlight your ability to balance inventory levels to avoid overstocking and stockouts, and mention any experience you have with vendor management and lead time optimization. Provide examples of how your approach has successfully maintained optimal inventory levels and contributed to sales and profitability.
Example: "My approach to managing inventory levels involves a combination of demand forecasting, real-time inventory tracking, and strong vendor relationships. I use inventory management software to monitor stock levels and identify trends. By analyzing sales data and market trends, I can forecast demand accurately and adjust stock levels accordingly. I also work closely with vendors to ensure timely replenishment and negotiate favorable terms. For instance, in my previous role, I implemented a just-in-time inventory system that reduced holding costs by 15% while maintaining a 98% product availability rate."
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