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merchandising Flashcards

(73 cards)

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1
Q

what is a service-goods mix

A

combination your company offers that includes both products and services
- funeral homes do both

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2
Q

merchandise

A

goods that are bought and sold

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3
Q

merchandising

A

the purchase, display, and sales of goods

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4
Q

merchandising plan

A

the types of merch you show, their cost, and how they are displayed

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5
Q

merchandising program should start with …

A

a sound sale objective

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6
Q

sales objective is based on

A

evaluation of
- sales history
- availability of suppliers
- recommendation of suppliers
- amount of profit a firm wishes to generate
- price
- quality

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7
Q

the purchase of display items must be …

A

thoroughly coordinated with profit objectives

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8
Q

sales history can tell you what

A

what products sell the best, what your market prefers, average sales price, etc

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9
Q

market survey

A

a study that is used by a business to determine where the potential customers are located

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10
Q

sources of market data

A

census of…
- population
- business
- housing
- manufacturing
- commerce

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11
Q

what to consider with suppliers

A
  • do they make appropriate provisions with merchandising aids, tech assistance
  • good reps (can you work with them
  • give discounts
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12
Q

cash discounts

A

reduction of price for payment within a time limit

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13
Q

quantity discounts

A

reduction in the amount of bill with minimum quantity is ordered

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14
Q

rebates

A

return of portion paid

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15
Q

consignment

A

do not have to pay until it is sold

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16
Q

price ___ and ___ must comply with applicable federal and state law

A

determination and quotation

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17
Q

customer value based pricing

A

effective, involves understanding how much value consumers place on the benefits they receive from the product
- set a price that captures that value

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18
Q

cost based pricing

A

involves setting prices based on the costs for producing, distributing and selling the product

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19
Q

fixed costs

A

(overhead costs) do not vary with production or sales level (ex. rent, interest, salaries)

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20
Q

variable costs

A

vary directly with the level of production

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21
Q

competition based pricing

A

focus solely on what the competition is charging, and strive to meet or beat those prices

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22
Q

pricing determination

A

method used by management to establish the selling price for services and merchandise

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23
Q

mark up

A

difference between merchandise cost and selling price ex. gross margin

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24
Q

mark up types - fixed multiple

A

(times factor) method where the markup is multiplied by a constant factor. the same mark up is applied to all

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25
mark up types - percent
fixed percent that is added to price
26
mark up types - fixed dollar amount
add same dollar amount to wholesale cost
27
consumer value index (CVI)
percentage by dividing the wholesale amount of the merchandise by retail price of the merchandise
28
CVI equation
wholesale / retail = CVI
29
what does CVI measure
the value received for each dollar spent by consumer
30
gross casket profit (margin) equation
retail price - wholesale cost = margin
31
what does gross casket profit (margin) measure
measures profit of each casket to the funeral director/firm
32
price gap
difference in the retail price of the next unit below
33
graduated recovery
pricing method where the markup varies - ex. higher priced caskets are given a higher markup
34
declining price structure
pricing method where there is an inverse relationship between the markup and the price of the casket. higher priced caskets given lower markup
35
modified declining price
same as declining method but with lower markups at very bottom end
36
what is average (mean)
sum of group of numbers divided by number of units
37
what is median
value in an order set of value which represents the midpoint, whereby there are an equal number of values above and below the midpoint value (middle #)
38
what is mode
the number that appears most frequently in a listing of numbers
39
what is quartile
a division of the total into 4 intervals, each one representing one forth of the total
40
what is range
caskets sold in the 2nd and 3rd quartile
41
pricing systems - itemization
each unit of service and merchandise is priced separately
42
pricing systems - unit pricing
a method of price quotation which creates one total price package for both service and merchandise
43
pricing systems - bi unit pricing
showing separately the price of services and the casket
44
pricing systems - functional pricing
the charges are broken down into several component parts, such as professional service, facilities, automobile, and merch
45
pricing systems - package pricing
where certain items of service and merch are grouped together and sold at a specific price
46
pricing systems - cash advanced items
any item obtained from a third party and paid for by the funeral provider on the purchasers behalf
47
examples of cash advances
- cemetery - crematory services - pallbearers - public transportation - clergy honoraria - hair stylist - flowers - musicians - singers - obituary notice - death certificates
48
sales frequency
the number of times sales in a given price bracket occur over a fixed period of time
49
sales frequency chart
a chart on which all sales are listed showing the number of sales in any sales
50
what might be in a merchandise display
- caskets - OBC - burial garments - sundry items - cremation merch - memorialization products - green offerings
51
methods of merch presentation
- funeral home - casket manufacturers selection room - catalog - electronic - price lists
52
location of merch displays
- funeral home - separate building - off premise
53
order of preference within a building for merch display
- main level - upper level - lower level
54
types of displays - traditional
full size caskets
55
types of displays - fractional
sections of caskets such as 1/4 or 1/8 panels (for better space utilization)
56
other types of displays
- miniatures - catalog - electronic - photographic display
57
best kind of lighting
indirect, recessed incandescent - 90-100 foot candles at pillow height is optimum
58
foot candle (candle power)
amount of illumination produced by a source of one candle at a distance of one foot
59
fluorescent (tubes)
electric discharge in tube
60
incandescent (filament)
glowing of heated filament
61
direct (on object)
directly shinning on an object
62
indirect (reflected)
reflected illumination of an object
63
halogen
LED
64
display equipment - casket rack
device upon which 2 or 3 caskets are placed for display
65
display equipment - casket stand (standard)
the stand or support upon which a casket rests in the selection room
66
display equipment - church truck
a wheeled, collapsible support for the casket, used in the funeral home, church, or other location when moving caskets
67
display equipment - casket bier
stand on which a corpse, coffin, or casket containing a corpse is placed to lie in state or to be carried to the grave
68
number of caskets you should display
12 minimum 30 max
69
sq. feet per casket
40-60
70
arrangement of caskets - consecutive method
caskets arranged in order of increasing or decreasing price
71
other arrangement of caskets
by - material - alternative pricing - appearance
72
direct selection room procedure
funeral director remains in the selection room throughout the process
73
indirect selection room procedure
funeral director does not stay in the selection room during the process

fs merchandising and marketing (6 decks)

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