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3rd Quarter Merchandising Test 4 Flashcards

1
Q

merchandising plan is also known as…

A

sales objective or

sales plan

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2
Q

planning equals…

A

profit (built into service fees)

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3
Q

plan components

A

Merchandise
Selection of merchandise
Cost and pricing
Display

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4
Q

What are these examples of?

Evaluate the market			
Evaluate sales history
Determine product availability	
Consider supplier recommendations
Establish product and service mix
A

steps in planning

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5
Q

considerations when selecting suppliers

A

payment terms
availability of product
product support
product quality

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6
Q

types of payment terms

A

cash discount
rebate
quantity discount
consignment

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7
Q

Reduction of price for payment of an account within time limits.

Established by the sales contract.

A

cash discounts

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8
Q

what is this an example of?

Terms: 2/10 net 30
2% discount if paid within 10 days
Full payment (NET) due in 30 days

A

cash discounts

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9
Q

Reduction in amount of a bill when a minimum quantity of merchandise has been ordered.

A

quantity discount (EOQ)

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10
Q

what items would a quantity discount be used on?

A

caskets

embalming fluids

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11
Q

return of a portion of a payment

A

rebate

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12
Q

giving merchandise to an agent to be cared for or sold.

Payment is not made to the supplier until the merchandise is sold.

A

consignment

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13
Q

What are these methods of?

Markup			
Consumer value index
Merchandise value ratio	
Fixed multiple
Graduated recovery
A

methods of determining prices

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14
Q

Difference between merchandise (wholesale) cost and selling (retail) price.
Retail - wholesale = _________

A

markup

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15
Q

markup is also known as…

A

profit margin

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16
Q

Percentage derived by dividing wholesale cost by the retail price.

Spending more money should equal more value for each dollar spent

Wholesale divided by retail = _______

A

Consumer Value Index (CVI)

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17
Q

Relationship between wholesale cost of merchandise and total cost of both service and merchandise to the consumer.

Wholesale divided by (service + merchandise) = ________

A

merchandise value ratio (MVR)

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18
Q

Staff services: such as… for obits, DC’s, papwerwork, etc.
PLUS (+)
Overhead costs: such as…Salaries, office supplies, rent, maintenance, utilities, etc.

Sum of these costs divided by number of services (historically or projected)
EQUALS (=) __________

A

service fee

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19
Q

service fee should be….

A

reasonable

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20
Q

A price determination method whereby the casket cost is multiplied by a constant factor. (number)

Historically the fixed number has been three (3).

A

fixed multiple

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21
Q

advantage of fixed multiple

A

easy to use and provides quality

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22
Q

disadvantage of fixed multiple

A

no improvement in CVI

no incentive to buy up

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23
Q

The return of money produced by varying the amount expected on each selection.

The amount of markup varies with the cost of the merchandise.

A

graduated recovery

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24
Q

types of graduated recovery

A

increase
decrease
modified

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25
increase is less favorable with this...
graduated recovery
26
markup the more expensive caskets
increase
27
most win-win situation
decline price
28
encourages consumers to buy better merchandise....provides for families who require lower priced caskets
modified declining
29
Sales trend terminology
Average Median Mode Quartile
30
average also known as...
mean
31
the sum of a group of numbers divided by the number of units.
average
32
a value in an ordered set of values which represent the midpoint, whereby there are an equal number of values above and below the midpoint value.
median
33
the number that appears most frequently in a listing of numbers.
mode
34
a division of the total into four intervals, each one representing one-fourth of the total.
Quartile
35
find definition for this...
balanced line
36
caskets sold in 2nd and 3rd quartile (Most people select in the middle)
range
37
people usually begin in ______ price or move either direction
mid-range
38
The number of times sales in a given price bracket occurs over a fixed period of time.
sales frequency
39
different methods of price quotations...
``` Itemization (FTC) Package pricing Bi-unit pricing Functional pricing Unit pricing (historical method) ```
40
The method of price quotation by which each unit of service and/or merchandise is priced separately. Requirements of FTC
itemization
41
The pricing method which groups together selected services and/or merchandise.
Package pricing
42
examples of package pricing
unit pricing bi-unit pricing functional pricing
43
FTC STATES....that ______ pricing method is acceptable if family receives an _________ General Price List
Any | Itemized
44
A method of price quotation showing separately the pricing of the service to be rendered and the price of the casket.
bi-unit pricing
45
A method of price quotation in which the itemized charges are combined into several component parts. NOT like itemization where it is all broken down
functional pricing
46
Historical method used prior to FTC regulations A method of price quotation which creates one total price package for both service and merchandise.
unit pricing
47
Any item obtained from a third party and paid by the funeral provider on the purchaser’s behalf.
cash advance
48
Note...cash advance items may include...
``` Cemetery or crematory service Casket bearers Transportation Clergy honoraria Flowers Musicians or singers Nurses Obituary notices Gratuities Certified copies of death certificates ```
49
Study this card also...
Common to all forms of price quotations. Must comply with applicable federal and state laws. In most states, funeral directors, can only charge the price of the cash advanced items and handling fee – cannot be charged for the these items.
50
Texas does not allow handling fees as long as they are disclosed to the family on the funeral contract.
check this card with Trakesha
51
Review general price list, Merchandise Price List, Outer Burial Container Price List.
Merchandise Presentation
52
a written memorandum – legal contract. Family does not have to pay for embalming when not requested. Texas does not require embalming but if not able to refrigerate body must be embalmed family can refute the charge.
contract
53
a casket manufacture selection room can be located...
funeral home catalog computer separate building
54
order of preference
Main level Upper level Lower level
55
preferred level of preference...
MAIN
56
3rd level of preference...
LOWER
57
2nd level of preference...
UPPER
58
Types of selection rooms
``` Full size caskets Fractional displays Quarter or End Panels / Pictures Catalog Computers ```
59
minimum number of caskets in selection room per NATIONAL BOARD
12
60
minimum number of caskets in selection room per Texas Law
5 which would include 2 full size
61
maximum number of caskets in selection room per National Board
30
62
selection room size
40-60 square feet per casket is recommended
63
study card...
LIGHTING – 90 to 100 foot candles of illumination at casket level. Foot candle amount of illumination produced by one candle at a distance of one foot.
64
types of lighting
direct indirect fluorescent incandescent
65
the illumination resulting from the glowing of a heated filament
incandescent
66
reflected illumination of an object
indirect
67
light shining on an object
direct
68
illumination produced by a tubular electric discharge lamp, fluorescence of phosphors coating the inside of a tube.
flourescent
69
distance of casket to the floor in selection room
distance from floor to bottom of casket...26-30 inches
70
A wheeled collapsible support for the casket, used in the funeral home, church, or home.
church truck
71
The stand or support upon which a casket rests in the selection room.
casket stand
72
casket stand is also known as...
casket standard
73
A device upon which two or three caskets are placed, one on top of the other for display.
casket rack
74
Study this list of other displays in selection room
``` Urns Outer burial containers Cremation containers Memorials Children’s caskets ```
75
This is what? One room – accommodates all caskets Furniture group (table, lamp, and 2 chairs) Traffic flow through this room
selection room arrangement
76
several caskets used to familiarize families.
Demonstration Group
77
type of casket arrangement that show an increasing or decreasing in price
consecutive method
78
type of casket arrangement that show woods, copper, etc.
grouping method
79
methods of presentation
direct | indirect
80
The method of selling caskets whereby the funeral director remains in the selection from the entire selection period.
direct selection room presentation
81
advantages of direct selection room presentation
some families prefer the support
82
disadvantages of direct selection room presentation
no privacy & restricts communication may be an influence may misrepresent needs of family
83
Makes introductory presentation to family Leaves the selection room Returns upon request
indirect selection room presentation
84
advantages of indirect selection room presentation
privacy communication occurs influences by FD eliminated information may be better analyzed
85
Disadvantages of indirect selection room presentation
No support; funeral director not available for questions; information may be ignored.

difficult ones (14 decks)

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