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difficult ones > 3rd Quarter Merchandising Test 4 > Flashcards

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
Q

increase is less favorable with this…

A

graduated recovery

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26
Q

markup the more expensive caskets

A

increase

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27
Q

most win-win situation

A

decline price

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28
Q

encourages consumers to buy better merchandise….provides for families who require lower priced caskets

A

modified declining

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29
Q

Sales trend terminology

A

Average
Median
Mode
Quartile

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30
Q

average also known as…

A

mean

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31
Q

the sum of a group of numbers divided by the number of units.

A

average

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32
Q

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.

A

median

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33
Q

the number that appears most frequently in a listing of numbers.

A

mode

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34
Q

a division of the total into four intervals, each one representing one-fourth of the total.

A

Quartile

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35
Q

find definition for this…

A

balanced line

36
Q

caskets sold in 2nd and 3rd quartile (Most people select in the middle)

A

range

37
Q

people usually begin in ______ price or move either direction

A

mid-range

38
Q

The number of times sales in a given price bracket occurs over a fixed period of time.

A

sales frequency

39
Q

different methods of price quotations…

A 
Itemization (FTC)			
Package pricing
Bi-unit pricing				
Functional pricing
Unit pricing (historical method)
40
Q

The method of price quotation by which each unit of service and/or merchandise is priced separately.

Requirements of FTC

A

itemization

41
Q

The pricing method which groups together selected services and/or merchandise.

A

Package pricing

42
Q

examples of package pricing

A

unit pricing
bi-unit pricing
functional pricing

43
Q

FTC STATES….that ______ pricing method is acceptable if family receives an _________ General Price List

A

Any

Itemized

44
Q

A method of price quotation showing separately the pricing of the service to be rendered and the price of the casket.

A

bi-unit pricing

45
Q

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

A

functional pricing

46
Q

Historical method used prior to FTC regulations

A method of price quotation which creates one total price package for both service and merchandise.

A

unit pricing

47
Q

Any item obtained from a third party and paid by the funeral provider on the purchaser’s behalf.

A

cash advance

48
Q

Note…cash advance items may include…

A 
Cemetery or crematory service	
Casket bearers		
Transportation
Clergy honoraria			
Flowers		
Musicians or singers
Nurses					
Obituary notices	
Gratuities
Certified copies of death certificates
49
Q

Study this card also…

A

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
Q

Texas does not allow handling fees as long as they are disclosed to the family on the funeral contract.

A

check this card with Trakesha

51
Q

Review general price list, Merchandise Price List, Outer Burial Container Price List.

A

Merchandise Presentation

52
Q

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.

A

contract

53
Q

a casket manufacture selection room can be located…

A

funeral home
catalog
computer
separate building

54
Q

order of preference

A

Main level
Upper level
Lower level

55
Q

preferred level of preference…

A

MAIN

56
Q

3rd level of preference…

A

LOWER

57
Q

2nd level of preference…

A

UPPER

58
Q

Types of selection rooms

A 
Full size caskets 
Fractional displays
Quarter or End Panels / Pictures
Catalog			
Computers
59
Q

minimum number of caskets in selection room per NATIONAL BOARD

A

12

60
Q

minimum number of caskets in selection room per Texas Law

A

5 which would include 2 full size

61
Q

maximum number of caskets in selection room per National Board

A

30

62
Q

selection room size

A

40-60 square feet per casket is recommended

63
Q

study card…

A

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
Q

types of lighting

A

direct
indirect
fluorescent
incandescent

65
Q

the illumination resulting from the glowing of a heated filament

A

incandescent

66
Q

reflected illumination of an object

A

indirect

67
Q

light shining on an object

A

direct

68
Q

illumination produced by a tubular electric discharge lamp, fluorescence of phosphors coating the inside of a tube.

A

flourescent

69
Q

distance of casket to the floor in selection room

A

distance from floor to bottom of casket…26-30 inches

70
Q

A wheeled collapsible support for the casket, used in the funeral home, church, or home.

A

church truck

71
Q

The stand or support upon which a casket rests in the selection room.

A

casket stand

72
Q

casket stand is also known as…

A

casket standard

73
Q

A device upon which two or three caskets are placed, one on top of the other for display.

A

casket rack

74
Q

Study this list of other displays in selection room

A 
Urns				
Outer burial containers
Cremation containers		
Memorials
Children’s caskets
75
Q

This is what?

One room – accommodates all caskets
Furniture group (table, lamp, and 2 chairs)
Traffic flow through this room

A

selection room arrangement

76
Q

several caskets used to familiarize families.

A

Demonstration Group

77
Q

type of casket arrangement that show an increasing or decreasing in price

A

consecutive method

78
Q

type of casket arrangement that show woods, copper, etc.

A

grouping method

79
Q

methods of presentation

A

direct

indirect

80
Q

The method of selling caskets whereby the funeral director remains in the selection from the entire selection period.

A

direct selection room presentation

81
Q

advantages of direct selection room presentation

A

some families prefer the support

82
Q

disadvantages of direct selection room presentation

A

no privacy & restricts communication
may be an influence
may misrepresent needs of family

83
Q

Makes introductory presentation to family
Leaves the selection room
Returns upon request

A

indirect selection room presentation

84
Q

advantages of indirect selection room presentation

A

privacy
communication occurs
influences by FD eliminated
information may be better analyzed

85
Q

Disadvantages of indirect selection room presentation

A

No support; funeral director not available for questions; information may be ignored.

difficult ones (14 decks)

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