Business Applications II Flashcards
4 things to check when troubleshooting
Fit
Measurements
Rx
Lens design
Military lenses
ANSI Z87
- tactical sue, shooting, and military use
- no flashy/trendy frames
High heat situations glasses
- kitchen dishwasher needs glasses to withstand heat
- dashboard of car
- plastic warps, metal can feel hot
- coatings can be damaged
Welders
- shaded safety glassses
- shade 14 has almost no light tranmission through that lens
- protects against welders flash (photokeratitis)
Pros of corporate
Less overhead
Less fluctuation
Marketing done for you
Pros for private
Make own schedule
Make own prices
Insurance selection
Scope of practice
Cons of corporate
Top out, cant make more
Contract restrictions
Cons of private
More overhead
Administrative time
Hiring and training employees
How much of a practice revolves around product sales
60%
2 parts to optometric practice
Professional eye care
Retail optical
Average exam grosses at
$306
How to determine your frame inventory
Patient demographics
Industry trends
Office needs
Segmenting frames
- by designer and brand
- categorizing based on other criteria like style, risks having a wall that looks the same everywhere
- perception of choice
Turn ratio
A metric that describes the frequency of sales and turnover of inventory
-if you have had a frame for a year and haven’t sold it, get rid of it
Physical space limitations with frames
Standard to limit frame storage to 5% of total inventory
Vendors
Make a list of must haves, lists of things that are negotiable, consignment
-they’ll give you 10 frames and it doesn’t cost you until someone buys one
Highest value items
In front
High-profit items
Eye level
Lifestyle imaging with frames
In window isplays, showcase
Social media and selling frames
Email marketing
Cross marketing in frames
Can cross market with other businesses
Price and inventory factors for frames
- look at demographics, inceom levels, stores frequented, shopping pattern
- research competition, identify your competitors, personally shop them, check pricing models, what males you different
- decide on a model based off of the above info, then pick vendors and stock accordingly
Things to keep in mind to determine pricing
- time to place an order
- time to stock frames on boards
- time to clean and organize
- shipping costs