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Management 2 > Klicker Chapter 11 > Flashcards

Klicker Chapter 11 Flashcards

1
Q

The percentage derived by dividing the wholesale amount of the merchandise by the retail price of the merchandise

A

Consumer Value Index

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2
Q

CVI =

A

Wholesale Cost / Retail Price

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3
Q

Measures the value received for each dollar spent by the consumer

A

CVI

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4
Q

Gross Profit Margin =

A

Retail Price - Wholesale Cost

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5
Q

Measure profit of each casket to the funeral director/firm

A

Gross Profit Margin

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6
Q

The relationship between the wholesale cos of the merchandise and the total cost of both service and merchandise to the consumer

A

Merchandise Value Ratio

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7
Q

MVR =

A

Wholesale Cost / Service and Merchandise

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8
Q

A price determination method whereby the mark-up is multiplied by a constant factor; same mark up is applied to all caskets

A

Fixed Multiple of Times Factor

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9
Q

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

A

Average (Mean)

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10
Q

A value in an ordered set of values which represents the midpoint, whereby there are an equal number of values above and below the midpoint value

A

Median

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11
Q

The number that appears most frequently in a listing of numbers

A

Mode

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12
Q

A division of the total into four intervals, each one representing one-forth of the total

A

Quartile

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13
Q

The caskets sold in the 2nd and 3rd quartile

A

Range

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14
Q

In a display room that contains 22 caskets, describe the quartile

A

1st: 10% = 2.2 or 2
2nd: 27% = 5.9 or 6
3rd: 40% = 8.8 or 9
4th: 23% = 5.06 or 5

67% of caskets are in the range - most will buy out of the 2nd and 3rd quartiles

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15
Q

The FTC requires that funeral directors use this pricing system

A

Itimized

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16
Q

A method of pricing by which each unit of service and merchandise is priced separately

A

Itemization

17
Q

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

A

Unit Pricing

18
Q

A method of price quotation showing separately the price of the services and the price of the casket

A

Bi-Unit Pricing

19
Q

A method of price quotation by which the charges are broken down into several component parts, such as professional service, facilities, automobile, and merchandise

A

Functional Pricing

20
Q

A method of price quotation where certain items of service and merchandise are grouped together and sold at a specific price

A

Package Pricing

21
Q

Factors which influence pricing

A 
Competition's price policies
Legislation
Production costs
Distribution costs
Economic fluctuations
Type of merchandise
Marketing strategy
Purchasing practices
Selling costs
Value
22
Q

Difference between merchandise cost and selling price

A

Mark Up

23
Q

Reduction of selling price

A

Mark Down

Management 2 (16 decks)

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