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fs merchandising and marketing > merchandising > Flashcards

merchandising Flashcards

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
Q

mark up types - percent

A

fixed percent that is added to price

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26
Q

mark up types - fixed dollar amount

A

add same dollar amount to wholesale cost

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27
Q

consumer value index (CVI)

A

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

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28
Q

CVI equation

A

wholesale / retail = CVI

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29
Q

what does CVI measure

A

the value received for each dollar spent by consumer

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30
Q

gross casket profit (margin) equation

A

retail price - wholesale cost = margin

31
Q

what does gross casket profit (margin) measure

A

measures profit of each casket to the funeral director/firm

32
Q

price gap

A

difference in the retail price of the next unit below

33
Q

graduated recovery

A

pricing method where the markup varies
- ex. higher priced caskets are given a higher markup

34
Q

declining price structure

A

pricing method where there is an inverse relationship between the markup and the price of the casket. higher priced caskets given lower markup

35
Q

modified declining price

A

same as declining method but with lower markups at very bottom end

36
Q

what is average (mean)

A

sum of group of numbers divided by number of units

37
Q

what is median

A

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
Q

what is mode

A

the number that appears most frequently in a listing of numbers

39
Q

what is quartile

A

a division of the total into 4 intervals, each one representing one forth of the total

40
Q

what is range

A

caskets sold in the 2nd and 3rd quartile

41
Q

pricing systems - itemization

A

each unit of service and merchandise is priced separately

42
Q

pricing systems - unit pricing

A

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

43
Q

pricing systems - bi unit pricing

A

showing separately the price of services and the casket

44
Q

pricing systems - functional pricing

A

the charges are broken down into several component parts, such as professional service, facilities, automobile, and merch

45
Q

pricing systems - package pricing

A

where certain items of service and merch are grouped together and sold at a specific price

46
Q

pricing systems - cash advanced items

A

any item obtained from a third party and paid for by the funeral provider on the purchasers behalf

47
Q

examples of cash advances

A
  • cemetery
  • crematory services
  • pallbearers
  • public transportation
  • clergy honoraria
  • hair stylist
  • flowers
  • musicians
  • singers
  • obituary notice
  • death certificates
48
Q

sales frequency

A

the number of times sales in a given price bracket occur over a fixed period of time

49
Q

sales frequency chart

A

a chart on which all sales are listed showing the number of sales in any sales

50
Q

what might be in a merchandise display

A
  • caskets
  • OBC
  • burial garments
  • sundry items
  • cremation merch
  • memorialization products
  • green offerings
51
Q

methods of merch presentation

A
  • funeral home
  • casket manufacturers selection room
  • catalog
  • electronic
  • price lists
52
Q

location of merch displays

A
  • funeral home
  • separate building
  • off premise
53
Q

order of preference within a building for merch display

A
  • main level
  • upper level
  • lower level
54
Q

types of displays - traditional

A

full size caskets

55
Q

types of displays - fractional

A

sections of caskets such as 1/4 or 1/8 panels (for better space utilization)

56
Q

other types of displays

A
  • miniatures
  • catalog
  • electronic
  • photographic display
57
Q

best kind of lighting

A

indirect, recessed incandescent
- 90-100 foot candles at pillow height is optimum

58
Q

foot candle (candle power)

A

amount of illumination produced by a source of one candle at a distance of one foot

59
Q

fluorescent (tubes)

A

electric discharge in tube

60
Q

incandescent (filament)

A

glowing of heated filament

61
Q

direct (on object)

A

directly shinning on an object

62
Q

indirect (reflected)

A

reflected illumination of an object

63
Q

halogen

A

LED

64
Q

display equipment - casket rack

A

device upon which 2 or 3 caskets are placed for display

65
Q

display equipment - casket stand (standard)

A

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

66
Q

display equipment - church truck

A

a wheeled, collapsible support for the casket, used in the funeral home, church, or other location when moving caskets

67
Q

display equipment - casket bier

A

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
Q

number of caskets you should display

A

12 minimum 30 max

69
Q

sq. feet per casket

A

40-60

70
Q

arrangement of caskets - consecutive method

A

caskets arranged in order of increasing or decreasing price

71
Q

other arrangement of caskets

A

by
- material
- alternative pricing
- appearance

72
Q

direct selection room procedure

A

funeral director remains in the selection room throughout the process

73
Q

indirect selection room procedure

A

funeral director does not stay in the selection room during the process

fs merchandising and marketing (6 decks)

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