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Trakesha's 3rd Quarter > Merchandising 4 > Flashcards

Merchandising 4 Flashcards

1
Q

Purchasing, Pricing, Displaying, and selling of merchandise

A

Merchandising

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2
Q

Goods that are bought and sold
Caskets Vaults Clothing
Urns Register books Etc.

A

Merchandise

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3
Q

Developing a merchandising plan. Also known as “sales objective” or “sales plan.”

A

merchandise purchasing

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4
Q

Planning =

A

profit (built into service fees).

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5
Q

Plan components

A

Merchandise

Selection of merchandise Cost and pricing Display

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6
Q

Steps in planning

A 
Evaluate the market			
Evaluate sales history
Determine product availability	
Consider supplier recommendations
Establish product and service mix
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7
Q

Selecting suppliers – discuss with the vendors

A

Payment terms, availability of product, product support and quality.

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8
Q

Types of payment terms

A

Cash discount
Quantity discount
Rebate
Consignment

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9
Q

Cash discounts

A

Reduction of price for payment of an account within time limits established by the sales contract.

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10
Q

Terms: 2/10 net 30

A 
2% discount if paid within 10 days
Full payment (NET) due in 30 days
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11
Q

Reduction in amount of a bill when a minimum quantity of merchandise has been ordered. (caskets, embalming fluids)

A

Quantity discount (EOQ)

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12
Q

Return of a portion of a payment

A

Rebate

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13
Q

Supplier gives 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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14
Q

Pricing of services and merchandise

A

pricing

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15
Q

Methods of determining prices

A 
Markup			
Consumer value index
Merchandise value ratio	
Fixed multiple
Graduated recovery
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16
Q

RETAIL – WHOLESALE

A

MARKUP

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17
Q

Difference between merchandise (wholesale) cost and selling (retail) price.

A

markup

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18
Q

Percentage derived by dividing wholesale cost by the retail price.
Wholesale ÷ retail
Spending more money should equal more value for each dollar spent

A

CVI

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19
Q

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

A

Merchandise value ratio (MVR)

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20
Q

A price determination method whereby the casket cost is multiplied by a constant factor.
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 or 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 (factor) varies with the cost of the merchandise.

A

Graduated recovery

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24
Q

Graduated recovery types

A

Increase
Decrease
Modified

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25
Q

Sales trend terminology

A

Average (mean)
Median
Mode
Quartile

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26
Q

the sum of a group of numbers divided by the number of units.
Also known as mean

A

Average (means)

27
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

28
Q

the number that appears most frequently in a listing of numbers

A

Mode

29
Q

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

A

Quartile

30
Q

– caskets sold in 2nd and 3rd quartile
Usually begin in the midrange at point of selection for sale. People usually stay or move either direction for selection

A

Range

31
Q

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

A

Sales frequency

32
Q

Price quotations

Different methods:

A 
Itemization (FTC)			
Package pricing
Bi-unit pricing				
Functional pricing
Unit pricing (historical method of price quotation)
33
Q

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

A

Itemization

34
Q

The pricing method which groups together selected services and/or merchandise. Example: Unit pricing Bi-unit pricing Functional pricing

A

Package pricing

35
Q

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

A

Package pricing

36
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

37
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

38
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 – COUSIN RAY

39
Q

Any item of service or merchandise described to a purchaser as a “cash advance,” “accommodation,” “cash disbursement” or a similar item. Any item obtained from a third party and paid by the funeral provider on the purchaser’s behalf.

A

Cash Advance Items

40
Q

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

A

Cash advance

41
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

42
Q

Selection Room Types

A

Full size caskets – Texas Law and National Law
Fractional Displays Quarter or End Panels / Pictures
Catalog Computers

43
Q

Selection Room Size NATIONAL BOARD

A

Caskets – MINIMUM 12 (5 according to Texas Law, which would include 2 full sizes)
Maximum – 30

44
Q

Selection Room Size

A

40 to 60 square feet per casket is recommended

45
Q

LIGHTING

A

90 to 100 foot candles of illumination at casket level

46
Q

Foot candle amount of illumination produced by

A

one candle at a distance of one foot.

47
Q

LIGHTING

shining on an object

A

Direct

48
Q

LIGHTING

reflected illumination of an object

A

Indirect

49
Q

LIGHTING

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

A

Fluorescent

50
Q

LIGHTING

the illumination resulting from the glowing of a heated filament.

A

Incandescent

51
Q

Casket display and equipment

A

Distance from floor to bottom of casket.

Should be 26 to 30 inches.

52
Q

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

A

Church truck

53
Q

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

A

Casket stand

54
Q

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

A

Casket rack

55
Q

several caskets used to familiarize families.

A

Demonstration Group

56
Q

Traffic / Casket arrangements

increasing or decreasing in price

A

Consecutive method

57
Q

Traffic / Casket arrangements

woods, copper, etc

A

Grouping method

58
Q

Methods of presentation

A

Direct presentation

Indirect presentation

59
Q

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

A

Direct selection room presentation (procedure)

60
Q

Direct selection room presentation (procedure)

Advantages:

A

Some families prefer the support

61
Q

Direct selection room presentation (procedure)

Disadvantages:

A

No privacy and restricts communication.

May influence Misrepresent need of family

62
Q

Makes introductory presentation to family

Leaves the selection room Returns upon request

A

Indirect selection room presentation

63
Q

Indirect selection room presentation

Advantages:

A

Privacy Influences by funeral director eliminated

Communication occurs Information may better analyzed

64
Q

Indirect selection room presentation

Disadvantages:

A

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

Trakesha's 3rd Quarter (14 decks)

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