Merchandising

Question 1

the purchasing, pricing, displaying, selling of merchandise

Answer 1

merchandising

Question 2

good bought and sold such as caskets, vaults, clothing, urns, register books, etc.

Answer 2

merchandise

Question 3

developing a merchandise plan; “sales objective”/”sales plan”; planning=profit

Answer 3

merchandise planning

Question 4

steps in planning

Answer 4

evaluate the market, evaluate sales history, determine product availability, consider supplier recommendations, establish product and service mix

Question 5

reduction of price for payment of an account within time limits established by sales contract

Answer 5

cash discount

Question 6

reduction in amount of a bill when a minimum quantity of merchandise ahs been ordered

Answer 6

quantity discount

Question 7

return of portion of a payment

Answer 7

rebate

Question 8

supplier gives merchandise to an agent to be cared for/sold; payment is not made to supplier until merchandise is sold

Answer 8

consignment

Question 9

pricing of services and merchandise

Answer 9

pricing

Question 10

methods of determing merchandise prices

Answer 10

markup, consumer value index, merchandise value ratio, fixed multiple, graduated recovery

Question 11

difference between merchandise (wholesale) cost and selling (retail) price; profit margin

Answer 11

markup

Question 12

percentage derived by dividing whole sale cost by retail price; spending more money should provide more value for each dollar spent

Answer 12

consumer value index (CVI)

Question 13

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

Answer 13

merchandise value ration (MVR)

Question 14

staff services for obits, DC’s, paperwork, etc.; overhead costs such as salaries, office suppliers, rent, maintenance, utilities, etc.; sum of these costs divided by number of services

Answer 14

service (fee) pricing

Question 15

price determination method whereby casket cost is multiplied by a constant factor (number); advantage- easy to use and provide quality; disadvantage- no improvement in CVI, no incentive to buy up

Answer 15

fixed multiple

Question 16

return of money produced by varying the amount expected on each selection; amount of markup (factor varies with cost of merchandise)

Answer 16

graduated recovery

Question 17

graduated recovery types

Answer 17

increase, decrease, modify

Question 18

sum of group of numbers divided by number of units

Answer 18

average; mean

Question 19

value in an ordered set of values which represent the midpoint, where by they are an equal number of values above and below midpoint value

Answer 19

median

Question 20

number that appears most frequently in a listing of its numbers

Answer 20

mode

Question 21

division of total into 4 intervals, each one representing 1/4th of the total

Answer 21

quartile

Question 22

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

Answer 22

sales frequency

Question 23

method of price quotation by which each unit of service and merchandise is priced seperately; requirements of FTC

Answer 23

itemization

Question 24

groups together selected services and merchandise; unit pricing, bi unit pricing, funcitonal pricing

Answer 24

package pricing

Question 25

price quotation showing separately the price of the service and the price of casket

Answer 25

bi-unit pricing

Question 26

itemization charges are combined into several component parts

Answer 26

functional pricing

Question 27

historical method used prior to FTC regulations; price quotation which creates one total price package for both service and merchandise

Answer 27

unit pricing

Question 28

any item of service/merchandise described to a purchaser as a "cash advance", "accommodation", "cash disbursement"/similar item; common to all forms of price quotation; item obtained from a 3rd party and paid for by funeral provider on purchasers behalf

Answer 28

cash advance

Question 29

cash advacne items

Answer 29

cemetery/crematory services, pro. casket bearers, transportation, clergy honorarium, flowers, musicians/singers, nurses, obit notices, gratiuities, certified copies of DC's

Question 30

merchandise presentation

Answer 30

FH, casket manufacturers selection room, catalog, computer, price lists

Question 31

selection room size

Answer 31

40-60 square feet per casket

Question 32

lighting

Answer 32

90-100 candles of illumination at casket level

Question 33

amount of illumination produce by one candle ant a distance of one foot

Answer 33

foot candle

Question 34

illumination directly shining on an object

Answer 34

direct lighting

Question 35

reflected illumination of an object

Answer 35

indirect lighting

Question 36

illumination produced by a tubular electric discharge lamp; flourescence of phosphors coating inside of a tube

Answer 36

flourescent

Question 37

illumination resulting from the glowing of a heated filament

Answer 37

incandescent

Question 38

distance from floor to bottom of casket

Answer 38

26-30 inches

Question 39

wheeled collapsable support for the casket used in FH, church/ home

Answer 39

church truck

Question 40

stand/support upon which a casket rests in the selection room; casket standard

Answer 40

casket stand

Question 41

device upon which 2/3rd caskets are placed, one on top of the other for display

Answer 41

casket rack

Question 42

method of selling caskets whereby the FD remains in selection room entire selection period

Answer 42

direct selection room procedure

Question 43

advantages of direct selection room procedure

Answer 43

some families prefer the support

Question 44

disadvantages of direct selection room procedure

Answer 44

no privacy and restricts communication; may influence/misrepresent needs of family

Question 45

makes introductory presentation to family; leaves selection room; returns upon request

Answer 45

indirect selection room procedure

Question 46

advantages of indirect selection room procedure

Answer 46

privacy; influence by FD eliminated; communication occurs; information may be better analyzed

Question 47

disadvantages of indirect selection room procedure

Answer 47

no support; FD not available for questions; info may be ignored