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Merchandising
Merchandising Ch. 11
| Term | Definition |
|---|---|
| Merchandise | goods that are bought and sold |
| Merchandising | purchase, display, and sales of goods |
| Cash Discount | a reduction of the price given for payment of an account within the time limits established by the sales contract |
| Quantity Discount | reduction in the amount of a bill when a minimum quantity of merchandise has been ordered |
| Rebate | return of a portion of a payment |
| Consignment | funeral director does not have to pay for the merchandise that will be displayed until its sold |
| Inventory | those goods or stock of goods which are held for resale |
| Inventory Turnover | number of times the average inventory has been sold or used up during a period |
| Economic Order Quantity (EOQ) | quantity to be purchased which minimizes total costs |
| Fractional Display Room | features sections of a casket such as 1/4 or 1/8 panels or end sections, on a wall display |
| Traditional Display Room | features a selection of full size caskets |
| Foot Candle | amount of illumination produced by a course of one candle at a distance of one foot |
| Fluorescent Lighting | illumination produced by a tubular electric discharge lamp; fluorescence of phosphors coating the inside of a tube |
| Incandescent Lighting | illumination resulting from the glowing of a heated filament |
| Direct Lighting | illumination directly shining on an object |
| Indirect Lighting | reflected illumination of an object |
| Casket Rack | device upon which two or three caskets are placed, one on top of the other for display |
| Casket Stand (Casket Standard) | stand or support on which a casket rests in the selection room; should be sturdy and attractive |
| Church Truck | a wheeled collapsible support for the casket, used in the funeral home, church, or other location when moving a casket |
| Demonstration or Educational Group | three or four caskets are utilized to educate the selecting party regarding the elements of casket construction, differences in caskets, features that affect price and where prices are to be found |
| Consecutive Method | caskets are arranged in order of increasing or decreasing price |
| Casket Groupings | can group by material, alternate pricing, appearance, style, traffic flow |
| Direct Selection Room Procedure | presenting caskets whereby the funeral director remains in the selection room throughout the entire selection process |
| Indirect Selection Room Procedure | method of selling caskets whereby the funeral director does not stay in the selection room during the selection process, but instead leaves after his introductory presentation; requires pre-counseling |
| Consumer Value Index (CVI) | percentage derived by dividing the wholesale amount of the merchandise by the retail price of the merchandise |
| Gross Casket Profit (Margin) | retail price - wholesale cost |
| Merchandise Value Ratio (MVR) | relationship between the wholesale cost of the merchandise and the total cost of both service and merchandise to the consumer |
| Fixed Multiple or Times Factor | price determination method whereby the mark-up is multiplied by a constant factor |
| Graduated Recovery | pricing method where the mark up varies; higher priced caskets are given a higher mark up |
| Declining Price Structure | pricing method where there is an inverse relationship between the mark up and the price of the casket; higher priced caskets are given a lower mark up |
| Modified Declining Price | similar to declining method except the lowest priced casket is less expensive |
| Average (Mean) | sum of a group numbers divided by the number of units |
| Median | 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 |
| Mode | number that appears most frequently in a listing of numbers |
| Quartile | division of the total into four intervals, each one representing 1/4 of the total |
| Range | upper and lower limits of a series of numbers |
| Balanced Line | out-of-date term used to describe having the correct number of caskets in each pricing quartile |
| Sales Frequency | number of times sales in a given price bracket occur over a fixed period of time |
| Sales Frequency Chart | chart on which all sales are listed showing the number of sales in any sales bracket |
| Itemization | method of pricing by which each unit of service and merchandise is priced separately |
| Unit Pricing | method of price quotation which creates one total price package for both service and merchandise |
| Bi-Unit Pricing | method of price quotation showing separately showing separately the price of the services and the price of the casket |
| Functional Pricing | method of price quotation by which the charges are broken down into several component parts, such as professional service, facilities, automobile, and merchandise |
| Package Pricing | method of pricing where certain items of service and merchandise are grouped together and sold at a specific price |
| Mark Up | difference between merchandise cost and selling price. i.e. gross margin |
| Mark Down | reduction of selling price |
Created by:
salyardsvickie