Funeral Merchandising Final Review

fluorescent lighting

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

incandescent lighting

The illumination resulting from the glowing of a heated filament

consignment

The merchandising agreement whereby merchandise is given to the funeral director to sell, but the funeral director does not have to pay for the merchandise that will be displayed until it is sold.

price quotation

The method by which the prices are explained to the consumer is?

pricing determination

The method in which the funeral home establish the selling price for services and merchandise is?

itemization

The method of price quotation by which each unit of service or merchandise is priced separately is?

indirect selection room procedure

The method of selling caskets whereby the funeral director does not stay in the selection room during the selection process

direct selection room procedure

The method of selling caskets whereby the funeral director remains in the selection room throughout the selection process

sales frequency

The number of times a selected unit has sold of a given time period is known as?

inventory turnover

The number of times the average inventory has been sold or used up during a period

mode

The number that occurs most frequently in a listing of numbers.

consumer value index

The percentage derived by dividing the wholesale cost of the merchandise by the retail price of the merchandise.

break-even point

The point at which total sales revenue equals total costs

Marketing

The process of planning and executing the development, pricing, promotion, and distribution of an organization's goods or services.

Merchandising

The purchasing, pricing, display and sale of merchandise

economic order quantity

The quantity to be purchased which minimizes total cost.

merchandise value ratio

The relationship between the wholesale cost of the merchandise and the total cost (both services and merchandise) to the consumer

Merchandise value ratio

The relationship between the wholesale cost of the merchandise and the total cost (both services and merchandise) to the consumer.

Casket stand

The stand or support upon which a casket rests in the selection process.

demographics

The statistical study of human populations with respect to their size and density, distribution, composition, and income

average

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

Mausoleum

The term which is defined by a building containing crypts and niches for above ground burial

Memorial park

The term which is defined by a cemetery or section of a cemetery with only flush to the ground type markers

Lawn crypt

The term which is defined by a grave space where two or more persons may be buried in grave liners which have been stacked one on top of the other; with the first person who dies being buried in the deepest grave liner with subsequent burials on top

Air seal

The term which is defined by a method of sealing a vault that utilizes the air pressure created by placing the dome of the vault onto the base of the vault

Double seal

The term which is defined by a method of sealing burial vaults that utilizes the principle of the air seal in conjunction with an epoxy material at the junction of the dome and the base of the vault

Cenotaph

The term which is defined by a monument erected to the memory of the dead, with the dead human body not present.

Memorial

The term which is defined by a physical object that is designed for the purpose of remembering.

Flush marker

The term which is defined by a small headstone which is set with its top even with the surrounding terrain

Bevel top marker

The term which is defined by a small headstone, set above ground, with slightly slanting top.

Columbarium

The term which is defined by a structure room or space in a mausoleum or other building containing niches or recesses used to hold cremated remains.

Section

The term which is defined by a subdivision of a cemetery containing several lots.

Block

The term which is defined by a subdivision of a cemetery which consists of several grave spaces or interment spaces

Bench

The term which is defined by a type of cemetery memorial consisting of a top piece supported by two standards; used to identify family burial plots or used in conjunction with a family monument.

Cemetery

The term which is defined by an area of ground set aside and dedicated for the final disposition of dead human bodies

Epitaph

The term which is defined by an inscription placed on a monument to commemorate the deeds of qualities of the departed

Grave liner

The term which is defined by an outer enclosure which offers protection for the earth load but without sealing qualities

Base

The term which is defined by the lower or supporting part of a monument. In some monuments, there may be a first, second and third base

Dome

The term which is defined by the top of an air seal burial vault which entraps air as it is put in position: it also supports the weight of the earth above.

range

The upper and lower limits of a series of numbers.

inventory.

Those goods or stock which are held for resale

demonstration group

Three or four caskets utilized to educate the selecting party regarding the elements of casket construction

fractional display

Use of portions of caskets (1/2 1/4 or 1/8) in the selection room

Convenience & economy

What 2 buying motives influence most funeral home purchases

product availability; price; quality; eye appeal; and supplier recommendations.

What are 5 of the factors in determining inventory to be offered?

evaluate the market, evaluate the sales history, develop a proposed plan for inventory, integrate the inventory with services offered

What are the 4 steps to developing sales objectives?

Cash before delivery

What does the credit / sales term CBD mean?

Cash on delivery

What does the credit / sales term COD mean?

Cash with order

What does the credit / sales term CWO mean?

payable at end of month

What does the credit term EOM mean?

payable at middle of month

What does the credit term MOM mean?

3% discount if paid in 15 days, due in 45 days

What is meant on a invoice that says "3/15, n/45" as the terms of a credit sale?

educating the consumer

What is the instructor's opinion of what merchandising includes?

lower the price

What is usually done with those slow moving items which do not sell in a reasonable amount of time?

fixed multiple

When a funeral home marks up their caskets by a constant factor it is known as?

formula 1

Which quartile formula is the most popular today

Factoring.

obtaining cash before payments are received from customers by selling off one's accounts receivables to a third party.

Economic base

the wealth produced in or near a community that provides employment and income to the local population.

Comfort, security, prestige, health, convenience, economy

6 consumer buying motives

fixed expense

A cost that, for a given period of time and range of activity called the relevant range, does not change in total but becomes progressively smaller on a per unit basis as volume increases; these expenses do not increase with increased business, nor do they decrease with declining business activity

variable expense

A cost which is uniform per unit, but fluctuates in total in direct proportion to change in the related total activity or volume

casket rack

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

Trade Credit

A form of credit that is extended by one business to another business to help finance distribution of producer's goods.

market

A group of potential customers possessing purchasing power and unsatisfied needs

Revolving credit

A line of credit that may be used over and over again up to a certain borrowing limit.

ABC method

A method of classifying inventory items with categories which are of high-value, less costly, and/or low-cost items. The funeral director will have a large quantity of low-cost items on hand, very few high-cost items and a moderate number of the middle items.

functional pricing

A method of price quotation in which the charges are broken down into several major component parts such as professional services, facilities, automobiles and merchandise is?

unit pricing

A method of price quotation in which the one price includes both the services and merchandise is?

bi-unit pricing

A method of price quotation showing separately the price for services to be rendered and the price for the merchandise is?

Sales promotion

A plan which provides inducements to potential products/services

package pricing

A pricing method where the funeral home groups together selected services or merchandise is known as?

graduated recovery

A pricing method where the mark up varies is?

cash discount

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

rebate

A return of a portion of a payment

median

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.

Equal Credit Opportunity Act

An act which guarantees equal credit opportunity to all applicants for credit and prohibits credit discrimination on the basis of race, color, religion, national origin, age, marital status, or because all or part of a person's income derives from any public assistance program.

Consumer Credit Protection Act

An act which requires a seller to disclose terms of sale and give facts of actual interest rate and other charges.

Fair Credit Reporting Act

An act which requires creditors to notify a potential recipient of credit whenever any adverse action or denial of credit was based on a credit report.

Truth in Lending Act

An act which requires lenders to inform borrowers of all direct, indirect and true costs of credit.

credit

An agreement that payment for a product or service will be made at some later date

closed-end

Another name for Installment Credit

open-ended

Another name for revolving credit

overhead

Any cost not specifically associated with production of identifiable products and services

Installment Credit

Balance of costly goods paid for in small monthly (fractional) payments over a period of time, such as a mortgage or car loan.

friendly reminder, reminder, personal contact, collection agency

Describe the general procedure for collecting outstanding bills.

direct lighting

Illumination directly shining on an object

Public relations

Inducing the public to have a positive feeling about a particular business

installment/closed-end, charged, revolving/open-ended, credit card service

List and describe the 4 types of consumer credit.

reports from chamber of commerce, census bureau, local demographics

List some sources of secondary market data

older it is the harder to collect, collection takes time away from other duties, former customers avoid the firm, collection ties up funds

List the 4 most common problems associated with collecting credit payments.

Advertising

Making the public aware of services or a commodity that a business has for sale

10,27,40,23

Numbers for the formula 1 quartile method

10,20,30,40

Numbers for the formula 2 quartile method

consecutive method

Placing caskets in the selection room in their order of increasing or decreasing value

quantity discount

Reduction in the amount of a bill when a minimum quantity of merchandise has been ordered

discount

Reduction of selling price

indirect lighting

Reflected illumination of an object

markup

The Difference between merchandise cost and selling price

markup

The difference between merchandise cost and selling price is?