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35 Cards in this Set
- Front
- Back
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Cost
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What it costs your store to purchase a
product from a supplier |
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Margin
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The difference between your price and the
cost for a particular product |
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Revenue
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The total sales (in dollars) of your store
over some period of time |
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Profit
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The revenue of your store minus all
expenses over some period of time. |
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Cost-Oriented Pricing
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Setting prices based on cost. Usually
prices are set as a multiple of cost, such as 1.2 times the cost |
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Inventery
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The total amount of goods a business has. These may be in a backroom or out on the sales floor. Somtimes reffered to as stock
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Purchasing Policy
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Policy specifying the amount to purchase of a product and when to purchase it
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Judt in time in inventery
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A system, usually computerized, that links
a store to suppliers so that new inventory can be purchased automatically as sales are made. Just-in-time inventory systems reduce the total amount of inventory a store must carry. |
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Reorder Point
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A number that indicates that new product
should be purchased when inventory falls below a certain level (called the reorder point). |
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Shrinkage
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The money a business loses due to broken,
damaged, expired, or stolen inventory |
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Staffing
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The assignment of persons to jobs within
a business |
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Staffing Level
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The number of people assigned to a job
at a particular time |
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Wages
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Payments to employees based on hours
or days worked |
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Cashier
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Person who collects money from
customers in a retail establishment |
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Stocker
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Person who replenishes shelves in
a store |
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Customer Satisfaction
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Opinion of customers about a particular
aspect of a business, such as customer service |
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Promontional Mix
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A mixture of different types of promotion
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Media
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Method used to deliver advertising messages
to the public, such as TV or radio. |
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Reach
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The number of people who will see or
hear an advertisement |
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Cost per thousand
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Cost to reach one thousand people
through a particular media. Typically abbreviated CPM |
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Rotation
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A time period in which a business’
advertisement is played one or more times each day |
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Trade Credit
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This is credit offered to you by suppliers.
The supplier’s payment terms allow you to pay for the goods after you receive them (e.g., 30 days later). |
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Payment Terms
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A supplier’s requirement on when to be paid.
These are typically expressed in an abbreviated fashion. For example, 2/10/N/30 means you will get a 2% discount if you pay in 10 days or you can pay the Net (N) amount in 30 days |
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Interest Rate
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The percentage of the loan amount that
you must pay in interest each year (e.g. 9% per year) |
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Liability
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The general term for any amount owed to someone else
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Accounts Payable
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The amount a business owes to its suppliers
at any point in time. This is shown as a liability on the company’s balance sheet |
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Market Research
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The steps taken to collect marketing
information required to make intelligent business decisions |
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Survey
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A series of questions asked to a selected
group of people |
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Segment
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A group of people sharing some common
attribute, such as age or occupation |
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Sample Size
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The number of people questioned in a
survey. Increasing the sample size of a survey increases cost. Decreasing sample size too far reduces the accuracy of a survey |
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Primary Data
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Data colllected for a specific purpose
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Secondary Data
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Data used for a current study but
obtained for another purpose or bought from another business |
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Market
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A group of similar people with the same
type of product needs or wants who may potentially buy a certain good or service |
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Targeted Marketing
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Marketing that attempts to identify reach,
and serve a particular sub-group of the entire market |
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Direct Mail
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Advertising that is mailed to people’s
homes or workplaces. It is most often paper-based and may include specifi c offers such as coupons |
