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54 Cards in this Set
- Front
- Back
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refers to the total cost component that the market must bear in order to use the product
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price
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is what consumers pay in return for the product/service
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price
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Government, patients, insurance companies, employers are examples of what?
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payers
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Elastic demand
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change in price yields change in greater amount of demand
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Inelastic demand
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change in price brings lesser change in quantity demanded
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selling prices for every product sold together
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sales
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Cost of goods sold
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what the pharmacy paid for everything
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Difference between sales and cost of goods sold is the...
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Gross margin
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Markup
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selling price - cost = MU
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MU/S =
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(S-C)/S
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which should be greater? Mu on cost or selling price?
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cost
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Markdown equals what?
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(Old selling Price - New selling price)/new selling price
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regular markdowns sufficient to attract new and existing customers
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leader pricing
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sellling at a loss or near loss to increase traffic or to sell
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loss leader
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continuous application of loss leader and leader pricing
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discount pricing
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operating costs that occur for a department only bc it exists
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Direct expenses
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indirect expenses
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all facilities operating costs generated by the business for the benefit of its department(utilities, rent)
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are theft, broken or damaged goods, which increase the cost of goods sold and decrease the gross margin and net profit
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Reductions
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the price the pharmacy pays to obtain the Rx drug
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Actual Acquisition Cost
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the price the pharmacy pays to obtain the prescription drug as estimated by 3rd party payers
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EAC
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The list price for what wholesalers charge pharmacies for a drug this is more than pharmacies actually pay since pharmacies receive discounts
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AWP
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the list price for what manufacturers charge wholesalers
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Wholesalers acquisition cost
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the is the max a 3rd party will pay for a multi source product
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max allowable cost(MAC)
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refers to what, when and how markets are informed about product, place and price
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promotion
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is any form of communication used to inform, persuade, and remind customers about a pharmacy's products and services
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promotion
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who are we gearing for promotion?
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patients, payers, providers
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is any paid form of non personal(mass) communication
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advertising
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advertising that focuses on informing
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pioneering advertising
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advertising that focuses on persuading and reminding
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demand advertising
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advertising that seeks a quick response
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direct action advertising
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advertising that stimulates demand over a long period
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indirect action advertising
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what dose AIDA stand for?
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Sales presentation: attention, interest, desire and action
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determining customer needs/wants and then developing a product/service to satisfy that need/want
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marketing
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Direct marketing activities include providing what? hint: 5 things
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right product, quantity, price, time and place
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deciding what has to be done, including when and how to do it
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planning
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is the managerial process of matching an organization's resources with its marketing opportunities
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strategic planning
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USP stands for what?
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unique selling proposition
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refers to a pharmacy's image in relation to the competition, a well as other attributes of the pharmacy
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Positioning
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refers to any feature of the pharmacy perceived by customers to be desirable and different from the competition
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Differential advantage
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is the combination of the product, how it is distributed and promoted and ts price
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marketing mix
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a company tries to sell more of its present products to its present markets
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market penetration
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a firm continues to sell its present products, but to a new market
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market development
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a company develops new products to sell to its existing markets
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product development
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a company develops new products to sell to new markets
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diversification
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narrow market segments = what?
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niches
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name the 4 product life cycle strategies
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introduction, growth, maturity and decline stage
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high market share and growth rate
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stars
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high growth rate, low market share
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question marks
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low growth rate, high market share
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cash cows
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low growth rate and market share
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dogs
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name the 4 types of conveinance
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access, possession, search and transaction
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Name the 5 functions of management
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plan, organize, command, coordinate, control
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When a manager is doing the right things, the condition is known as...
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effectiveness
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the term efficiency is used to describe a condition in which the manager is...
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doing things right
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