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10 Cards in this Set

  • Front
  • Back
What is costs your store to purchase from a supplier
Cost
The difference between your price and the cost for a
particular product
Margin
The total sales (in dollars) of your store over some period of time
Revenue
The revenue of your store minus all expenses over some period of time
Profit
Setting prices based on cost. Usually prices are set as a multiple of cost, such as 1.2 times the cost.
Cost-Oriented Pricing
Setting prices based on what the customer is willing to pay.
Demand-Oriented Pricing
Setting prices based on competitors prices. Setting prices lower than a competitor will generally draw more customers to your store.
Competition-Oriented Pricing
The total amount of goods a business has. These may be in a backroom or out on the sales floor. Sometimes referred to as stock.
Inventory
Policy specifying the amount to of a product and when to purchase it.
Purchasing policy
A number that indicates that the new product should be purchased when inventory falls below a certain level
Just-in-Time Inventory