Merchandising Glossary Lessons 1 and 2

Vocabulary flashcards based on lecture notes about merchandising.

Engineered wood

A range of derivative wood products, which are manufactured by binding together wood strands, particles, fibers, or veneers with adhesives to form composite materials.

Environmentally friendly (green, natural)

An eco-friendly approach that utilizes products, services and merchandise that are free of toxic/hazardous materials, are biodegradable or that minimize use of energy.

Exclusivity discount

An agreement whereby a purchaser agrees to purchase goods or services from one seller, exclusive of all others, in exchange for a reduction in the per-unit cost for such goods or services.

Ferrous metal

Any metal formed from iron (steel or stainless steel).

Fixed dollar amount

Pricing method in which the same dollar amount is added to the wholesale cost of merchandise.

Fixed multiple

Pricing method whereby the casket cost is multiplied by a constant factor.

Functional pricing

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

Funeral ceremony

A service commemorating the deceased with the body present.

Galvanized

Steel that has been coated with zinc for increased resistance to rust.

Gauge

A thickness measurement of metals.

Graveside service

A ceremony commemorating the deceased at the place of final disposition.

Hardwood

Any tough, heavy timber with a compact texture; any deciduous tree (any tree that loses its leaves annually).

Immediate burial

Disposition of human remains by burial without formal viewing, visitation, or ceremony except for a graveside service.

Itemization

The method of price quotation by which each unit of goods and services is priced separately.

Laminate

The process of bonding superimposed layers of different materials.

Markup

The difference between the cost of goods sold and the selling price.

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.

Memorial gathering

A scheduled assembly of family and friends following a death without the deceased present.

Memorial service

A ceremony commemorating the deceased without the body present.

Average (mean)

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

Bi-unit pricing

A method of price quotation showing separately the price of the service to be rendered and the price of the casket.

Burial casket

A casket for interring or entombing human remains.

Cash advance items

Any item of service or merchandise obtained from a third party and paid for by the funeral provider on the purchaser's behalf.

Cash discount

Discounts from quoted prices as an inducement for prompt payment of invoices.

Casket

A rigid container designed for the encasement of human remains that is available in various shapes, other than anthropoidal.

Cast bronze

Molten bronze poured into a mold and allowed to cool.

Ceremonial casket (rental casket)

A casket designed to be re-used for multiple funeral service events typically with a removable liner to facilitate the cremation or other disposition of human remains following funeral service events.

Coffin

A rigid container designed for the encasement of human remains that is anthropoidal in shape.

Competition based pricing

Setting prices based on the competitor's strategies, prices, costs, and market offerings.

Composition board (particle board, pressed board, fiberboard, hardboard)

Particles of wood bonded together with waterproof glue; the different types are distinguished by the size and shape of the particles of wood used.

Consignment

To give to an agent to be cared for or sold and is not paid for until sold.

Copper

A malleable, ductile, metallic element having a characteristic reddish brown color; frequently used in construction of caskets, urns and vaults due to its non-corrosive qualities.

Copper deposit

A casket made from a core of copper metal to which copper ions are combined by an electrolytic process.

Cost based pricing

Pricing based on the cost of producing, distributing, and selling the product plus a fair rate of return for effort and risk.

Cremation casket

A casket manufactured with easily combustible materials for the cremation of human remains following funeral service events.

Customer value based pricing

Setting prices based upon the buyers perceived value.

Merchandising

The purchasing, pricing, display, and sale of goods and services.

Mode

The value that occurs most frequently in a group of numbers.

Non-ferrous metal

Any metal not formed from iron.

Package pricing

A pricing method using a single dollar amount to identify the charge for a group or bundle of goods and/or services.

Plywood

Thin sheets of wood glued together so the grains are at right angles to one another; an odd number of sheets will be used so the grain on the front and back will always run the same direction.

Price quotation

Method by which prices are explained to the consumer.

Quantity discount

An incentive or inducement for a purchaser that will reduce the per-unit cost for goods or services when purchases reach a larger number of quantities.

Range

The difference between the upper and lower limits of a series of numbers.

Rebate

The return of a portion of a payment.

Sales frequency

The number of times sales in a given price bracket occur over a fixed period of time.

Softwood

Wood from cone bearing or coniferous trees.

Solid wood

Raw material used to manufacture products entirely from natural wood pieces that contain no wood by-products or composite wood derivatives.

Stainless steel

A rust-resistant metal alloy of steel, chromium, and sometimes nickel.

Steel

A metal alloy consisting mainly of iron and carbon; used in caskets it is low in carbon which keeps it soft (mild) and malleable; commercial steel contains carbon in an amount up tol.7% as an essential alloying constituent. May be referred to as carbon steel based upon the percentage of carbon in the alloy.

Unit pricing

A method of price quotation in which one price includes both service and casket.