Funeral Management week 5 + 6

Annnnnd week 6 embalming

Price

Value that is exchanged for products or services in a marketing transaction

How to determine price

Cost of products plus operating expenses

Value conscious

Concerned about price and quality of product

Price conscious

Striving to pay low prices

Prestige sensitive

Drawn to products that signify prominence and status

Cost plus approach

Adding a pre determined percentage or mark up to the product cost to arrive at selling price for product

Penetration pricing

Setting initial low price at beginning to attract customers - prices will rise as you gain more market share

Economy pricing

This is a no - frills low pricer (discount FH)

Psychological pricing

Strat where merchandise ends in an odd number - consumers perceive it to be a fairer price

Package pricing

When services and merchandise are packaged together in one price

Customer value based

Setting prices based upon buyers perceived value

Cost based pricing

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

Competition based

Setting prices based on competitors strats, prices, costs, and market offerings

Fixed multiple

Casket cost is multiplied by a constant factor

Graduated recovery

Mark up varies (higher cost, higher mark up)

Declining model

High cost, lower mark up

Modified declining

Meant for consumers with financial limitations

Unit pricing

Creates total price package for both services and merchandise

Bi-unit

Shows separately the price of services and casket

Itemization

Each unit of service and merchandise is listed separately

Functional

Charges are broken down into several component parts - such as professional services, facilities, cars, and merchandise

Mean (average)

Sum of a group of numbers divided by number of units

Median

Represents a mid-point - “middle”

Mode

Value that occurs most frequently in a group of numbers

Quartile

Division of total into 4 intervals, each one representing 1/4 of the total

Range

Caskets sold in quartile

Balance line formula

Correct number of caskets in each pricing quartile - number of caskets is determined by FH’s selection units

Mark-up

Difference between merchandise cost and selling price

Consumer value index

Wholesale / retail = ?

Merchandise value ratio

Wholesale / (total cost merchandise + service) = ?

Gross casket margin

Retail - wholesale = ?

Vertical assortment

Caskets listed high to low

Horizontal assortment

At or above sales objectives

Advertising

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

Target audience

Group of people in which advertisements are aimed

Public relations

Management function that establishes and maintains mutually beneficial relationships between an organization and the public whom it’s success or failure depends

When can an institution release a body exposed to radiation

Levels must be under 30 millicuries (non post) or 5 millicuries (posted)

Common radioactive isotopes

Cobalt 60, Iodine 131, Phosphorus 32, Radium 226, Gold 198, Strontium 89, Technetium 99m, and chromium -51

Best suture to use on infants

Worm

Best artery for infants

Any part of aorta

Babies and kids do best with what fluid

Lower index