Business of Retail Ch 4

Front

What is multiple pricing?

Back

Multiple pricing is a strategy where a retailer sells multiple items for one price, such as 'buy one, get one free.'

Front

How do you calculate net profit?

Back

Net profit is calculated by subtracting total expenses from total revenue. For example, if a business makes $5100 in revenue and spends $3400 in expenses, the net profit is $1700.

Tags

CCSS.7.RP.A.3

Front

What does COGs stand for?

Back

COGs stands for Cost of Goods Sold, which includes the direct costs attributable to the production of the goods sold by a company.

Front

What are costs associated with retailing?

Back

Costs associated with retailing include utilities, marketing costs, real estate rental costs, and other operational expenses.

Front

What factors should be considered when setting a retail price?

Back

When setting a retail price, consider the cost of products, website service fees, competitor's prices, and the desired profit margin.

Front

What is competitive pricing?

Back

Competitive pricing is a strategy where a retailer sets prices based on the prices of competitors for similar products.

Front

What is discount pricing?

Back

Discount pricing is a strategy where a retailer reduces the price of products to encourage sales, often used during promotions.

Front

What is markup pricing?

Back

Markup pricing is a strategy where a retailer adds a percentage to the cost of a product to determine its selling price.

Front

What are operating expenses?

Back

Operating expenses are the costs required to run a business that are not directly tied to the production of goods or services.

Front

What is the importance of understanding customer price preferences?

Back

Understanding customer price preferences helps retailers set prices that attract buyers while ensuring profitability.