What products are not achieving markup set up in your system?
One of the most exciting and nerve-wracking aspects of retail is determining what price to sell your products at. Pricing is both an art and a science that requires an experimental attitude coupled with an intuitive feel.
What is Markup? - Markup is the difference between the cost of a good or service and its selling price.
How to calculate Markup?
Markup % = ((Sell Price – Std Cost)/ Std Cost)*100
NB: This formula excludes GST.
NB: Std Cost maybe referred to in other industries as list cost / list price.
Here we will identify products which are not achieving a markup figure set up in your system.
From the Main Menu:
- 6 Reports, 1 Product reports, 6 Product details
Press <spacebar> to see a list of existing reports and / or F3 [Add] to create a new one
Name: Give the report a name that is easily recalled (obvious to you) e.g. True markup review
Optional: type in GWP into “Desc. match” field and tick “Exclude” box
NB: GWP = Gift with purchase
Optional: apply Ranking “Bottom Markup from Std Cost” or “Bottom Markup from Last Cost” by pressing <spacebar>
F11 moves you onto the second page of Report Setup. Suggested selection:1A – Product description
1B – Product pharmacode
2A – Current retail price (incl. GST)
2B - Current last cost
2I – Markup from std cost OR 2J – Markup from last cost
1K – Mark-up %
6E – Current SOH
2M - Standard price list
1T – Reprice method
- Once you have made your changes F11 [to move back to page 1] and F12 [Accept Details]
- F9 [View Scrns] or F10 [View Pages] or F12 [Print]
"RV BLOCKBUSTER 2007" is missing Std price list and Reprice Method.