True Markup Review

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 pharma code
        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.