Author Question: _____ is the buffer that people have created between themselves and the raw physical environment and ... (Read 78 times)

abc · **on:** Jun 29, 2018

_____ is the buffer that people have created between themselves and the raw physical environment and includes the characteristics of the population, humanly created objects, and mobile physical structures.
a. Culture
b. Nationalism
c. Spirit
d. Logic
e. Humanity

Question 2

What general rules should a retailer know when planning initial markups? Explain why retailers generally express markups as a percentage of selling price.

IRincones · **Reply #1 on:** Jun 29, 2018

Answer to Question 1

A

Answer to Question 2

In planning initial markups, some of the general rules of markup determination are summarized as follows:
As goods are sold through more retail outlets, the markup percentage decreases. On the other hand, selling through few retail outlets means a greater markup percentage.
The higher the handling and storage costs of the goods, the higher the markup.
The greater the risk of a price reduction due to the seasonality of the goods, the greater the magnitude of the markup percentage early in the season.
The higher the demand inelasticity of price for the goods, the greater the markup percentage

Markup may be expressed either as a dollar amount or as a percentage of either the selling price or cost. It is most useful when expressed as a percentage of the selling price because it can then be used in comparison with other financial data such as last year's sales results, reductions in selling price, and even the firm's competition.