Term
| type of pricing where front store merchandise isnt priced to compete- they feed off impulse buys |
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Definition
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| type of pricing where store decides to only carry products within a certain price range based on sociodemogrpahics |
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| tpye of pricing where products sold at near actual cost to get benefit of more traffic for other sales |
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Term
| most OTC are placed on shelf using a - |
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Term
planogram theory:
-shelf space is allocated based on |
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Term
planogram theory:
-place store name brands next to-
why? |
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Definition
leading brands;
increase sales of alternative |
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Term
planogram theory
-best sheld position is where? |
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Definition
| waist to eye level for female shopper |
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Term
planogram theory:
store brand products are placed on the _ side of brand name |
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Definition
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planogram theory:
placing of _ in front of product will increase sales |
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Definition
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planogram theory:
to increase sales by increasing visibility we do what |
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Definition
| cluster products into similar categories |
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Term
psychology of setting prices:
you can make a customer pay more by improving - |
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Term
| to make sure a customer doesn't go to a discount house to buy cheaper national brand you can offer |
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Definition
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Term
| if you don't have the volume to match price you can compete on? |
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Definition
| something of comparable value- like service |
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Term
| 35.99 vs 36.00 price shows what theory |
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Definition
| odd-pricing creates illusion of a sale |
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Term
| what is the only advantage of using cost basis instead of retail price for marking up merchandise? |
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Definition
| easy to multiply the product cost by desired percent mark-up to get retail price |
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Term
| what is the advantgae of using retail price for marking up merchandise? |
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Definition
| will know how to achieve a profit per sale |
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Term
| equation for Mark up % on cost: |
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Definition
| selling price-cost/cost x100 |
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Term
| equation for mark up % on retail |
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Definition
| selling price-cost/selling price x100 |
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Term
| a 100% mark up on cost is _% on retail |
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Definition
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Term
| trick equation for when wanting to get a certain % profit |
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Definition
| cost/(1-desired profit in decimal) |
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Term
| this is the manufacturer's list of prices to the wholesaler |
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Definition
| WAC- wholesaler aquisiton cost |
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Term
| what is the term for the close estimate of what community pharmacies will pay wholesalers for brand-named drugs? |
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Definition
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Term
| this is the average price paid for by wholesalers to manufacturers |
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Definition
| AMP- average manufactureres price |
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Term
| this is the price that will be the basis for medicaid generic medications |
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Definition
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Term
| this is the suggested price for products purchased by pharmacies from wholesalers |
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Definition
| AWP- average wholesalers price |
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Term
| the actual amount paid by a phramcy to a supplier |
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Definition
| AAC- actual aquisitoin cost |
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Term
| data from adjucated claims used to estimate what pharmacies pay for products to calculate reimbursement from PBM |
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Definition
| EAC- estimated acquisition cost |
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Term
term for multi source generic that gives max dollar amount paid per unit?
what is it called at the federal level? |
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Definition
MAC-maximun allowable cost
FUL-federal upper limit |
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Term
| the profession fee method was developed for seperating what |
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Definition
| pharmacy service from product cost |
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Term
| what are gthe 2 parts to a professional fee |
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Definition
-recover portion of overhead
-desired profit per script |
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Term
| what is the equation for retail price |
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Definition
| aqcuisiotn cost +cost to dispence+proft |
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Term
| wat were the 3 concepts of competitive marketplace pricing strategy |
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Definition
- competitive products
staple products
premium porducts |
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Term
what were the competitive products for marketplace competition?
how were these priced? |
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Definition
top 10-15 of top 200 list
near cost |
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Term
what were the majority of the top 200 drugs called in marketplace compeititon pricing?
how were they priced? |
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Definition
staples
more marked up than competitive- but not as sensitive |
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Term
| premium products are priced how? |
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Definition
| higher to gain back losses from dispensing competitive products |
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Term
| two different ways to price OTCs |
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Definition
competitive
flat percent markup |
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Term
| what are the 4 things to include in the final price of a compounded drug |
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Definition
cost of ingredients
cost of final product container
cost of pharmacist's time
professional fee |
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Term
| what is the only way to get reimbursement for 3rd party compounding drugs |
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Definition
| 1+ ingredient that are legend and therpuetic dose |
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Term
what is the charge set for dispensing of any medication?
how is it set? -2 |
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Definition
minimum charge
arbitrarily or as cost-to-dispense |
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Term
| with retail pricing equation- what two things together equal the amount the price would have to be to break even? |
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Definition
acquisition cost
cost to dispense |
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Term
cost to dispense is sensistive to?
so if increase/decrease scripts, the cost of recovering per script decreases |
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