# CTE Resource Center - Verso - Marketing, Advanced Task 896546708

CTE Resource Center - Verso

Virginia’s CTE Resource Center

Apply formulas for pricing to calculate markup and markdown.

Definition

Application should include calculations of markup, using cost and retail methods, and calculations of markdowns and sale prices. Formulas include those for

  • calculating markup
  • calculating markdown
  • calculating discounts
  • calculating maintained markup.

Process/Skill Questions

  • How is the cost method of pricing different than the retail method?
  • What is the formula for determining price, using the retail method?
  • Under what circumstances might merchandise be marked up or marked down?
  • What criteria can be used to decide which method for determining markup is best to use?
  • What are the advantages and disadvantages of markdowns, sales, and discounts?

Related Standards of Learning

English

11.5

The student will read, interpret, analyze, and evaluate a variety of nonfiction texts including employment documents and technical writing.
  1. Apply information from texts to clarify understanding of concepts.
  2. Read and correctly interpret an application for employment, workplace documents, or an application for college admission.
  3. Analyze technical writing for clarity.
  4. Paraphrase and synthesize ideas within and between texts.
  5. Draw conclusions and make inferences on explicit and implied information using textual support.
  6. Analyze multiple texts addressing the same topic to determine how authors reach similar or different conclusions.
  7. Analyze false premises, claims, counterclaims, and other evidence in persuasive writing.
  8. Recognize and analyze use of ambiguity, contradiction, paradox, irony, sarcasm, overstatement, and understatement in text.
  9. Generate and respond logically to literal, inferential, evaluative, synthesizing, and critical thinking questions about the text(s).

12.5

The student will read, interpret, analyze, and evaluate a variety of nonfiction texts.
  1. Use critical thinking to generate and respond logically to literal, inferential, and evaluative questions about the text(s).
  2. Identify and synthesize resources to make decisions, complete tasks, and solve specific problems.
  3. Analyze multiple texts addressing the same topic to determine how authors reach similar or different conclusions.
  4. Recognize and analyze use of ambiguity, contradiction, paradox, irony, overstatement, and understatement in text.
  5. Analyze false premises claims, counterclaims, and other evidence in persuasive writing.

Mathematics

A.1

The student will
  1. represent verbal quantitative situations algebraically; and
  2. evaluate algebraic expressions for given replacement values of the variables.

A.4

The student will solve
  1. multistep linear and quadratic equations in one variables algebraically;
  2. quadratic equations in one variables algebraically;
  3. literal equations for a specified variable;
  4. systems of two linear equations in two variables algebraically and graphically; and
  5. practical problems involving equations and systems of equations.

Other Related Standards

National MBAResearch Standards-Marketing

Develop a foundational knowledge of pricing to understand its role in marketing.