Product Markups

How to set product markups.

 

Only users with Agent Level access and above will be able to edit their own product markups. If you would like assistance from the MenuMetric support team to have markups added, please ask us for a Markup Request Form.

 

1. Go to Product Settings

Using the top left tool bar from within MenuMetric go to Settings > Products.


From the Products page use the blue pencil button to open the product that you wish to edit.



2. Add New Markup.
From the Product Edit pop-up under the Retail Products Markups section. click the green New button.



From there, a Retail Markup pop-up will appear. From here you can define the conditions you would like your markup to apply for.  In the following bullet points we will discuss the purpose of each field.




  Retail Markup Condition Fields
  • The first field "Coverage"  can be used to define what coverages you would like the markup to be applied to. 

Note: In order for a coverage to appear in the list, it must first return in rating at least once. Please make sure that the coverage you are looking for returns from your rating page in a deal, if you do not see it in your Markup Coverage List. 




  • The "Term" field can be used to define exactly what coverage term you would like your markup to apply to.

 

  • "Operation" is the field that defines what kind of markup you would like to have applied. 
    • Cost Markup: When using the Cost Markup Operation , the Markup Amount field is the dollar amount over dealership cost that you would like to have displayed as the retail price.  
      • Example: If you have a dealership cost of $100.00, with a Cost Markup Amount of $1,400.00,  your retail price will automatically display as $1,500.00. If the dealership cost changes to $200.00 the retail price will automatically change in your MenuMetric account. The retail price will remain $1,400.oo above the cost, resulting in a retail price of $1,600.00.
    • Fixed Retail Price: Using this operation will cause the retail price to always return rates with exactly what is entered in the Markup Amount
      • Example: If you have $1,500.00 in the Markup Amount, the rates will always return a retail price of $1,500.00, even if the retail price or dealership cost sent to us by the vendor changes. 
    • Percentage Markup: The Percentage Operation changes the retail amount based off of your desired % calculation instead of a set dollar amount. 
      • Example: If your vendor sends a retail price of $100.00, and you have a 100.00% markup implemented, your retail price will now display as $200.00. The added benefit of this markup is that it will proportionately adjust to any changes your vendor makes to their defaulted retail price. If your vendor adds $50.00 to their defaulted retail price, your markup will match the change. With the now $150.00 default retail price being sent to MenuMetric by the vendor, your markup will calculate 100.00% to then display $300.00 in your MenuMetric account.

 

Once you are finished with creating your markup, you will return to your Settings Product Edit pop-up. From there you will see the overview of all your markups for that product. 

You can easily see which Operation was used by how the markup displays.

      • "F- Dollar Amount" is a Fixed Retail Price markup. 
      • "+ Dollar Amount" is a Cost Markup.
      • "Amount %" represents a Percentage Markup.

Note: All Markup Operations can be overridden by the finance manager on the fly within a deal as needed. 

 

  • "Veh. Price Min" and "Veh. Price Max": These fields can be used to define a vehicle price criteria that you would like to have the markup applied for. 
    • Example: If you would like to have the markup applied to vehicles that sell between $20,000.00 and $40,000.00, you would enter $20,000.00 into the Veh. Price Min. field and $40,000.00 into the Veh. Price Max. field.

  •  "Markup Amount" is the amount that you would like to have implemented. Only whole numerical data can be entered into this field. Do not use $ or %. The function of the amount is changed by the Operation field as discussed previously in this article. 



Note: Any Markups added/edit changes will only appear on new deals created after the changes were saved.