Word: markup
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Dates: during 1950-1959
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...fast that Britain's Institute of Directors lists 25,000 members; a decade ago there were only 400. Also spreading is the U.S. style of low-markup, high-volume operation. Germany's Mail-Order Magnate Joseph Neckerman has grown into a sort of Teutonic Sears, Roebuck in fewer than ten years. He sells a list of 5,500 items through 22 mail-order stores, 48 special-appliance stores, and by undercutting the competition as much as 25%, tots up sales of $125 million annually. Says Neckerman, expounding a U.S. philosophy: "The consumer is king...
Dramatically Kefauver's staff presented a chart showing that the Schering Corp. sold bottles containing 100 tablets of prednisolone, an antiarthritic drug, to druggists for $17.90, although the cost of buying the drug from another drug manufacturer and bottling it came to only $1.57. Was this markup of 1,118% fair? Kefauver asked...
...much, said Brown haughtily, the problem is "inadequate income rather than excessive prices." In reply, the subcommittee staff brought out that Schering bought some hormone tablets at 12? per 60 from a French manufacturer, wholesaled them as "Progynon" for $8.40 with a consumer price of $14-a 7,079% markup...
...markets). Some stores still do not sell frozen foods, leave the meat to the outside butcher; only a few are big enough to produce their own brands of canned goods. But they all have one thing in common with U.S. markets: high-volume, low-markup operations, which give customers more for their money and the operators more profit...
...hats so high priced? Top hat workers get high wages ($4.50 an hour) and spend an average of six hours' work on a Victor hat. The markup is high (100% to make up for the seasonal nature of hats, greater sales risk and packing costs...