QUIZ 404: Managing Costs when Outsourcing

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Question 1 of 5

1. Question
What is outsourcing?
- It is when you learn to do mending, alterations, and other care for fine garments, so that you can do all kinds of laundry.
- It is when you bring special items or tasks, like mending, to a professional for completion.
- Outsourcing is when you borrow money to build your business.
- Outsourcing is when you have other people process your customer laundry in their own homes.
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Question 2 of 5

2. Question
What do we mean by the phrase profit margin?
- The margin is the difference between a low profit and high profit.
- Profit margins are the cost of goods sold.
- The profit margin is the difference between the price you charged your customer and the cost to provide that service.
- The margin of profit refers to the price you charge your customer. You need to make sure they get a great deal.
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Question 3 of 5

3. Question
A customer has given you a jacket with a rip in the seam of a sleeve. You need to outsource to a mending specialist. How do you begin to learn how much this will cost?
- Work backwards. Subtract the cost to get it mended from the price you charged your customer.
- There is no way to manage this. The dry cleaner will just make up a price and it will change from dry cleaner to dry cleaner. So you shop around town for the best price.
- You charge the customer after the mending is finished, so you never know one item from the next.
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Question 4 of 5

4. Question
What is one of the easiest ways to manage cost of goods when outsourcing?
- Charge a customer a premium price for items that need outsourcing.
- Get on the phone and shop dry cleaners/vendors for each order. Shop for the best price each time.
- Just figure that when outsourcing, it will always be at a loss. There will not be any profits.
- Do all the specialty work yourself. Learn new skills.
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Question 5 of 5

5. Question
What is easy to do, but disastrous for business?
- It is easy to outsource mending but disastrous for business because the price keeps changing.
- It is easy to outsource and set premium prices.
- It is to rationalize losing money (no profits) on a nice customer.
- It is very easy to do the mending myself.
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Level 400: Optional Services

QUIZ 404: Managing Costs when Outsourcing

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