Correct "lingo" To Describe Functions And Formulas

Disclaimer: I do not know the correct "lingo" to describe Excel functions and formulas, and I'm not really sure if Excel is capable of doing what I'm proposing, so please bear with me.

I'm not an avid Excel user, but I've got a question on my current problem. I've got a spreadsheet with several columns on it for my retail sales business. The spreadsheet is used to calculate my selling price based on my dealer cost of a unit plus a percent markup.

Currently, the spreadsheet is set up so that the "percent markup" column can be changed so that I can enter, say, 20%, and it will automatically spit out my selling price based on my cost divided by .80(for example).

This works fine, and I like it. However, now I have over 70 different items on the list, and the higher my cost is on an individual item, the lower percent markup I am able to make. So currently, I'm going in manually and entering a different "percent markup" for each item, depending on my cost of the item.

I'd like to learn how to define parameters for the "cost" field that will directly input to the "percent markup" field. For example, I'd like all items that cost me between $2,000 and $5,000 to have a "20" inputted into the "percent markup" field. For items that cost me between $5,001 and $10,000 I'd like to have a "15" automatically inputted into the "percent markup" field, and so on. I'm envisioning a small chart off to the side of the spreadsheet that would look something like this:

Price range percent markup

$2,000-$5,000 20
$5,001-$10,000 15
$10,001-$15,000 14
$15,001-$20,000 13
and so on and so on....

The chart (such as above) would allow me to simply change the "percent markup" inputs and the "price range" inputs at will to allow me to affect my spreadsheet and eliminate the tedious line-by-line insertion of each "percent markup" number by hand.