quiz#1

company Chester is going to reposition Cake and the change has a revision date of August 12th of the coming year( August 12th is about 7/10of the year.) What will Cakes perceived age be as soon as the revision takes place on August 13th?(FastTrack Round 2)
2.0 years old
Sales forecasting is often challenging due to the
many unpredictable variables that influence your target market’s decision to buy product
In the “fishing story”, what influenced the value of Dave’s fish in trade?
supply and demand
Organizing may be described as
arranging the organization resource and activities in a way …
A business engages in which activities?
all the above ★
what does the research and development department do? ★
Creates new products and changes specifications on existing products based on customer need
Production may be described as
The processor making products, i.e.building quality products at lowest ,,, ★
What is a 10% increase from a base of 1000?
1100
What does the deal spot of a perceptual map define?
The position in the fine cut circle where demand…★
In Foundation, awareness of a product is created specifically through the:
promotion budget
In the “fishing” story, what is an example of a competitive advantage.
The owner of the net can capture more fish in less time than either
In Foundation, which market segment is more sensitive product position and less sensitive to price?
High Tech
Which product will be most attractive to High Tech customers as of January 1 next year ( Appendix 1 of ” An Introduction to Business “)
Fast
What does target marketing involve?
Concentrating marketing efforts on one or a few key markets most likely to buy your product
if company Ferris wanted product Fast to be positioned on the “ideal” spot for the high tech market?(FastTrack Report available both on Blackboard and in )
Pfmn-9; Size-10.5
The strength of the distribution investment is measured by
accessibility
In the “fishing story”, which best describes the concept of “profit”?
Achieving wealth through meeting needs
What is an advantage of economic specialization?
It provides an opportunity to experience greater efficiency and increased productivity.
What is the “deal” position for a High Tech product next year? (Refer to the Round2)
Pfmn- 9.5; Size- 10.5
What does the “ideal spot”of the perceptual map define?
The position in the fine cut circle where demand for the product is strongest
Not knowing exactly what will happen based on the decisions made is know
Uncertainly
Which product has the best position for the High Tech market? (Refer Round2)
Fast
Yo have evaluated product Acom (a made up product) against the Buying 87, and Position 92. What is the Customer Survey Score for this month?
63.9
What will change a product’s position on the perceptual map?
A change in the product’s size or performance.
From year to year, market segments as shown on the perceptual map are :
Drifting lower and to the right as the markets demand decrease in size and an…
Market segmentation identifies customer group on the basis of their needs regarding:
all the above
How many units could be sold in the Low Tech market next year? Assume: Low Tech has a growth rate of 10% and high Tech has a growth rate of 20%( Refer to the Round2)
6708
To increase a number by 10% you can either multiply the base number by 0.1 and add that number?
For example;
6098+(6098*0.1)=6707.8
and,
6098*1.1-6707.8
True
In the “fishing” story, which best describes the concept of “profit”?
Achieving wealth through meeting needs
If demand last year was 1000 and that demand increases by 20% next year, what will the demand be next year?
1200
One attribute of competing pin a private enterprise is that competitors are motivated to offer customers;
value
From the FastTrack report, at the end of December, which of these products has the best age for the High Tech market?(Round2)
Dabble
To increase a number by 20% you can either multiply the base number by 0.2 and add that number?
For example;
2160+(2160*0.2)=2592
and,
2160*1.2=2592
True
According to the Team Member Guide(TMG) , a total of $1500(000) invested in the promotion budget buys an additional 35% awareness. If promoting Cake, what would Cake’s awareness be next year?(FastTrack)
72.3%
The perceptual map evaluates and compares
The position of competing products in the industry in relation to segmentation…
Which product will be most attractive to High Tech customers as of january 1 next year?(FastTrack)
Fast
The primary economic systems include
All the above
Before the industrial Revolution began in the late 18th century, more than __ percent of the world’s workforce was employed in the agricultural sector
60
_______ determines what the organization needs to do and how to get it done.
Planning
A free market system is also know as:
a private enterprise or capitalist system
In Foundation, which market segment is more sensitive to position and less sensitive to price?
High Tech
Sales forecasting is often challenging due to the;
many unpredictable variables that influence your target market’s decision to buy product
The marketing mix includes
all the above
What are factors of production?
All the above
How many units could be sold in the High Tech market next year? Assume: Low Tech has a growth rate of 10% and high Tech has a growth rate of 20%. ( FastTrack)
3732
What is an example of a market?
All the above
What set of questions do all economic system have to answer?
All the above
Primary market research includes
conducting direct research with existing and potential customers
What is a market?
Any mechanism that facilitates exchange of goods and services between buyers and sellers
What is the “ideal” position for a Low Tech product next year? ( FastTrack)
Pfmn-6.3; Size-13.7
what is the “fifth” aspect of the marketing mix?
service
How would you describe the concept of scarcity?
Our wants ar greater than the resources available to satisfy them
How would you best define demand ?
The quantity of goods and services consumer are willing to buy at different prices
From the “fishing” story,. what is an example of a technological innovation?
the use of nets, rather than a pole, for fishing
The best serve the Low Tech market, why should baldwin reposition Baker this year? (FastTrack)
They should NOT reposition the product this year.
In the “fishing” story what best describes the concept of wealth?
the amount of fish caught
The perceptual map evaluates and compare
the position of competing products in the industry in relation to segment preferences
Reliability perceptions are expressed as;
mean time before failure – MTBF
Primary market research includes;
conducting direct research with existing and potential customers
From the FastTrack report, at the end of December, which of these products has the High Tech market? (FastTrack)
Daze
Secondary market research involves
conducting research through online and published information