MikesBikes Advanced Quiz 1 Welcome to the MikesBikes Advanced SuperFan Quiz! Take the MikesBikes Advanced Quiz below to go into the draw to win a US$50 Cash Prize and the title of MikesBikes SuperFan! Participants have up to five attempts to answer the most correct questions in the fastest time. Like the Smartsims Facebook Page to receive updates and winner announcements. Competition closes 31 May 2017 (USA EST). Full terms and conditions here. If you have any questions then please contact us. Name Email Address 1. An important task in marketing your product is to identify what your customers want. This will increase demand for your products, and therefore, Sales. Market Research on the bicycle industry has been provided for you on the Market Information report. An excerpt of this report is below which displays how sensitive each market segment is to different areas. Based off this, which would be the better product strategy for a Commuter Bike? $475 retail price per bike, $1.2 million spent in advertising and $0.5 million in PR $350 retail price per bike, $1.2 million spent in advertising and $0.5 million in PR $300 retail price per bike, $0.5 million spent in advertising and $1.5 million in PR $350 retail price per bike, $2.5 million spent in advertising and $1.5 million in PR2. If the above calculation is used to calculate Total Capacity SCU and your firm currently has: 20,000 Factory Workforce Capacity SCU15,000 Plant Capacity SCU Your firm has entered the current decisions for: Increasing Factory Workforce Capacity SCU by 5,000Increasing Plant Capacity SCU by 10,000 What then would be your Total Capacity SCU for the coming rollover? 22,361 Total Capacity SCU 19,870 Total Capacity SCU 25,000 Total Capacity SCU 15,753 Total Capacity SCU 19,365 Total Capacity SCU3. What will cause your Product Development Project to fail? Very high project expenditure and very high requested unit prime cost Very low project expenditure and very low requested unit prime cost Very high project expenditure and very low requested unit prime cost Very low project expenditure and very high requested unit prime cost4. Why is it important to consider both retail price and retail margin when making marketing decisions? To help forecast net income To help forecast net cashflow To help forecast debt to equity ratio To help forecast return on equity5. Before heavily investing in quality, what do you need to consider? The number of market segments that you are selling to Your product strategy Total number of bikes you are producing6. Which is the best media channel to promote your bikes through? Magazines Internet TV Depends on the consumer preferences of the market segment7. Which decision area affects Shareholder Value the most? Product Development Finance All decisions work together so that a balanced strategy can be executed Marketing and Distribution Manufacturing8. What does the Manufacturing Process decision of Supplier Relations expenditure achieve? Reduces raw materials stockout Increases the amount of bikes you need to rework Reduces idle time Increases setup time9. What factors contribute to your distribution rating? Retailer margin, extra support, market share and last year's sales volume Market share, extra support, retailers margin and sales revenue Advertising spend, sales volume, unit sales history and retail price Sales volume, retail price, retailer margin and extra support10. Which of the following statements is correct? The larger the batch size, the quicker the delivery time Batch size and delivery time are unrelated The larger the batch size, the slower the delivery timeClick submit button when you are ready to submit to hand in your quiz. This is needed to enter into the competition.