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. What will cause your Product Development Project to fail? Very low project expenditure and very high requested unit prime cost Very high project expenditure and very high requested unit prime cost Very high project expenditure and very low requested unit prime cost Very low project expenditure and very low requested unit prime cost2. 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? $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 PR $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 PR3. Your firm is struggling to produce enough bikes and your firm is on the verge of launching a new bike into the youth market segment next rollover. What could you do to increase your firm's ability to produce bikes for the next rollover? Decrease the number of staff because people just get in the way of production Increase the number of staff and purchase more SCU. The increase to staff will happen instantly while the SCU may take an extra rollover to come into effect but it will ensure that my factory is operating optimally Decrease the number of hours your staff spend training Purchase more SCU4. Which of the following statements are true? Modifying a bike allows us to keep the awareness for our bike When modifying a bike, there is a 20% awareness carry over from the previous period which will be transferred to the new design When modifying a bike we lose all of our awareness for the product5. Which of the following statements is correct? Batch size and delivery time are unrelated The larger the batch size, the quicker the delivery time The larger the batch size, the slower the delivery time6. Before heavily investing in quality, what do you need to consider? Total number of bikes you are producing Your product strategy The number of market segments that you are selling to7. Your course has just had your first rollover and the market summary report has just shown you the results: Within the simulation, what is the likeliest reason for the lost sales within this market segment? Incorrectly forecasting the demand for the products meaning that not enough bikes were produced Customers decided to shop elsewhere having been offended by your marketing strategy The marketing campaigns did not reach their potential allocated customers for that rollover8. Why is it important to consider both retail price and retail margin when making marketing decisions? To help forecast return on equity To help forecast net cashflow To help forecast debt to equity ratio To help forecast net income9. 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? 19,870 Total Capacity SCU 15,753 Total Capacity SCU 19,365 Total Capacity SCU 25,000 Total Capacity SCU 22,361 Total Capacity SCU10. What factors contribute to your distribution rating? Market share, extra support, retailers margin and sales revenue Retailer margin, extra support, market share and last year's sales volume Sales volume, retail price, retailer margin and extra support Advertising spend, sales volume, unit sales history and retail priceClick submit button when you are ready to submit to hand in your quiz. This is needed to enter into the competition.