MikesBikes Quiz 1 Welcome to the MikesBikes Intro SuperFan Quiz! Take the MikesBikes Intro 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. Why is it important to consider both retail price and retail margin when making marketing decisions? To help forecast net cashflow To help forecast return on equity To help forecast debt to equity ratio To help forecast net income2. Your company's Wastage is currently very high at 50%. What can you do to decrease this? Increase your quality spending Increase your efficiency spending Decrease your efficiency spending Sell some of your factory capacity3. Using the Advertising and PR Media Reach Graph below, taken from the Market Information report, which is the most expensive Media Channel to reach 20% of the total bicycle industry? Magazines Internet TV4. 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. On the example Market Summary report below, which company has the least effective Advertising and PR strategy? Speedy Cycles BikesRUs Dusty Roads Deals on Wheels5. 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. Based off the information above, which product listed in the image below is appealing best to consumer preferences? Adv3 (by First Flight Bicycle) Adv1 (by Mike N Bikes) Adv4 (by WickedWheels) Adv6 (by Outspokin Cycles)6. Which of the following statements are true? When modifying a bike, there is a 20% awareness carry over from the previous period which will be transferred to the new design Modifying a bike allows us to keep the awareness for our bike When modifying a bike we lose all of our awareness for the product7. On the example Market Summary report below, which company has the most effective Advertising and PR strategy? Mike N Bike Cyclepaths First Flight Bicycle Outspoken Cycles WickedWheels Pedal Pushers8. 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 to9. 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 is the best media channel to promote your bikes through? Internet Magazines TV Depends on the consumer preferences of the market segmentClick submit button when you are ready.