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. 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? DemonX (by JEAT Bikes) Race Bike (by Bike Roll) RoadRacer (by TAYN Bike Co.)2. 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 Sell some of your factory capacity Decrease your efficiency spending3. Which decision area affects Shareholder Value the most? Product Development All decisions work together so that a balanced strategy can be executed Finance Manufacturing Marketing and Distribution4. Which of the following statements are true? When modifying a bike we lose all of our awareness for the product 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 design5. Using the Advertising and PR Media Reach Graph below, taken from the Market Information report, which is the least expensive Media Channel to reach 30% of the total bicycle industry? Internet Magazines TV6. 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 price7. Before heavily investing in quality, what do you need to consider? Your product strategy Total number of bikes you are producing The number of market segments that you are selling to8. 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? Deals on Wheels Speedy Cycles Dusty Roads BikesRUs9. 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 TV Internet10. Why is it important to consider both retail price and retail margin when making marketing decisions? To help forecast net income To help forecast debt to equity ratio To help forecast net cashflow To help forecast return on equityClick submit button when you are ready.