03 Jan What are Rob’s sales

MKT301 Principles of Marketing

Quiz 1

Question 1Sam has been tasked with writing a series of objectives for the coming year. If each of them has a very exact relationship to his project, which part of the SMART is this?

Specific

Measureable

Achievable

Relevant

Timed

Question 2Which of these is NOT part of the SMART model

Time

Achievable

Reliable

Measurable

Specific

Question 3Tom’s Shoe’s uses a buy one – give one business model in which they give a pair of shoes to a needy child for each one you buy. What type of marketing best describes this?

Applied

Market mix based

Cause

Social advertising

Community

Question 4A firm that applies the marketing mix to helping save an endangered species is most likely practicing what kind of marketing.

Applied

Market mix based

Cause

Social advertising

Community

Question 5Another Time Around helps young inner city kids develop products they can make and sell to earn money for college. What concept best describes this?

The marketing mix

Cause marketing

Benevolent advertising

A tax deduction

Corporate charitable marketing

MKT301 Principles of Marketing

Quiz 2

Question 1Regardless of where you travel in the world, a Starbucks looks like a Starbucks. They remain very consistent. What type of global strategy are they using?

Conformation

Adaptation

Market consistency

Standardization

Coffee con leche

Question 2Which of these is the best definition of the segmentation concept of “persona”

The promotional strategy a firm uses for a given segment

The lifetime value a firm assigns to a group of consumers

The personality of any given segment of consumers

A name and a set of characteristics that describe the segment

The psychographic traits that define a group of consumers

Question 3What is the first step in the marketing research process?

deciding the research design

selecting which consumers we will study

selecting our primary research plan

determining the business or managerial problem we are solving

getting a good grade in applied decision methods

Question 4Dave plans to include Saint Leo’s core values in his new social media platform. If he wants to appeal to students that believe strongly in our values what type of segmentation is he using?

Social

Psychographic

Ethical

Demographic

Cultural

Question 5For a sample to be truly random what must be true

it must distinguish between different members of the population

it must focus on only those fitting a specific profile

a sample can never be truly random – there is always bias

all members of the population must have an equal chance of being selected

the sample must contain some members of all ages and races

MKT301 Principles of Marketing

Quiz 3

Question 1Which of these is NOT a common part of a firm’s brand?

Public relations

Identity

Image

Associations and beliefs

Logos, colors and taglines

Question 2Which of these is NOT necessarily true of sales promotion marketing?

Sales promotions allow marketers to gather valuable data

Coupons and other promotions let retailers and service providers build customer loyalty

Sales promotions encourage customers to buy quickly, rather than some time in the future

Coupons are especially useful for appealing to lower income consumers

Sales promotion are a useful way for marketers to build customer lifetime value

Question 3Which of these is typically a characteristic of a sales promotion?

It requires the consumer to act on the offer in a fixed time

It is advertised via e-media

The consumer must buy the product to benefit from the offer

It is a key part of social media marketing

Answers a and c are both correct

Question 4State Bank has been accused of overcharging customers for routine transaction and taking advantage of lower income customers. Their marketing department ran a series of ads showing happy customer thanking employees for their help. The most important outcome of these ads for the firm was ____________________

Generate revenue

Increase awareness of their social responsibility

Attract low income customers

Repair their poor brand image

Help the CEO keep his job

Question 5This form of social media content is usually considered to be the most credible because personal stories, photos and reviews from stores and restaurants is considered to be more real and believable.

Earned

Buzz

User generated

Open source

Word of mouth

MKT301 Principles of Marketing

Pricing Quiz

Question 1Kevin and Sarah are opening a business that delivers a week’s worth of gourmet dinners to your home every Sunday afternoon. This allows dual income busy families to have nice dinners every evening with minimal work. They plan to limit the number of customers to maintain high quality and service. Which pricing strategy you would use if you were Kevin and Sarah.

1) Penetration

2) Cost plus

3) Skimming

4) Freemium

5) Everyday low pricing

Question 2 Rob is opening a carpet cleaning business – a highly competitive business with several existing companies. He plans on sending out some direct mail advertising, with the objective of getting people to try his service and build a customer base. What pricing strategy would advise him to use?

1) Penetration

2) Cost plus

3) Skimming

4) Freemium

5) Everyday low pricing

Question 3If Rob has the following costs and sales results, what is his breakeven? (round UP to the nearest whole carpet cleaning)

Price to clean a carpet = $75

Materials (variable costs) = $15

Monthly fixed costs = $4000

1) 72

2) 67

3) 65

4) 6

5) 71

Question 4What is the unit contribution of each carpet that Rob cleans?

1) $50

2) $60

3) $9

4) $75

5) none of these is correct

Question 5Rob is considering investing in a new method of cleaning carpets that will cost him more both in fixed and variable costs, but will allow him to charge more. He wants to know what his total sales will be for both his current method and the new method at his breakeven point. You will need to calculate his BEv for both methods first and then determine his total sales for BOTH to give him the information he needs. Be sure you round UP to the nearest whole carpet.

Remember the current has these factors:

Price to clean a carpet = $75

Materials (variable costs) = $15

Monthly fixed costs = $4000

The new method has these factors:

Fixed costs: $4750

Variable costs per carpet: 18.50

Price per carpet: $99

What are Rob’s sales for the current method AND the new method, in that order?

1) $5010 and $5841

2) $5025 and $5950

3) $5025 and $5841

4) $5005 and $5775

5) There is not enough information to determine this