Marketing / Forecasting WOB Test

Question 1

Need

Answer 1

Something that’s essential to survival

Question 2

Want

Answer 2

Something you don’t need

Question 3

Marketing Strategy

Answer 3

Overall plan for marketing a product

Question 4

What 3 things does marketing strategy include

Answer 4

Target market segment
Positioning Strategy
Marketing Mix

Question 5

What are the 4 Ps of marketing

Answer 5

Product
Price
Place
Promotion

Question 6

What does SWOT stand for?

Answer 6

Strength
Weakness
Opportunity
Threats

Question 7

Forecasting is used for…

Answer 7

Business decision making in all disciplines

Question 8

Marketing Potential

Answer 8

Maximum total sales that a product could have

Question 9

Sale Forecast

Answer 9

What you think you will have

Question 10

What are some of the product dimension sensitivities in Mikes Bikes? Name 4

Answer 10

Price
Advertising
Public Relations
Quality

Question 11

How can you determine forecast demand in Mikes Bikes?

Answer 11

By looking at actual demand for the previous year

Question 12

How do you determine market potential in Mikes Bikes?

Answer 12

By looking at the market forecast for the upcoming year