IGCSE Enterprise: Specimen Questions with Answers 41 - 42 of 49

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Case Study -2

Pottery Barn & Sherwin-Williams

Co-Branding Campaign: Color Your Room

  • One of the biggest benefits of co-branding campaigns is the opportunity to expose your product or service to a brand-new audience. that՚s exactly what home furnishing store Pottery Barn and paint company Sherwin-Williams did when they partnered together back in 2013.
  • Together, the two brands created an exclusive product line of paints, and then added a new section of Pottery Barn՚s website that helped customers easily select paint colors to complement their furniture choices.
  • Customers could coordinate paint colors with picture-perfect Pottery Barn furniture for a mutually beneficial partnership – and style assistance for both brands customers to boot. “Paint Landing,” Pottery Barn՚s landing page for the partnership, contains helpful blog posts and how-to ideas for do-it-yourself painting and decorating.

Question 41 (4 of 12 Based on Passage)

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What is the marketing strategy for an enterprise to achieve it aims?

Explanation

Firms aims to create and retain satisfied customers. It is obvious that to remain competitive, the corporate marketing strategy must aim to create and retain satisfied customer. This is possible when firm adds value for the customer. Not only this, the customer should perceive the value to be distinctively more than the firm՚s rivals.

  • Segmentation: Market segmentation can help focus corporate resourced more sharply. Segmentation helps provide leverage for marketing resources on the more productive customer groups.
  • Value addition: successful companies do not just add value, but they reinvent it through the linkage of two key resources- knowledge and relationships, or their competencies and customers.
Marketing Strategy

Question 42 (5 of 12 Based on Passage)

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Explain two different types of primary data collection method

Explanation

Primary source of data collection refers to data collected directly from the market place-customers, traders, and suppliers often being the major sources. These are often reliable data sources and help in overcoming the limitations of data collection through secondary method. Primary sources are important and more than 90 percent of data in marketing research is collected through primary data research.

Types of Primary Data

  • Census: Census refers to the collecting of data from entire population. The most common form of census is the population census or compilation of voter՚s list in an area. Census takes long time and hence is not suitable for most marketing researches.
  • Sample: Sample refers to a small unit taken from an entire population. If this unit is drawn carefully, the conclusions can be extrapolated to the entire population and generalizations can be made. The key then is representative sample. Some of the decisions to be taken are the size of the sample and how their responses will be tabulated.

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