IGCSE Enterprise: Specimen Questions with Answers 40 - 41 of 49

Passage

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 40 (3 of 12 Based on Passage)

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Short Answer▾

State any two purpose of marketing.

Explanation

Marketing as a managerial activity involves analyzing the market opportunities, planning the marketing activities, implementing marketing plans, and setting control mechanisms in such a way that or organizational objectives are accomplished at minimum cost. In other words, marketing is-

  • Understanding consumer needs
  • Environmental scanning and market opportunity analysis.
  • Development of a competitive marketing plan and strategy such that an organization can satisfy not only the consumers needs but also achieve its own objective.
  • Implementation of the marketing plan and development of tactical plans to overcome problems at the market place.
  • Development of control mechanisms.

Question 41 (4 of 12 Based on Passage)

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Short Answer▾

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