IGCSE Enterprise: Specimen Questions with Answers 44 - 45 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 44 (7 of 12 Based on Passage)

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Short Answer▾

What do you mean by the term Marketing?

Explanation

Marketing means understanding and responding to customer needs. Marketing concept is a customer -oriented concept. What implies is that products/services are bought not merely because of their quality, packaging, or brand name, but because they satisfy a specific need of customer. It also implies that organizations must provide services to their customer and that too without any obligation. In other words, marketing means understanding and responding to customer needs, a perquisite for any organization՚s success. And this certainly cannot be ignored by any organization in today՚s competitive environment.

Any organization must be competition oriented too. Thus, the marketing concept involves:

  • Customer orientation
  • Competition orientation
  • Ability to respond to environmental changes before competition does.

Examples: Sony and Microsoft, who have consistently invested in futuristic technologies and products.

Question 45 (8 of 12 Based on Passage)

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Short Answer▾

State the different types of communication techniques used to communicate with the stakeholders.

Explanation

Effective Ways to Communicate with the Stake Holders Are

  • Schedule a meeting: Meetings with the stakeholders are the most common way of communicating with the stakeholders. Meetings can save time in communicating the message to many people.
  • Newsletter: Newsletter is great method of communicating where the feedback of the people is not required. It can be used proactively by a company at given time periods.
  • Conference call: Where the issue is too urgent conference calls are the most used method to communicate with stakeholders by scheduling a conference call which can be of minutes or hours.