 Well, hello everyone, and welcome back to our review of MBA 601, Marketing Management. This is going to be a review of the practice exam. Now, of course, this has been an entire video series that you can find linked below on a playlist, and if you haven't seen any of the videos in the series, you should go check them out. And of course, they're all connected to Sailor's course, so of course, they're all supplemental to that. So make sure you go check out the course, which is also linked below. And if you have any questions as we're going along, please feel free to leave them in the chat. But we got some people, so why don't we just, I'll just hand it over and we'll get going with our case, with our practice exam review. Sorry, I think I called a case, so I think we're doing that for another one. I can't remember. Sorry, everybody. But I'll just hand it over to you and I'll get out of the way and remember what I'm supposed to say. All right, thanks. One other minor correction, just so the students won't be confused as MBA 602, not 601. Oh my goodness, that's my fault. I'm sorry. That's okay. That's okay. I just want to make sure everyone knows. I did write it correctly, everyone. I just want to make sure everyone knows they're in the right place. Well, I'll definitely get out of the way now. That's okay. So as Mike had mentioned earlier, we've gone through the review of the eight units in this course. And I know some of you were with us live, which was wonderful. And hopefully others of you will have watched the recording. And of course, if you've seen it live, you're welcome to go back to the recording as a refresher. So we're now at the point where I'm going to do kind of an overview of the exam so that you have a sense of what to expect and go over a few questions. So I'm going to this week cover one case. And I've selected 10 of the questions that are available in the question bank. And when you take the exam, there will be a variety of questions that will be presented to you. So I've just selected 10 that I feel are good representations of the concepts that are explored within that unit. So let's start here. So I'm going to briefly review case study one. So case study one is about a person who has leased a car. And she's considering her experience with the car dealership. And what she did is she turned in one of her cars for a lease on a new car. And the issue is around the ethics of the people with whom she dealt with at the dealership. And as a result of her experience, she's decided that she's not going to work with them anymore. So what happened was, well, it's Moiova Motor Company, MMC, which will be referred to throughout the case as well as the company's, is a worldwide manufacturer of cars and trucks. And they're quite successful. They've sold 2 million vehicles per year with revenues of $200 billion worldwide. Their target market is comprised of consumers of all ages. And they have a variety of different models that really appeal to wide demographic groups. The company looks at their cars as being efficient, affordable, and safe. The dealership that we're addressing is in Southeast Pennsylvania, Northern Delaware, and South Jersey. And they have a full service, dealership, sale service, and parts as well. So the situation with the case is that the buyout option for, for Martha's lease was $22,000. And that she was told that she had to go to the dealer to arrange for this, this deal. And then when she got there, she was told that the buyout would actually be 23,000 because of other, other charges. And the, the sales manager explained that there was nothing he could do to honor the original buyout price because this is their policy. And she strongly objected to this additional $1,000. So the sales manager went to the general manager to talk about the customer complaint. And basically the general manager said, no deal. You know, this is, this is your job and $1,000 stands. And if that doesn't work for her, then lease her something else that, that costs less. So Martha reluctantly agreed to release, to lease, to lease a new car. And then later learned that the dealer had no such policy and that, that the president of the company said there was no such policy and policy was directly from the dealership. So she felt that she had been lied to. And that, you know, that her decision was based on, on facts that were on information that was not true and should not have been in the first place. So now here we are in this situation. And hopefully you have a good understanding of it. And of course, when you're taking the exam, you can feel free to review the case several times. And I actually encourage you to, to read the case multiple times before you approach the questions. So the first question that I'd like to share with you is the mission statement of MMC emphasizes the importance of customer satisfaction, which answer below is most accurate. So the correct answer for this question is D, the tactics of the sales department should align with the company mission. Now that doesn't mean to say that some of the other statements are not accurate. So a mission statement, it doesn't necessarily have to be revised every year, but companies should take a look at their mission statements periodically to make sure that they are accurate. And if that requires doing it every year, then so be it. The choice B is clearly incorrect. The mission statement is not relevant to sales tactics. The mission statement should be the driver, no pun intended here, of all of the activities that the company engages in while Mr. Allen certainly does not prioritize the company's mission statement. We're talking here about the overall sales department. So the correct answer here would be that the tactics of the sales department should align with the company mission. And again, choice D is the correct answer here. The next question that I would like to share with you is MMC developed mission and vision statements to guide their strategic planning, which of the following statements is the most accurate. And it's important to read the questions carefully because again, some of the answers, answer choices might be accurate, but you want to be sure that you're choosing the one that's most accurate. And in here, answer choice C, vision statements address the question, what do we want to become? And a vision statement talks about how the company sees themselves, what kind of organization do they want to be? And so choice C is correct. Mission statement does not address that. The vision statement does not address what is our business. So those clearly are not correct. And vision and mission statements address the same questions in different words that is also not correct. As you can see, a mission statement really talks about what business a company is in and the vision statement focuses on what the company would like to become. The next question, while MMC developed their strategic plan for the new fiscal year, they engaged in environmental scanning. MMC expected growth in used car sales based on reports, which indicated that the COVID-19 pandemic resulted in consumers purchasing used cars to replace public transportation. This came from which section of their environment is scanning. So this is clearly choice B, natural and economic. These are things that happened within the environment, but also related to the economy. There was no political factor here. It had nothing to do with technology. We might look at this as social and cultural. However, these were financial and economic decisions. And that's why choice B is the correct answer here. So again, when you're looking at and you're reading the questions, it's important to not automatically decide which answer is correct, but to really look at each answer choice individually and see whether or not it really is the right choice. And some of the answer choices will be obviously incorrect and some others might take a little bit more time for you to think about and consider. So again, as I said, read the case study carefully, but also read each question carefully as you go through the exam. Okay, next question. Trends in the reduction of carbon emissions have been observed and promoted by generation Z. A segment of the population that tends to be concerned about the environment and reduction of CO2 emissions. From which part of the environmental scan was this information learned by MMC and here it is social and cultural because we're talking about different specific segments of the population. And the cultural aspect makes this correct because they're concerned about the environment. So the way the cars are produced is certainly technology and there are economic and political and regulatory factors that go into the way cars are manufactured, but the driver again of this was the social and cultural habits and behaviors of generation Z. Moving on. Bell Moyova performed a SWAT analysis of their company before writing their strategic plan. They determined that their service department could not meet their promises of completing work on time. This is an example of which of the following. So before you address a question like this with SWAT analysis, it's important to make sure that you have a full understanding of the components of a SWAT analysis and how those elements are defined. So if we review a SWAT analysis stands for strengths, weaknesses, opportunities and threats. And it's important to remember that strengths and weaknesses are internal factors and opportunities and threats are external factors. So here we're talking about promises that the service department was not able to meet. So first of all, that's an internal factor because it's within the organization and it's a weakness because they're not able to fulfill their promises. Another question about SWAT that I'd like to address is this one. Having a large inventory of vehicles would be which of the following in a SWAT analysis of Bell Moyova. So clearly this is going to be a strength for the company because one, it's an inventory of vehicles so it's something internal to the organization and having a large inventory can give the company an opportunity to better meet customer needs when they come in and want to buy a car. So this would be a strength of the organization of the company. Moving on, Bell Moyova recently learned that a competitor is moving into their local market and that their local market is considered high growth because of an increase in population. This is an assessment of which of the following. So here you have to decide which two factors are being addressed here. So the answer here is opportunities and threats. And the reason that this is correct is first of all, opportunities and threats are external. So right away, we know that this is, that the factors here are external because we're talking about a competitor that's moving into the marketplace. So the company has no control over what's going on in the external marketplace and they have no control over what's going on with the competition. But they also, we also say that the local market has high growth because of an increase in population. So again, this is also external, but there's an opportunity there for Bell Moyova to take advantage of the increase in population even though they have the threat of a competitor. So again, the answer here is opportunities and threats. And this question really requires you to think about multiple factors within the SWAT analysis. Next question, MMC engaged in environmental scanning before writing their strategic plan. And I think that each of the following is true. So in this, in this question, the correct answer is A, this practice discovers changing trends in the macro environment. So the important thing about this is that when you do environmental scanning, you want to do this before you write your plans. If you do things when changers are seen, you're going to be behind the competition and you're not going to be able to appropriately address things that are going on in the environment. You should not assume that because your business has been stable that you shouldn't be doing environmental scanning. And you again should not be writing your strategic plan before you engage environmental scanning again. So the practice discovers changing trends. And as we have seen professionally personally, the market is constantly changing. Trends are constantly changing. And it's important to be aware of those before you make plans for your business. Next question, the general manager of Belmoyoba to Lopez met with Dave Allen about the potential loss of customers due to the COVID-19 pandemic. Dave promised that he would find new customers and the new year will be even better in sales. Which statement is most accurate? So there's a lot of things to consider here. So the correct answer for this question is that it is less expensive to retain customers than to find new customers. So if we recognize that's the correct answer, first of all, we know that choice to see is absolutely not correct. Finding new customers does not cost the same as retaining existing customers. Choice D, the COVID-19 pandemic affected all businesses. So there is little that Belmoyoba can do. That's not true. While it did affect all businesses or most businesses, that doesn't mean that there's nothing that a company can do to help mitigate some of those challenges. And choice A, a loss of customers is a natural occurrence for any business. And while this is true, choice B is the most accurate statement because we're talking about within the question, the potential loss of customers due to the pandemic and that Dave said that he would be finding new customers. So those little pieces of information are clues to choice B being the correct answer. Next question. Belmoyoba decided to begin a television ad campaign to attract new customers. This is an example of what, within the marketing mix. So when we, let's remember when we talk about the marketing mix, that we're talking about the four P's, which are product, price, place, and promotion. And television advertising clearly falls within the promotion element of the marketing mix. So there's, this really should not be any ambiguity about this question about what the answer is, but it's important to, to really focus in and highlight. And make sure that everyone truly understands which elements go within each aspect of the marketing mix. And that concludes the presentation here. And at this point, Mike, does anyone have any questions? We do. Sorry. We don't have any questions right now, but I tell you what we'll do. We'll step away for just a second and give everyone a chance to catch up. And then we'll come back. And if there's no questions, we'll tell you that about how we're doing another one next week. So we'll be back in just a second. Okay. Thank you. Well, I'm not seeing any questions in the chat, but I thank you everyone for joining us live. If you have any questions, feel free to leave them in the comment section later. And we will, and we'll be back next week. And so if you have any questions, you can ask them next week if they come to you here throughout the week. But again, just want to thank everyone for joining us. I want to thank you for taking us through all of this. And I will just like to say that we will see everyone the same time next week. So thank you everyone so much for joining us. Thank you everyone. Bye-bye.