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Test your basic knowledge |
Marketing Basics
Start Test
Study First
Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
If you are not ready to take this test, you can
study here
.
Match each statement with the correct term.
Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.
This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. The collaboration of two or more firms in setting prices - usually to keep prices high
price maintenance
internal reference price
profit objective
breakthrough opportunities
2. The pricing strategy in which the price can easily be adjusted to meet changes in the marketplace
new product failure
trend analysis
gen x
dynamic pricing
3. The process involved when individuals or groups select - purchase - use - and dispose of goods - services - ideas - or experiences to satisfy their needs and desires
consumer behavior
pure subsistence economy
diffusion
innovation
4. The process by which organization adjust their offering in an attempt to match demand
capacity management
core product
uniform delivered pricing
motivation
5. The idea that its important to meet present needs without compromising the ability of future generations to meet their own needs
brand equity
customer relationship management (crm)
sustainability
reference group
6. A brand that a group of individual products or individual brands share
family brand
operant conditioning
list price
status symbols
7. Pricing a new product low for a limited period of time to lower the risk for a customer
SWOT analysis
early majority
margin
trial pricing
8. The second stage in the product life cycle - during which the product is accepted and sales rapidly increase
price subsidies
empty nesters
culture
growth stage
9. Segmenting the market and picking one of the homogeneous segments as the firms target market
single target market approach
qualifying dimensions
personality
market information function
10. An organizational unit that focuses on some product markets and is treated as a separate profit center
nondurable goods
diffusion
price subsidies
strategic business unit sbu
11. A price-setting method based on estimated of demand at different prices
involvment
self-concept
strategic business unit sbu
demand-based pricing
12. Tohose whose adoption to a new product signals a general acceptance of the innovation
discontinuous innovation
actual product
price leadership (follower)
early majority
13. Sometimes called millenials - refer to those born from 1978-1994
gen y
product market
operating costs
qualifying dimensions
14. Communication and purchases that occur among individuals without directly involving the manufacturer or retailer
mass marketing
consumer-to-consumer e-commerce
customer forecasting survey
licensing
15. A theory of leaning that stresses the importance of internal mental processes and that view people as problem solvers - who actively use information from the world around them to master their environment
skimming price
market manager
late majority
cognitive learning theory
16. The value that customers give up - or exchange - to obtain a desired product
cycle analysis
reciprocity
price
mass selling
17. A plot of the quantity of a product that customers will buy in a market during a period of time at various prices if all other factors remain the same
demand curve
portfolio management
shopping product
market segment
18. Identifies and lists the firms strengths and weaknesses and its opportunities and threats
durable goods
birthrate
SWOT analysis
dynamically continuous innovation
19. Opportunities that help innovators develop hard to copy marketing strategies that will be very profitable for a long time
price maintenance
fixed costs
breakthrough opportunities
reciprocity
20. A manager who is responsible for developing and implementing the marketing plan for all the brands and products within a product category
macro marketing
customer satisfaction objective
product category manager
seasonal analysis
21. Products we purchase when we're in dire need
seasonal analysis
list price
emergency product
trade or functional discounts
22. The process by which people select - organize - and interpret information form the outside world
judgment
multicultural marketing
perception
component parts
23. A manager who is responsible for developing and implementing the marketing plans for products sold to a specific customer group
market manager
experimental pricing
generic marketing
consumer satisfaction/dissatisfiaction
24. A group within a society whose members share a distinctive set of beliefs - characteristics - or common experiences
subculture
opportunity cost
demand-based pricing
target marketing
25. The first stage of the product life cycle in which slow growth follows the introduction of a new product in the marketplace
introduction
competitive advantage
universal functions of marketing
consideration set
26. A pricing strategy that draws on past experience of the marketer in setting appropriate prices
mass marketing
continous innovation
benefit segmentation
judgment
27. The practice of setting a limited number of different specific prices - called price points - for items in a product line
benefit segmentation
metropolitan statistical area (msa)
price lining
expert forecasting survey
28. A modification of an existing product that sets one brand apart from its competitors
product life cycle
continous innovation
laggards
introduction
29. People whose children are grown and who are now able to spend their money in other ways
cumulative quantity discounts
national or manufacturer brands
raw materials
empty nesters
30. Manufactured goods or subassemblies of finished items that organizations need to complete their own product
component parts
internal reference price
experimental pricing
attitude
31. The physical good or the delivered service that supplies the desired benefit
attitude
market test
actual product
sales force forecasting survey
32. A pricing tactic in which the cost of transporting the product from the factory to the customer's location is the responsibility of the customer
dynamic pricing
f.o.b. origin pricing
demand-based pricing
decline stage
33. A forecasting method that uses historical sales data to discover patterns in the firm's sales over time and generally involves trend - cycle - seasonal - and random factor analyses
early adopters
price subsidies
attitude
time-series analysis
34. People born between 1946 and 1964
bid riggin
value pricing everyday low-pricing
baby boomers
impulse product
35. Extent to which a firm fulfills a customers needs - desires - and expectations
predatory pricing
customer satisfaction
price-floor pricing
core product
36. Concept that explains how products go through four distinct stages from birth to death: introduction - growth - maturity - and decline
product adoption
cannibalization
product life cycle
involvment
37. The regret or remorse buyers may feel after making a purchase
brand extension
maintenance - repair - and operating products
cognitive dissonance
prestige pricing
38. The actual product plus other supporting features such as a warranty - credit - delivery - installation - and repair service after the sale
augmented product
economics of scale
component parts
target market
39. Means that a firm has a marketing mix that the target market sees as better than a competitors mix
mass selling
capacity management
competitive advantage
price lining
40. The pricing strategy of setting prices below cost to attract customers into a store
loss-leader pricing
consideration set
test marketing
time-series analysis
41. A pattern of repeat product purchases - accompanied by an underlying positive attitude toward the brand - which is based on the belief that the brand makes products superior to its competition
frequent discounting
variable pricing
brand loyalty
marketing ethics
42. A pricing strategy in which a firm sets prices that provide ultimate value to customers
value pricing everyday low-pricing
shopping product
market information function
trial pricing
43. The value of something that is given up to obtain something else
time-series analysis
baby boomers
variable costs
opportunity cost
44. A process in which firms identify the quality and functionality needed to satisfy customers and what price they are willing to pay before the product is designed; the product is manufactured only if the firm can control costs to meet the required pri
target costing
segments
test marketing
brand
45. Selling two or more goods or services as a single package for one price
price bundling
senior citizens
social class
demand curve
46. Government payments made to protect domestic businesses or to reimburse them when they must price at or below cost to make a sale. the subsidy can be a cash payment or tax relief
opinion leader
demand curve
market segment
price subsidies
47. A method of selling prices in which the seller totals all the unit costs for the product and the adds the desired profit per unit
brand
behavioral learning theories
cost-plus pricing
segmenting
48. An actual or imaginary individual or group that has significant effect on an individual's evaluations - aspirations - or behavior
internal reference price
motivation
opportunity cost
reference group
49. The practice of recognizing and targeting the distinctive needs and wants of one or more ethnic subcultures
zone pricing
online auctions
multicultural marketing
consideration set
50. The process of eliminating interaction between customers and service providers
customer relationship management (crm)
family life cycle
disintermediation
dynamically continuous innovation