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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. Pricing products to maximize sales or to attain a desired level of sales or market share
sales or market share objective
consumer satisfaction/dissatisfiaction
price bundling
price
2. The process of eliminating interaction between customers and service providers
diffusion
disintermediation
frequent discounting
early majority
3. A change in beliefs or actions as a reaction to real or imagined group pressure
penetration strategy
competitive advantage
random factor analysis
conformity
4. A marketing mix is tailored to fit some specific target customers
variable costs
target marketing
personality
new product failure
5. An analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales
dynamic pricing
skimming price
knock-off
trend analysis
6. The amount of a product a company expects to sell during a specific period at a specified level of marketing activities
tipping point
heuristics
unsought products
sales forecast
7. A strategy of frequently using sale prices to increase sales volume
gen y
frequent discounting
status symbols
culture
8. Identifies and lists the firms strengths and weaknesses and its opportunities and threats
SWOT analysis
competitive advantage
laggards
senior citizens
9. A two step process of naming brand product markets and segmenting these broad products markets in order to select target markets and develop suitable marketing mixes
market segmentation
heuristics
involvment
price
10. A new product sold with the same brand name as a strong existing brand
sales force forecasting survey
time-series analysis
brand extension
marketing ethics
11. A group within a society whose members share a distinctive set of beliefs - characteristics - or common experiences
subculture
lifestyle
macro marketing
opportunity cost
12. 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
economics of scale
price lining
micromarketing
13. The pricing strategy of setting prices below cost to attract customers into a store
real income
stimulus generalization
loss-leader pricing
price lining
14. The process by which the use of a product spreads throughout the population
frequent discounting
diffusion
judgment
economics of scale
15. A brand that a group of individual products or individual brands share
price leadership (follower)
component parts
family brand
captive pricing
16. Discounts based on the total quantity bought within a specified time period
cumulative quantity discounts
knock-off
birthrate
bait and switch
17. The practice of exchanging a good or service for another good or service of like value
lifestyle
bartering
price maintenance
SWOT analysis
18. A group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services - that is ways of satisfying those needs
disposable income
market
benefit segmentation
store or private-label brands
19. An aggregating process - clustering people with similar needs into a "market segment"
segmenting
brand manager
family life cycle
fixed costs
20. The process by which a consumer or business customer begins to buy and use a new good - service - or idea
product adoption
mass marketing
emergency product
price maintenance
21. An illegal marketing practice in which an advertised price special is used as bait to get customers into the store with the intention of switching them to a higher-priced item
classical conditioning
macro marketing
bait and switch
equipment
22. A good or service for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase
shopping product
senior citizens
brand loyalty
baby boomers
23. The set of alternative brands the consumer is considering for the decision process
demand curve
consideration set
margin
trial pricing
24. The difference between the cost of the product and the selling price of the product
variable pricing
price maintenance
subculture
margin
25. What is left of disposable income after paying for necessities
portfolio management
internal reference price
experimental pricing
discetionary income
26. A fairly homogeneous group of customers to whom a company wishes to appeal
target market
learning
economics of scale
family life cycle
27. The first stage of the product life cycle in which slow growth follows the introduction of a new product in the marketplace
evaluative criteria
introduction
metropolitan statistical area (msa)
price leadership (follower)
28. A homogeneous group of customers who will respond to a marketing mix in a similiar way
gen x
store or private-label brands
market segment
product market
29. The loss of sales of an existing product when a new item in a product line or product family is introduced
innovation
cannibalization
market test
gen y
30. Tohose whose adoption to a new product signals a general acceptance of the innovation
maturity stage
reciprocity
actual product
early majority
31. Income that is adjusted to take out the effects of inflation on purchasing power
real income
social class
portfolio management
opinion leader
32. A consumer good or service that is usually low-prices - widely available - and purchase frequently with a minimum comparison and effort
clustering techniques
umbrella pricing
sales force forecasting survey
convenience product
33. A social process that directs an economy
competitive advantage
experimental pricing
customer satisfaction objective
macro marketing
34. The actual interaction between the customer and the service provider
service encounter
prestige pricing
frequent discounting
loss-leader pricing
35. Brands that the manufacturer of the product owns
baby boomers
Delphi technique
national or manufacturer brands
continous innovation
36. A method for calculating price in which - to maintain full plant operating capacity - a portion of a firm's output may be sold at a price that covers only marginal costs of production
strategic business unit sbu
price-floor pricing
bait and switch
micromarketing
37. Costs involved in moving from one brand to another
introduction
switching costs
judgment
innovation
38. A set of price or a price range in consumers' minds that they refer to in evaluating a product's price
demand-based pricing
internal reference price
reciprocity
heuristics
39. A pricing strategy that considers the lifetime cost of using the product
opinion leader
consumer satisfaction/dissatisfiaction
cost of ownership
nondurable goods
40. A strategy of ducking under a competitor's price by a fixed percentage
behavioral learning theories
family life cycle
umbrella pricing
margin
41. Concept that explains how products go through four distinct stages from birth to death: introduction - growth - maturity - and decline
generic marketing
product life cycle
hierarchy of needs
seasonal analysis
42. Consumers products that provide benefits over a long period of time - such as cars - furniture - and appliances
trial pricing
consumer satisfaction/dissatisfiaction
durable goods
innovators
43. An actual or imaginary individual or group that has significant effect on an individual's evaluations - aspirations - or behavior
price bundling
macro marketing
subculture
reference group
44. The relative importance of perceived consequences of the purchase to a consumer
quantity discounts
lifestyle
involvment
service encounter
45. An analysis of sales figures for a period of 3 to 5 years to ascertain whether sales fluctuate in a consistent - periodic manner
target marketing
cycle analysis
sales forecast
price bundling
46. A survey of a firm's sales force regarding anticipated sales in their territories for a specified period.
sales force forecasting survey
consideration set
multiple target market approach
co-branding
47. The division of a market according to benefits that consumers want from the product
benefit segmentation
convenience product
shopping product
competitive effect objective
48. A learned predisposition to respond favorably or unfavorably to stimuli based on relatively enduring evaluations of people - objects - and issues
yield-management pricing
perceived risk
attitude
innovation
49. A pricing tactic in which the cost of loading and transporting the product to the customer is included in the selling price - paid by the manufacturer
regression analysis
venture teams
f.o.b. delivered pricing
attitude
50. The patter of living that determines how people choose to spend their time - money - and energy that reflects their values - tastes - and preferences
lifestyle
bid riggin
cost-plus pricing
sustainability