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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 second stage in the product life cycle - during which the product is accepted and sales rapidly increase
impulse product
benefit segmentation
durable goods
growth stage
2. Products we purchase when we're in dire need
emergency product
product adoption
attitude
price elastic
3. A method of predicting sales based on finding a relationship between past sales and one or more independent variables - such as population or income
regression analysis
bait and switch
decline stage
disintermediation
4. A person who is frequently able to influence others' attitudes or behaviors by virtue of his or her active interest and expertise in one or more product categories
SWOT analysis
opinion leader
price elasticity
sex roles
5. Discounts based on the total quantity bought within a specified time period
cumulative quantity discounts
augmented product
operant conditioning
non-cumulative quantity discounts
6. Pricing intended to establish a desired image or positioning to prospective customers
prestige pricing
image enhancement objective
profit objective
SWOT analysis
7. Brands that the manufacturer of the product owns
consideration set
component parts
freight absorption pricing
national or manufacturer brands
8. A totally new product that creates major changes in the way we live
fast-moving consumer goods
service encounter
generic marketing
discontinuous innovation
9. An internal state that drives us to satisfy needs by activating goal-oriented behavior
target marketing
cognitive learning theory
motivation
dynamically continuous innovation
10. The relative importance of perceived consequences of the purchase to a consumer
random factor analysis
involvment
diffusion
social class
11. The practice of recognizing and targeting the distinctive needs and wants of one or more ethnic subcultures
non-cumulative quantity discounts
multicultural marketing
target costing
market
12. A strategy of frequently using sale prices to increase sales volume
zone pricing
emergency product
multiple target market approach
frequent discounting
13. 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
cost of ownership
price subsidies
SWOT analysis
maturity stage
14. Sales forecasting based on the intuition of one or more executives
introduction
maintenance - repair - and operating products
bartering
executive judgement
15. The psychological characteristics that consistently influence the way a person responds to situations in the environment
discetionary income
price bundling
personality
product adoption
16. The final stage in the product life cycle - in which sales decrease as customer needs change
co-branding
decline stage
market information function
price inelastic
17. The value of something that is given up to obtain something else
capacity management
consumer-to-consumer e-commerce
laggards
opportunity cost
18. A firm's total product offering designed to satisfy a single need or desire of target customers
test marketing
product line
laggards
qualifying dimensions
19. What is left of disposable income after paying for necessities
combined market approach
market test
brand manager
discetionary income
20. People whose children are grown and who are now able to spend their money in other ways
economics of scale
empty nesters
raw materials
reference group
21. A pricing strategy in which a firm introduces a new product at a very low price to encourage more customers to purchase it
penetration strategy
family brand
skimming price
growth stage
22. A flexible pricing strategy that reflects what individual customers are willing to pay
growth stage
reciprocity
variable pricing
venture teams
23. A product people often buy on the spur of the moment
executive judgement
impulse product
operating costs
perception
24. 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
shopping product
margin
market segment
f.o.b. origin pricing
25. The overall rank or social standing of groups of people within society according to the value assigned to such factors as family background - education - occupation - and income
value pricing everyday low-pricing
social class
product line
dynamically continuous innovation
26. The typical production oriented approach - vaguely aims at "everyone" with the same marketing mix
mass marketing
sex roles
price
opinion leader
27. Expensive goods that an organization uses in its daily operations that last for a long time
co-branding
mass marketing
equipment
consideration set
28. Learning that occurs as the result of rewards of punishments
family life cycle
new product failure
convenience product
operant conditioning
29. The first segment (2.5%) of a population to adopt a new product
clustering techniques
micromarketing
bid riggin
innovators
30. A set of price or a price range in consumers' minds that they refer to in evaluating a product's price
multiple target market approach
internal reference price
consideration set
growth stage
31. The percentage change in unit sales that results from a percentage change in price
switching costs
price elasticity
dynamically continuous innovation
customer satisfaction objective
32. A mental rule of thumb that leads to a speedy decision by simplifying the process
heuristics
pure subsistence economy
market segment
customer forecasting survey
33. The collection - analysis - and distribution of all the info needed to plan - carry out - and control marketing activities - wether in the firms own neighborhood or in a market overseas
list price
emergency product
new product failure
market information function
34. An integrated economic and social unit wit a large population nucleus
metropolitan statistical area (msa)
single target market approach
competitive advantage
impulse product
35. Which means that as a company produces larger numbers of a particular product the cost of each unit of product goes down
bid riggin
involvment
economics of scale
clickstream analysis
36. The dimensions that consumers use to compare completing product alternatives
evaluative criteria
demand-based pricing
price maintenance
introduction
37. 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
f.o.b. origin pricing
impulse product
demand curve
demand-based pricing
38. Costs involved in moving from one brand to another
switching costs
processed material
clustering techniques
service encounter
39. 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
segmenting
benefit segmentation
cost-plus pricing
component parts
40. A means of characterizing consumers based on the different family stages they pass through as they grow older
status symbols
price elastic
maintenance - repair - and operating products
family life cycle
41. A situation in which an increase or a decrease in price will not significantly affect demand for the product
inelastic demand
demand curve
generic marketing
cannibalization
42. The difference between the cost of the product and the selling price of the product
brand manager
cognitive dissonance
random factor analysis
margin
43. An approach to market segmentation in which organizations focus precise marketing efforts on very small geographic markets
lifestyle
internal reference price
micromarketing
competitive advantage
44. A decision-making method in which members of a panel of experts respond to questions and to each other until reaching agreement on an issue
Delphi technique
penetration strategy
customer satisfaction
specialty products
45. Opportunities that help innovators develop hard to copy marketing strategies that will be very profitable for a long time
maintenance - repair - and operating products
target marketing
breakthrough opportunities
baby boomers
46. A good or service with unique characteristics that are important to the buyer and for which the buyer will devote significant effort to acquire
internal reference price
brand equity
specialty products
maturity stage
47. A pricing tactic in which a firm adds a standard shipping charge to the price for all customers regardless the location
price leadership (follower)
expert forecasting survey
inelastic demand
uniform delivered pricing
48. A pricing tactic in which the seller absorbs the total cost of transportation
product life cycle
augmented product
cost of ownership
freight absorption pricing
49. An analysis of sales figures for a period of 3 to 5 years to ascertain whether sales fluctuate in a consistent - periodic manner
margin
economics of scale
benefit segmentation
cycle analysis
50. A new product that copies with slight modification the design of an original product
knock-off
price subsidies
status symbols
evaluative criteria