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Test your basic knowledge |
Marketing Basics
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Subject
:
business-skills
Instructions:
Answer 50 questions in 15 minutes.
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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. Concept that explains how products go through four distinct stages from birth to death: introduction - growth - maturity - and decline
Delphi technique
product life cycle
senior citizens
tipping point
2. Buying - selling - transporting - storing - standardization and grading - financing - risk taking - and market information
fixed costs
online auctions
universal functions of marketing
sales or market share objective
3. Products created when firms transform raw materials from their original state
multiple target market approach
information search
processed material
continous innovation
4. To try to find similar patterns within sets of data
clustering techniques
product category manager
image enhancement objective
judgment
5. People born between 1946 and 1964
regression analysis
baby boomers
micromarketing
SWOT analysis
6. A marketing mix is tailored to fit some specific target customers
cycle analysis
target marketing
culture
target costing
7. Means that a firm has a marketing mix that the target market sees as better than a competitors mix
equipment
competitive advantage
fixed costs
clustering techniques
8. Sales forecasts prepared by experts such as economists - management consultants - advertising executives - college professors - or other persons outside the firm
price lining
expert forecasting survey
bait and switch
generic marketing
9. Behavior caused by a reaction to one stimulus that occurs in the presence of other similar stimuli
brand loyalty
loss-leader pricing
stimulus generalization
competitive effect objective
10. A learned predisposition to respond favorably or unfavorably to stimuli based on relatively enduring evaluations of people - objects - and issues
senior citizens
birthrate
attitude
motivation
11. When each family unit produces everything it consumes
customer forecasting survey
shopping product
freight absorption pricing
pure subsistence economy
12. A modification of an existing product that sets one brand apart from its competitors
continous innovation
regression analysis
product category manager
bait and switch
13. The division of a market according to benefits that consumers want from the product
bid riggin
benefit segmentation
heuristics
loss-leader pricing
14. The process of eliminating interaction between customers and service providers
disintermediation
price elastic
operating costs
brand extension
15. Combining two or more submarkets into one larger target market as a basis for one strategy
combined market approach
market test
product line
gen y
16. Testing the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter
cost of ownership
qualifying dimensions
test marketing
combiners
17. 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
cost-plus pricing
behavioral learning theories
fast-moving consumer goods
economics of scale
18. A manager who is responsible for developing and implementing the marketing plans for products sold to a specific customer group
market manager
product market
product category manager
value pricing everyday low-pricing
19. 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
family life cycle
social class
expert forecasting survey
image enhancement objective
20. 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
price subsidies
price
learning
bid riggin
21. Segmenting the market and choosing two or more segments and then treating each as a separate target market needing a different marketing mix
social class
laggards
stimulus generalization
multiple target market approach
22. The third and longest stage in the product life cycle - in which sales peak and profit margin narrows
breakthrough opportunities
maturity stage
random factor analysis
single target market approach
23. A relatively permanent change in behavior caused by acquired information or experience
bid riggin
learning
cost of ownership
portfolio management
24. 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
cost-plus pricing
time-series analysis
market information function
target marketing
25. The values - beliefs - customs - and tastes that a group of people value
portfolio management
predatory pricing
culture
processed material
26. A change in beliefs or actions as a reaction to real or imagined group pressure
conformity
quantity discounts
expert forecasting survey
consideration set
27. Consumers products that provide benefits over a long period of time - such as cars - furniture - and appliances
cost of ownership
hierarchy of needs
durable goods
market test
28. Tangible products we can see - touch - smell - hear - taste
consumer satisfaction/dissatisfiaction
goods
actual product
price inelastic
29. A situation in which an increase or a decrease in price will not significantly affect demand for the product
target costing
economics of scale
disposable income
inelastic demand
30. A pricing strategy in which a firm introduces a new product at a very low price to encourage more customers to purchase it
opportunity cost
store or private-label brands
involvment
penetration strategy
31. The value of something that is given up to obtain something else
opportunity cost
prestige pricing
predatory pricing
involvment
32. An analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales
breakthrough opportunities
trend analysis
consumer satisfaction/dissatisfiaction
capacity management
33. People over 65
senior citizens
brand
conformity
determining dimensions
34. The overall feelings or attitude a person has about a product after purchasing it
trend analysis
consumer satisfaction/dissatisfiaction
sales or market share objective
early majority
35. Relevant to including a customer type in a product market
sustainability
trial pricing
qualifying dimensions
metropolitan statistical area (msa)
36. The amount of a product a company expects to sell during a specific period at a specified level of marketing activities
non-cumulative quantity discounts
service encounter
sales forecast
switching costs
37. What is left of disposable income after paying for necessities
pure subsistence economy
perceived risk
inelastic demand
discetionary income
38. The value of a brand to an organization
perception
component parts
price lining
brand equity
39. A fairly homogeneous group of customers to whom a company wishes to appeal
target marketing
brand equity
market test
target market
40. The percentage change in unit sales that results from a percentage change in price
price elasticity
price inelastic
social class
f.o.b. origin pricing
41. Sometimes called millenials - refer to those born from 1978-1994
gen y
continous innovation
disintermediation
online auctions
42. Pricing a new product low for a limited period of time to lower the risk for a customer
single target market approach
trial pricing
product life cycle
growth stage
43. A firm's total product offering designed to satisfy a single need or desire of target customers
consideration set
social class
behavioral learning theories
product line
44. An analysis of daily - weekly or monthly sales figures to evaluate the degree to which seasonal factors influence sales
qualifying dimensions
lifestyle
attitude
seasonal analysis
45. Products of the fishing - lumber - agricultural - and mining industries that organizational customers purchase to use in their finished products
time-series analysis
lifestyle
Delphi technique
raw materials
46. Segmenting the market and picking one of the homogeneous segments as the firms target market
marketing ethics
single target market approach
list price
learning
47. A new product that does not reach expectations for success - failing to reach sales objectives set
list price
mass selling
new product failure
durable goods
48. The process involved when individuals or groups select - purchase - use - and dispose of goods - services - ideas - or experiences to satisfy their needs and desires
differentation
target costing
price leadership (follower)
consumer behavior
49. 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
bartering
quantity discounts
stimulus generalization
50. Goods or services for which a consumer has little awareness or interest until the product or a need for the product is brought to his or her attention
price subsidies
continous innovation
lifestyle
unsought products
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