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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. 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
segments
seasonal analysis
segmenting
price-floor pricing
2. The collaboration of two or more firms in setting prices - usually to keep prices high
unsought products
price maintenance
predatory pricing
decline stage
3. The typical production oriented approach - vaguely aims at "everyone" with the same marketing mix
mass marketing
consumer behavior
price discrimination
innovators
4. The adopters who are willing to try new products when there is a little or no risk associated with the purchase - when the purchase becomes an economic necessity - or when there is a social pressure to purchase
late majority
operating costs
market segmentation
lifestyle
5. The percentage change in unit sales that results from a percentage change in price
price elasticity
executive judgement
gen y
price lining
6. The marketing mix is distinct from and better than what is available from a competitor
venture teams
durable goods
dynamically continuous innovation
differentation
7. The practice of recognizing and targeting the distinctive needs and wants of one or more ethnic subcultures
cost-plus pricing
multicultural marketing
innovators
subculture
8. Brands that are owned and sold by a specific - retailer or distributor
switching costs
store or private-label brands
frequent discounting
market
9. Relevant to including a customer type in a product market
qualifying dimensions
real income
senior citizens
segments
10. The pricing strategy in which the price can easily be adjusted to meet changes in the marketplace
dynamic pricing
dynamically continuous innovation
mass marketing
actual product
11. Basic or necessary items that are available almost everywhere
uniform delivered pricing
staples
list price
shopping product
12. Pricing products to maximize sales or to attain a desired level of sales or market share
price discrimination
trial pricing
non-cumulative quantity discounts
sales or market share objective
13. An approach to market segmentation in which organizations focus precise marketing efforts on very small geographic markets
operating costs
price-floor pricing
culture
micromarketing
14. An analysis of sales figures for a period of 3 to 5 years to ascertain whether sales fluctuate in a consistent - periodic manner
store or private-label brands
early majority
prestige pricing
cycle analysis
15. Sales forecasts prepared by experts such as economists - management consultants - advertising executives - college professors - or other persons outside the firm
strategic business unit sbu
brand loyalty
trade or functional discounts
expert forecasting survey
16. To try to find similar patterns within sets of data
economics of scale
laggards
processed material
clustering techniques
17. Testing the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter
clustering techniques
captive pricing
fixed costs
test marketing
18. The psychological characteristics that consistently influence the way a person responds to situations in the environment
random factor analysis
innovation
personality
product adoption
19. A mental rule of thumb that leads to a speedy decision by simplifying the process
nondurable goods
heuristics
perception
real income
20. 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
penetration strategy
discetionary income
opinion leader
sustainability
21. Buying - selling - transporting - storing - standardization and grading - financing - risk taking - and market information
quantity discounts
universal functions of marketing
consumer-to-consumer e-commerce
determining dimensions
22. Consumers products that provide benefits over a long period of time - such as cars - furniture - and appliances
durable goods
consideration set
augmented product
target costing
23. 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
product line
price lining
sustainability
cognitive learning theory
24. An aggregating process - clustering people with similar needs into a "market segment"
bait and switch
segmenting
yield-management pricing
licensing
25. A situation in which an increase or a decrease in price will not significantly affect demand for the product
non-cumulative quantity discounts
inelastic demand
f.o.b. origin pricing
trial pricing
26. A new product that does not reach expectations for success - failing to reach sales objectives set
sex roles
new product failure
reference group
co-branding
27. What is left of disposable income after paying for necessities
perception
mass marketing
discetionary income
cumulative quantity discounts
28. Segmenting the market and choosing two or more segments and then treating each as a separate target market needing a different marketing mix
service encounter
multiple target market approach
information search
early adopters
29. A new product that copies with slight modification the design of an original product
product category manager
knock-off
market information function
product adoption
30. Means that a firm has a marketing mix that the target market sees as better than a competitors mix
decline stage
cost-plus pricing
competitive advantage
perceived risk
31. A brand that a group of individual products or individual brands share
family brand
introduction
switching costs
unsought products
32. Discounts based only on the quantity purchased in individual orders
non-cumulative quantity discounts
pure subsistence economy
market segmentation
cumulative quantity discounts
33. A pricing strategy in which a firm introduces a new product at a very low price to encourage more customers to purchase it
brand extension
penetration strategy
freight absorption pricing
price discrimination
34. Discounts off the list price of products to members of the channel of distribution that perform various marketing functions
trade or functional discounts
price leadership (follower)
unsought products
subculture
35. Refers to the generation born immediately following the baby boom - from 1965-1977
baby boomers
price lining
introduction
gen x
36. Combining two or more submarkets into one larger target market as a basis for one strategy
price subsidies
experimental pricing
combined market approach
captive pricing
37. The idea that its important to meet present needs without compromising the ability of future generations to meet their own needs
price bundling
sustainability
uniform delivered pricing
customer satisfaction objective
38. A modification of an existing product that sets one brand apart from its competitors
product adoption
frequent discounting
continous innovation
innovation
39. Sales forecasting based on the intuition of one or more executives
executive judgement
economics of scale
bartering
product category manager
40. The dimensions that consumers use to compare completing product alternatives
market manager
heuristics
trial pricing
evaluative criteria
41. When each family unit produces everything it consumes
pure subsistence economy
metropolitan statistical area (msa)
list price
skimming price
42. 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
margin
decline stage
demand curve
gen x
43. Those that actually affect the customers purchase of specific product or brand in a product market
determining dimensions
sustainability
list price
motivation
44. Segmenting the market and picking one of the homogeneous segments as the firms target market
single target market approach
diffusion
innovation
quantity discounts
45. The practice of setting a limited number of different specific prices - called price points - for items in a product line
trend analysis
actual product
price lining
clustering techniques
46. Concept that explains how products go through four distinct stages from birth to death: introduction - growth - maturity - and decline
maturity stage
time-series analysis
venture teams
product life cycle
47. A survey of a firm's sales force regarding anticipated sales in their territories for a specified period.
price bundling
sales force forecasting survey
goods
segmenting
48. An agreement between two brands to work together in marketing new or existing products
national or manufacturer brands
early majority
co-branding
clickstream analysis
49. A change in an existing product that requires a moderate amount of learning or behavior change
early adopters
dynamically continuous innovation
benefit segmentation
trend analysis
50. An analysis of daily - weekly or monthly sales figures to evaluate the degree to which seasonal factors influence sales
brand loyalty
seasonal analysis
switching costs
cognitive learning theory
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