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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. In the context of product diffusion - the point when a product's sales spike from a slow climb to an unprecedented new level - often accompanied by a steep price decline
dynamic pricing
determining dimensions
tipping point
learning
2. Pricing a new product low for a limited period of time to lower the risk for a customer
baby boomers
licensing
zone pricing
trial pricing
3. The pricing strategy of setting prices below cost to attract customers into a store
status symbols
convenience product
loss-leader pricing
perception
4. When a percentage change in price results in a smaller percentage change in the quantity demanded
sales or market share objective
maintenance - repair - and operating products
price inelastic
market test
5. A social process that directs an economy
segmenting
trend analysis
bait and switch
macro marketing
6. The amount of a product a company expects to sell during a specific period at a specified level of marketing activities
sales forecast
specialty products
lifestyle
market information function
7. Pricing intended to establish a desired image or positioning to prospective customers
reciprocity
variable costs
image enhancement objective
heuristics
8. An analysis of sales figures for a period of 3 to 5 years to ascertain whether sales fluctuate in a consistent - periodic manner
micromarketing
expert forecasting survey
predatory pricing
cycle analysis
9. The physical good or the delivered service that supplies the desired benefit
bid riggin
actual product
perceived risk
market manager
10. Buying - selling - transporting - storing - standardization and grading - financing - risk taking - and market information
demand-based pricing
universal functions of marketing
price
senior citizens
11. The relative importance of perceived consequences of the purchase to a consumer
customer forecasting survey
fixed costs
involvment
brand manager
12. 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
market segmentation
market information function
cannibalization
cognitive learning theory
13. Pricing products to maximize sales or to attain a desired level of sales or market share
brand loyalty
consumer-to-consumer e-commerce
market segmentation
sales or market share objective
14. The practice of exchanging a good or service for another good or service of like value
bartering
f.o.b. origin pricing
freight absorption pricing
operant conditioning
15. Income that is adjusted to take out the effects of inflation on purchasing power
internal reference price
consumer satisfaction/dissatisfiaction
durable goods
real income
16. A means of measuring a website's success by tracking customers' movement around the company website
micromarketing
universal functions of marketing
product life cycle
clickstream analysis
17. 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
laggards
dynamically continuous innovation
attitude
18. Which treats alternative products divisions - or strategic buisness units as though they were stock investments - to be bought and sold using financial criteria
heuristics
brand loyalty
non-cumulative quantity discounts
portfolio management
19. The final stage in the product life cycle - in which sales decrease as customer needs change
operant conditioning
decline stage
micromarketing
time-series analysis
20. A pricing strategy that considers the lifetime cost of using the product
learning
target marketing
price leadership (follower)
cost of ownership
21. An actual or imaginary individual or group that has significant effect on an individual's evaluations - aspirations - or behavior
bait and switch
reference group
zone pricing
strategic business unit sbu
22. Identifies and lists the firms strengths and weaknesses and its opportunities and threats
tipping point
SWOT analysis
discetionary income
empty nesters
23. Charging a very high - premium price for a new product
maturity stage
skimming price
strategic business unit sbu
introduction
24. A pricing tactic in which the seller absorbs the total cost of transportation
strategic business unit sbu
f.o.b. delivered pricing
freight absorption pricing
product market
25. Discounts based on the total quantity bought within a specified time period
sales or market share objective
cumulative quantity discounts
variable pricing
innovators
26. The set of alternative brands the consumer is considering for the decision process
consideration set
new product failure
non-cumulative quantity discounts
family brand
27. An aggregating process - clustering people with similar needs into a "market segment"
late majority
universal functions of marketing
segmenting
opinion leader
28. The value of something that is given up to obtain something else
market information function
single target market approach
target costing
opportunity cost
29. Group of people within an organization who focus exclusively on the development of a new product
venture teams
product life cycle
cycle analysis
f.o.b. delivered pricing
30. The actual interaction between the customer and the service provider
expert forecasting survey
shopping product
service encounter
reciprocity
31. Discounts off the list price of products to members of the channel of distribution that perform various marketing functions
f.o.b. origin pricing
value pricing everyday low-pricing
trade or functional discounts
brand loyalty
32. The first stage of the product life cycle in which slow growth follows the introduction of a new product in the marketplace
frequent discounting
goods
zone pricing
introduction
33. An internal state that drives us to satisfy needs by activating goal-oriented behavior
motivation
fixed costs
captive pricing
growth stage
34. Consumer products that provide benefits for a short time because they are consumed - such as food - or are no longer useful such as newspaper.
image enhancement objective
nondurable goods
experimental pricing
brand equity
35. Sales forecasts prepared by experts such as economists - management consultants - advertising executives - college professors - or other persons outside the firm
expert forecasting survey
processed material
knock-off
segments
36. Communicating with large numbers of customers at the same time
price inelastic
clickstream analysis
price lining
mass selling
37. Products that exhibit consistently high velocity sales in the consumer marketplace
trade or functional discounts
fast-moving consumer goods
discontinuous innovation
reference group
38. The cost of production (raw and processed materials - parts - and labor) that are tried to - and vary depending on - the number of units produced
product adoption
actual product
trade or functional discounts
variable costs
39. Testing the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter
consumer satisfaction/dissatisfiaction
test marketing
evaluative criteria
capacity management
40. Sometimes called millenials - refer to those born from 1978-1994
executive judgement
portfolio management
classical conditioning
gen y
41. An individual's self-image that is composed of a mixture of beliefs - observations - and feelings about personal attributes
macro marketing
evaluative criteria
self-concept
cannibalization
42. An approach that categorizes motives according to five levels of importance - the more basic needs being on the bottom of the hierarchy and the higher needs at the top
hierarchy of needs
margin
customer relationship management (crm)
discetionary income
43. A strategy of experimenting with prices until the price that generates the highest profitability is found
marketing ethics
culture
experimental pricing
inelastic demand
44. An analysis attempting to attribute erratic sales variations to random - nonrecurrent events
micromarketing
subculture
random factor analysis
skimming price
45. Pricing that is intended to have an effect on the marketing efforts of the competition
portfolio management
equipment
market test
competitive effect objective
46. A strategy of ducking under a competitor's price by a fixed percentage
brand equity
market segmentation
umbrella pricing
brand
47. Costs involved in using a product
operating costs
clickstream analysis
quantity discounts
processed material
48. Combining two or more submarkets into one larger target market as a basis for one strategy
consumer behavior
metropolitan statistical area (msa)
evaluative criteria
combined market approach
49. A price-setting method based on estimated of demand at different prices
demand-based pricing
cycle analysis
universal functions of marketing
trade or functional discounts
50. The practice of setting a limited number of different specific prices - called price points - for items in a product line
mass marketing
price lining
demand curve
value pricing everyday low-pricing