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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. A means of characterizing consumers based on the different family stages they pass through as they grow older
family life cycle
customer satisfaction objective
non-cumulative quantity discounts
market segmentation
2. A mental rule of thumb that leads to a speedy decision by simplifying the process
heuristics
customer satisfaction
fast-moving consumer goods
venture teams
3. A good or service with unique characteristics that are important to the buyer and for which the buyer will devote significant effort to acquire
macro marketing
qualifying dimensions
specialty products
disintermediation
4. The collaboration of two or more firms in setting prices - usually to keep prices high
price maintenance
trade or functional discounts
expert forecasting survey
diffusion
5. A social process that directs an economy
tipping point
variable pricing
unsought products
macro marketing
6. The physical good or the delivered service that supplies the desired benefit
actual product
expert forecasting survey
online auctions
target costing
7. The process of eliminating interaction between customers and service providers
disintermediation
decline stage
segmenting
impulse product
8. Pricing that is intended to maximize customer satisfaction and retention
product life cycle
customer satisfaction objective
culture
durable goods
9. The pricing strategy in which the price can easily be adjusted to meet changes in the marketplace
dynamic pricing
goods
captive pricing
shopping product
10. The typical production oriented approach - vaguely aims at "everyone" with the same marketing mix
opportunity cost
mass marketing
seasonal analysis
cost of ownership
11. To try to increase the size of their target markets by combining two or more segments
combiners
growth stage
national or manufacturer brands
marketing ethics
12. The marketing mix is distinct from and better than what is available from a competitor
trial pricing
cumulative quantity discounts
opinion leader
differentation
13. The practice of linking products to a particular social cause on an ongoing or short-term basis
f.o.b. delivered pricing
cause-related marketing
real income
benefit segmentation
14. The strategy of selling products at unreasonably low prices to drive competitors out of business
predatory pricing
SWOT analysis
product market
brand loyalty
15. 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
market
reference group
decline stage
specialty products
16. Manufactured goods or subassemblies of finished items that organizations need to complete their own product
laggards
price maintenance
economics of scale
component parts
17. Discounts based on the total quantity bought within a specified time period
cumulative quantity discounts
clickstream analysis
prestige pricing
stimulus generalization
18. The pricing strategy of setting prices below cost to attract customers into a store
new product failure
competitive advantage
late majority
loss-leader pricing
19. A strategy of ducking under a competitor's price by a fixed percentage
licensing
variable pricing
umbrella pricing
target market
20. Which treats alternative products divisions - or strategic buisness units as though they were stock investments - to be bought and sold using financial criteria
combiners
f.o.b. origin pricing
portfolio management
stimulus generalization
21. The final stage in the product life cycle - in which sales decrease as customer needs change
decline stage
cost-plus pricing
price bundling
introduction
22. 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
demand curve
opinion leader
price inelastic
senior citizens
23. To try to find similar patterns within sets of data
dynamically continuous innovation
trade or functional discounts
fast-moving consumer goods
clustering techniques
24. Pricing products to maximize sales or to attain a desired level of sales or market share
sales or market share objective
differentation
evaluative criteria
brand equity
25. 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
subculture
portfolio management
licensing
f.o.b. delivered pricing
26. Discounts off the list price of products to members of the channel of distribution that perform various marketing functions
demand curve
classical conditioning
heuristics
trade or functional discounts
27. Pricing intended to establish a desired image or positioning to prospective customers
cycle analysis
image enhancement objective
maturity stage
mass marketing
28. An agreement between two brands to work together in marketing new or existing products
co-branding
customer relationship management (crm)
specialty products
family brand
29. A learned predisposition to respond favorably or unfavorably to stimuli based on relatively enduring evaluations of people - objects - and issues
time-series analysis
durable goods
attitude
micromarketing
30. The dimensions that consumers use to compare completing product alternatives
price lining
evaluative criteria
judgment
online auctions
31. A survey of customers regarding the types and quantities of products they intend to buy during a specific period
maintenance - repair - and operating products
customer forecasting survey
combined market approach
convenience product
32. The process by which organization adjust their offering in an attempt to match demand
licensing
benefit segmentation
mass marketing
capacity management
33. The loss of sales of an existing product when a new item in a product line or product family is introduced
cannibalization
variable costs
sales forecast
knock-off
34. Relevant to including a customer type in a product market
venture teams
customer relationship management (crm)
qualifying dimensions
national or manufacturer brands
35. Segmenting the market and picking one of the homogeneous segments as the firms target market
conformity
single target market approach
durable goods
trademark
36. Number of babies born per 1000 people fluctuated greatly in last 65 years
national or manufacturer brands
trade or functional discounts
perception
birthrate
37. The last consumers to adopt the innovation
generic marketing
laggards
evaluative criteria
pure subsistence economy
38. Which means that as a company produces larger numbers of a particular product the cost of each unit of product goes down
macro marketing
captive pricing
economics of scale
consideration set
39. Brands that the manufacturer of the product owns
national or manufacturer brands
trade or functional discounts
knock-off
cognitive dissonance
40. 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
mass selling
universal functions of marketing
hierarchy of needs
brand extension
41. Means that a firm has a marketing mix that the target market sees as better than a competitors mix
competitive advantage
micromarketing
trend analysis
disposable income
42. The practice of exchanging a good or service for another good or service of like value
bartering
test marketing
impulse product
variable costs
43. 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
inelastic demand
f.o.b. delivered pricing
freight absorption pricing
f.o.b. origin pricing
44. The first stage of the product life cycle in which slow growth follows the introduction of a new product in the marketplace
introduction
brand loyalty
information search
internal reference price
45. A new product sold with the same brand name as a strong existing brand
brand extension
unsought products
frequent discounting
co-branding
46. A group within a society whose members share a distinctive set of beliefs - characteristics - or common experiences
subculture
market
f.o.b. delivered pricing
umbrella pricing
47. An individual's self-image that is composed of a mixture of beliefs - observations - and feelings about personal attributes
self-concept
value pricing everyday low-pricing
customer forecasting survey
segmenting
48. Pricing a new product low for a limited period of time to lower the risk for a customer
trial pricing
cost of ownership
customer satisfaction objective
early majority
49. A price-setting method based on estimated of demand at different prices
price elastic
SWOT analysis
demand-based pricing
sales or market share objective
50. The illegal practice of offering the same product of like quality and quantity to different business customers at different prices - thus lessening competition
brand equity
expert forecasting survey
cumulative quantity discounts
price discrimination