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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. Extent to which a firm fulfills a customers needs - desires - and expectations
perceived risk
variable costs
licensing
customer satisfaction
2. Pricing that is intended to have an effect on the marketing efforts of the competition
sustainability
trade or functional discounts
competitive effect objective
brand equity
3. The division of a market according to benefits that consumers want from the product
learning
benefit segmentation
market segment
variable costs
4. The cost of production (raw and processed materials - parts - and labor) that are tried to - and vary depending on - the number of units produced
variable costs
market
economics of scale
information search
5. 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
pure subsistence economy
skimming price
profit objective
unsought products
6. Pricing products to maximize sales or to attain a desired level of sales or market share
sales or market share objective
core product
disintermediation
f.o.b. delivered pricing
7. Segmenting the market and picking one of the homogeneous segments as the firms target market
single target market approach
test marketing
demand-based pricing
random factor analysis
8. Sales forecasts prepared by experts such as economists - management consultants - advertising executives - college professors - or other persons outside the firm
penetration strategy
self-concept
cause-related marketing
expert forecasting survey
9. 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
self-concept
tipping point
innovation
yield-management pricing
10. Pricing products with a focus on a target level of profit growth or a desired net profit margin
new product failure
profit objective
perception
service encounter
11. Discounts off the list price of products to members of the channel of distribution that perform various marketing functions
trade or functional discounts
consumer-to-consumer e-commerce
knock-off
dynamic pricing
12. People whose children are grown and who are now able to spend their money in other ways
segmenting
real income
decline stage
empty nesters
13. Segmenting the market and choosing two or more segments and then treating each as a separate target market needing a different marketing mix
market manager
real income
brand loyalty
multiple target market approach
14. E-commerce that allows shoppers to purchase products through online bidding
online auctions
convenience product
stimulus generalization
dynamic pricing
15. A modification of an existing product that sets one brand apart from its competitors
cost of ownership
value pricing everyday low-pricing
maturity stage
continous innovation
16. A survey of a firm's sales force regarding anticipated sales in their territories for a specified period.
sales force forecasting survey
market test
staples
strategic business unit sbu
17. The pricing strategy in which the price can easily be adjusted to meet changes in the marketplace
dynamic pricing
price bundling
cost of ownership
f.o.b. delivered pricing
18. A brand that a group of individual products or individual brands share
zone pricing
family brand
inelastic demand
maturity stage
19. People over 65
reference group
laggards
demand curve
senior citizens
20. Group of people within an organization who focus exclusively on the development of a new product
price bundling
new product failure
venture teams
consumer behavior
21. A survey of customers regarding the types and quantities of products they intend to buy during a specific period
captive pricing
customer forecasting survey
brand equity
lifestyle
22. Means that a firm has a marketing mix that the target market sees as better than a competitors mix
price
competitive advantage
brand
universal functions of marketing
23. Products of the fishing - lumber - agricultural - and mining industries that organizational customers purchase to use in their finished products
birthrate
image enhancement objective
heuristics
raw materials
24. The illegal practice of offering the same product of like quality and quantity to different business customers at different prices - thus lessening competition
price discrimination
multicultural marketing
sales or market share objective
cognitive dissonance
25. The loss of sales of an existing product when a new item in a product line or product family is introduced
maturity stage
cannibalization
discontinuous innovation
attitude
26. Sales forecasting based on the intuition of one or more executives
involvment
market
universal functions of marketing
executive judgement
27. Sometimes called millenials - refer to those born from 1978-1994
venture teams
gen y
raw materials
brand extension
28. A process in which firms identify the quality and functionality needed to satisfy customers and what price they are willing to pay before the product is designed; the product is manufactured only if the firm can control costs to meet the required pri
knock-off
social class
sustainability
target costing
29. A means of characterizing consumers based on the different family stages they pass through as they grow older
regression analysis
convenience product
family life cycle
specialty products
30. The process by which the use of a product spreads throughout the population
diffusion
zone pricing
internal reference price
introduction
31. The process by which people select - organize - and interpret information form the outside world
combiners
captive pricing
perception
customer relationship management (crm)
32. 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
consumer satisfaction/dissatisfiaction
disposable income
cost of ownership
33. The belief that use of a product has potentially negative consequences - either financial - physical or social
perceived risk
dynamic pricing
maintenance - repair - and operating products
list price
34. The practice of exchanging a good or service for another good or service of like value
empty nesters
product category manager
bartering
brand extension
35. Number of babies born per 1000 people fluctuated greatly in last 65 years
penetration strategy
price
generic marketing
birthrate
36. Consumers products that provide benefits over a long period of time - such as cars - furniture - and appliances
durable goods
innovators
information search
actual product
37. To try to increase the size of their target markets by combining two or more segments
quantity discounts
combiners
sex roles
self-concept
38. Expensive goods that an organization uses in its daily operations that last for a long time
maturity stage
f.o.b. origin pricing
early adopters
equipment
39. The process involved when individuals or groups select - purchase - use - and dispose of goods - services - ideas - or experiences to satisfy their needs and desires
disposable income
consumer behavior
loss-leader pricing
lifestyle
40. What is left after taxes
disposable income
stimulus generalization
time-series analysis
market test
41. Moral standards that guide marketing decisions and actions
brand extension
bid riggin
marketing ethics
empty nesters
42. A learned predisposition to respond favorably or unfavorably to stimuli based on relatively enduring evaluations of people - objects - and issues
target market
attitude
discontinuous innovation
specialty products
43. The process by which a consumer or business customer begins to buy and use a new good - service - or idea
cycle analysis
variable costs
product adoption
trademark
44. Communication and purchases that occur among individuals without directly involving the manufacturer or retailer
switching costs
store or private-label brands
consumer-to-consumer e-commerce
market
45. The values - beliefs - customs - and tastes that a group of people value
dynamically continuous innovation
baby boomers
culture
store or private-label brands
46. The legal term for a brand name - brand mark - or trade character; trademark legally registered by a government obtains protection for exclusive use in that country
multiple target market approach
trademark
customer satisfaction objective
attitude
47. Costs of production that do not change with the number of units produced
marketing ethics
inelastic demand
consumer-to-consumer e-commerce
fixed costs
48. Tangible products we can see - touch - smell - hear - taste
cause-related marketing
mass marketing
goods
service encounter
49. A good or service for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase
trend analysis
fast-moving consumer goods
combiners
shopping product
50. The strategy of selling products at unreasonably low prices to drive competitors out of business
single target market approach
predatory pricing
trend analysis
sustainability