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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. Tangible products we can see - touch - smell - hear - taste
test marketing
bid riggin
product life cycle
goods
2. The difference between the cost of the product and the selling price of the product
margin
growth stage
processed material
decline stage
3. The loss of sales of an existing product when a new item in a product line or product family is introduced
cannibalization
skimming price
national or manufacturer brands
sales or market share objective
4. Costs of production that do not change with the number of units produced
seasonal analysis
bait and switch
target market
fixed costs
5. The pricing strategy of setting prices below cost to attract customers into a store
innovation
product category manager
loss-leader pricing
sex roles
6. The first stage of the product life cycle in which slow growth follows the introduction of a new product in the marketplace
trend analysis
staples
introduction
sales or market share objective
7. Aim at one or more homogeneous segments and try to develop different marketing mix for each
expert forecasting survey
segments
yield-management pricing
discetionary income
8. The practice of setting a limited number of different specific prices - called price points - for items in a product line
single target market approach
price lining
cause-related marketing
cognitive learning theory
9. Testing the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter
processed material
executive judgement
product adoption
test marketing
10. The first segment (2.5%) of a population to adopt a new product
self-concept
innovators
market information function
demand curve
11. Products that consumers purchase to signal membership in a desirable social class
market test
price inelastic
consideration set
status symbols
12. E-commerce that allows shoppers to purchase products through online bidding
online auctions
disintermediation
staples
operant conditioning
13. Products that exhibit consistently high velocity sales in the consumer marketplace
sales force forecasting survey
service encounter
fast-moving consumer goods
national or manufacturer brands
14. A set of price or a price range in consumers' minds that they refer to in evaluating a product's price
online auctions
single target market approach
reciprocity
internal reference price
15. A decision-making method in which members of a panel of experts respond to questions and to each other until reaching agreement on an issue
segmenting
bait and switch
Delphi technique
attitude
16. 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
shopping product
expert forecasting survey
cognitive learning theory
regression analysis
17. Products created when firms transform raw materials from their original state
specialty products
fixed costs
stimulus generalization
processed material
18. Pricing products with a focus on a target level of profit growth or a desired net profit margin
trend analysis
price subsidies
time-series analysis
profit objective
19. Number of babies born per 1000 people fluctuated greatly in last 65 years
cost of ownership
judgment
birthrate
profit objective
20. People born between 1946 and 1964
operating costs
competitive advantage
baby boomers
maintenance - repair - and operating products
21. 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
tipping point
target costing
portfolio management
raw materials
22. The relative importance of perceived consequences of the purchase to a consumer
brand equity
involvment
cause-related marketing
experimental pricing
23. The belief that use of a product has potentially negative consequences - either financial - physical or social
perceived risk
random factor analysis
switching costs
f.o.b. delivered pricing
24. The value that customers give up - or exchange - to obtain a desired product
culture
price
benefit segmentation
macro marketing
25. A price-setting method based on estimated of demand at different prices
demand-based pricing
strategic business unit sbu
co-branding
determining dimensions
26. Sometimes called millenials - refer to those born from 1978-1994
gen y
culture
price-floor pricing
combiners
27. 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
perceived risk
micromarketing
involvment
price-floor pricing
28. A brand that a group of individual products or individual brands share
competitive advantage
family brand
consumer satisfaction/dissatisfiaction
brand extension
29. A pricing strategy in which a firm sets prices that provide ultimate value to customers
licensing
regression analysis
value pricing everyday low-pricing
opportunity cost
30. A social process that directs an economy
sales forecast
macro marketing
sales or market share objective
cost of ownership
31. A two step process of naming brand product markets and segmenting these broad products markets in order to select target markets and develop suitable marketing mixes
segments
early adopters
customer satisfaction objective
market segmentation
32. An organizational unit that focuses on some product markets and is treated as a separate profit center
combiners
strategic business unit sbu
segmenting
licensing
33. Income that is adjusted to take out the effects of inflation on purchasing power
single target market approach
consumer satisfaction/dissatisfiaction
real income
price subsidies
34. Pricing a new product low for a limited period of time to lower the risk for a customer
price bundling
trial pricing
cognitive dissonance
introduction
35. The process by which people select - organize - and interpret information form the outside world
breakthrough opportunities
f.o.b. origin pricing
regression analysis
perception
36. People whose children are grown and who are now able to spend their money in other ways
empty nesters
competitive effect objective
cycle analysis
product line
37. Products we purchase when we're in dire need
customer satisfaction objective
emergency product
cumulative quantity discounts
goods
38. Basic or necessary items that are available almost everywhere
prestige pricing
staples
trademark
perceived risk
39. The third and longest stage in the product life cycle - in which sales peak and profit margin narrows
seasonal analysis
breakthrough opportunities
internal reference price
maturity stage
40. 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
sales or market share objective
market
opinion leader
generic marketing
41. A manager who is responsible for developing and implementing the marketing plans for products sold to a specific customer group
venture teams
pure subsistence economy
consumer behavior
market manager
42. A pricing tactic in which a firm adds a standard shipping charge to the price for all customers regardless the location
cycle analysis
stimulus generalization
hierarchy of needs
uniform delivered pricing
43. The values - beliefs - customs - and tastes that a group of people value
sex roles
online auctions
trend analysis
culture
44. When a percentage change in price results in a larger percentage change in the quantity demanded
price elastic
target marketing
stimulus generalization
heuristics
45. The final stage in the product life cycle - in which sales decrease as customer needs change
differentation
co-branding
inelastic demand
decline stage
46. 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
tipping point
value pricing everyday low-pricing
image enhancement objective
47. A new product that does not reach expectations for success - failing to reach sales objectives set
family life cycle
random factor analysis
new product failure
bartering
48. A situation in which an increase or a decrease in price will not significantly affect demand for the product
sales or market share objective
store or private-label brands
self-concept
inelastic demand
49. When a percentage change in price results in a smaller percentage change in the quantity demanded
price inelastic
micromarketing
frequent discounting
switching costs
50. Brands that are owned and sold by a specific - retailer or distributor
segments
cognitive learning theory
store or private-label brands
capacity management