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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. The loss of sales of an existing product when a new item in a product line or product family is introduced
target marketing
cannibalization
value pricing everyday low-pricing
service encounter
2. The collaboration of two or more firms in setting prices - usually to keep prices high
price maintenance
demand curve
market segment
consumer satisfaction/dissatisfiaction
3. Manufactured goods or subassemblies of finished items that organizations need to complete their own product
component parts
cognitive dissonance
freight absorption pricing
cost of ownership
4. Products of the fishing - lumber - agricultural - and mining industries that organizational customers purchase to use in their finished products
seasonal analysis
raw materials
perception
umbrella pricing
5. Combining two or more submarkets into one larger target market as a basis for one strategy
decline stage
nondurable goods
combined market approach
heuristics
6. The actual product plus other supporting features such as a warranty - credit - delivery - installation - and repair service after the sale
augmented product
marketing ethics
classical conditioning
determining dimensions
7. The belief that use of a product has potentially negative consequences - either financial - physical or social
innovators
cognitive learning theory
perceived risk
diffusion
8. The second stage in the product life cycle - during which the product is accepted and sales rapidly increase
trade or functional discounts
list price
customer satisfaction
growth stage
9. Basic or necessary items that are available almost everywhere
bid riggin
staples
strategic business unit sbu
heuristics
10. The idea that its important to meet present needs without compromising the ability of future generations to meet their own needs
trade or functional discounts
baby boomers
dynamically continuous innovation
sustainability
11. An actual or imaginary individual or group that has significant effect on an individual's evaluations - aspirations - or behavior
demand-based pricing
demand curve
variable costs
reference group
12. 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
SWOT analysis
early majority
target market
late majority
13. The value of a brand to an organization
quantity discounts
brand equity
clickstream analysis
qualifying dimensions
14. Tangible products we can see - touch - smell - hear - taste
goods
tipping point
lifestyle
test marketing
15. An analysis attempting to attribute erratic sales variations to random - nonrecurrent events
store or private-label brands
perception
random factor analysis
senior citizens
16. The price the end customer is expected to pay as determined by the manufacturer
sales force forecasting survey
list price
information search
predatory pricing
17. Which means that as a company produces larger numbers of a particular product the cost of each unit of product goes down
economics of scale
continous innovation
early majority
social class
18. A pricing strategy in which a firm sets prices that provide ultimate value to customers
profit objective
value pricing everyday low-pricing
shopping product
service encounter
19. A strategy of experimenting with prices until the price that generates the highest profitability is found
breakthrough opportunities
classical conditioning
evaluative criteria
experimental pricing
20. The relative importance of perceived consequences of the purchase to a consumer
price bundling
social class
qualifying dimensions
involvment
21. A modification of an existing product that sets one brand apart from its competitors
learning
price-floor pricing
continous innovation
gen y
22. The first stage of the product life cycle in which slow growth follows the introduction of a new product in the marketplace
introduction
benefit segmentation
discontinuous innovation
continous innovation
23. Discounts off the list price of products to members of the channel of distribution that perform various marketing functions
consideration set
trade or functional discounts
discontinuous innovation
price elasticity
24. Consumer products that provide benefits for a short time because they are consumed - such as food - or are no longer useful such as newspaper.
late majority
cost-plus pricing
cognitive learning theory
nondurable goods
25. An analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales
price bundling
staples
customer relationship management (crm)
trend analysis
26. Opportunities that help innovators develop hard to copy marketing strategies that will be very profitable for a long time
culture
breakthrough opportunities
customer satisfaction
product category manager
27. The process by which organization adjust their offering in an attempt to match demand
executive judgement
capacity management
augmented product
brand
28. Expensive goods that an organization uses in its daily operations that last for a long time
learning
equipment
opportunity cost
innovation
29. Those that actually affect the customers purchase of specific product or brand in a product market
determining dimensions
real income
perception
trade or functional discounts
30. A new product that copies with slight modification the design of an original product
target marketing
non-cumulative quantity discounts
knock-off
tipping point
31. A homogeneous group of customers who will respond to a marketing mix in a similiar way
market segment
heuristics
metropolitan statistical area (msa)
experimental pricing
32. 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
seasonal analysis
market segmentation
market
fast-moving consumer goods
33. The practice of linking products to a particular social cause on an ongoing or short-term basis
attitude
market segment
bartering
cause-related marketing
34. People whose children are grown and who are now able to spend their money in other ways
equipment
empty nesters
product life cycle
market segment
35. A learned predisposition to respond favorably or unfavorably to stimuli based on relatively enduring evaluations of people - objects - and issues
capacity management
test marketing
sales forecast
attitude
36. A pricing tactic for two items that must be used together; one item is priced very low and the firm makes its profit on another - high-margin item essential to the operation of the first item
uniform delivered pricing
prestige pricing
captive pricing
multiple target market approach
37. A good or service with unique characteristics that are important to the buyer and for which the buyer will devote significant effort to acquire
motivation
sales force forecasting survey
social class
specialty products
38. Products that exhibit consistently high velocity sales in the consumer marketplace
target marketing
market manager
knock-off
fast-moving consumer goods
39. An organizational unit that focuses on some product markets and is treated as a separate profit center
new product failure
strategic business unit sbu
prestige pricing
introduction
40. Brands that are owned and sold by a specific - retailer or distributor
store or private-label brands
family brand
sustainability
yield-management pricing
41. A marketing mix is tailored to fit some specific target customers
segments
cycle analysis
expert forecasting survey
target marketing
42. 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
lifestyle
value pricing everyday low-pricing
freight absorption pricing
43. Costs involved in using a product
operating costs
judgment
sales force forecasting survey
Delphi technique
44. Selling two or more goods or services as a single package for one price
price bundling
maturity stage
venture teams
family brand
45. The seller fine tunes the marketing effort with info from a detailed customer database
customer relationship management (crm)
fast-moving consumer goods
cycle analysis
differentation
46. 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
market segmentation
predatory pricing
SWOT analysis
competitive effect objective
47. The strategy of selling products at unreasonably low prices to drive competitors out of business
early adopters
combined market approach
self-concept
predatory pricing
48. The cost of production (raw and processed materials - parts - and labor) that are tried to - and vary depending on - the number of units produced
random factor analysis
variable costs
economics of scale
switching costs
49. People over 65
frequent discounting
senior citizens
perception
nondurable goods
50. A set of price or a price range in consumers' minds that they refer to in evaluating a product's price
internal reference price
market information function
economics of scale
venture teams
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