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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. The second stage in the product life cycle - during which the product is accepted and sales rapidly increase
cost-plus pricing
capacity management
growth stage
bartering
2. The practice of setting a limited number of different specific prices - called price points - for items in a product line
cost of ownership
price lining
product life cycle
hierarchy of needs
3. The seller fine tunes the marketing effort with info from a detailed customer database
shopping product
product line
market test
customer relationship management (crm)
4. The value of a brand to an organization
fast-moving consumer goods
actual product
value pricing everyday low-pricing
brand equity
5. The process by which organization adjust their offering in an attempt to match demand
image enhancement objective
late majority
emergency product
capacity management
6. A market with very similar needs and sellers offering various close substitute ways of satisfying those needs
market segmentation
product market
product adoption
introduction
7. The process by which people select - organize - and interpret information form the outside world
perception
clustering techniques
durable goods
sustainability
8. Discounts off the list price of products to members of the channel of distribution that perform various marketing functions
brand extension
growth stage
product line
trade or functional discounts
9. A new product that does not reach expectations for success - failing to reach sales objectives set
portfolio management
new product failure
late majority
perception
10. A fairly homogeneous group of customers to whom a company wishes to appeal
executive judgement
target market
random factor analysis
emergency product
11. Costs involved in using a product
captive pricing
customer forecasting survey
operating costs
cost-plus pricing
12. 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
sales forecast
brand extension
product life cycle
13. The set of alternative brands the consumer is considering for the decision process
consideration set
mass marketing
portfolio management
product market
14. Communication and purchases that occur among individuals without directly involving the manufacturer or retailer
non-cumulative quantity discounts
consumer-to-consumer e-commerce
prestige pricing
reference group
15. To try to increase the size of their target markets by combining two or more segments
combiners
freight absorption pricing
hierarchy of needs
portfolio management
16. A totally new product that creates major changes in the way we live
convenience product
discontinuous innovation
universal functions of marketing
attitude
17. 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
innovation
tipping point
online auctions
18. An approach to market segmentation in which organizations focus precise marketing efforts on very small geographic markets
micromarketing
demand curve
price discrimination
demand-based pricing
19. A new product that copies with slight modification the design of an original product
knock-off
innovators
market segment
trial pricing
20. A relatively permanent change in behavior caused by acquired information or experience
market test
market
learning
customer relationship management (crm)
21. The overall rank or social standing of groups of people within society according to the value assigned to such factors as family background - education - occupation - and income
social class
online auctions
segmenting
equipment
22. Costs involved in moving from one brand to another
processed material
inelastic demand
switching costs
birthrate
23. The practice of recognizing and targeting the distinctive needs and wants of one or more ethnic subcultures
brand
competitive effect objective
multicultural marketing
consumer satisfaction/dissatisfiaction
24. 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
cognitive learning theory
opinion leader
core product
stimulus generalization
25. The third and longest stage in the product life cycle - in which sales peak and profit margin narrows
raw materials
maturity stage
brand
metropolitan statistical area (msa)
26. Pricing a new product low for a limited period of time to lower the risk for a customer
tipping point
augmented product
variable pricing
trial pricing
27. A mental rule of thumb that leads to a speedy decision by simplifying the process
breakthrough opportunities
heuristics
convenience product
customer satisfaction objective
28. A pricing strategy that considers the lifetime cost of using the product
bid riggin
product category manager
cost of ownership
augmented product
29. Means that a firm has a marketing mix that the target market sees as better than a competitors mix
universal functions of marketing
internal reference price
bartering
competitive advantage
30. An internal state that drives us to satisfy needs by activating goal-oriented behavior
innovation
cognitive dissonance
motivation
cost-plus pricing
31. A price-setting method based on estimated of demand at different prices
demand-based pricing
opinion leader
status symbols
market
32. Consumer products that provide benefits for a short time because they are consumed - such as food - or are no longer useful such as newspaper.
macro marketing
nondurable goods
real income
cycle analysis
33. Pricing products to maximize sales or to attain a desired level of sales or market share
specialty products
sales or market share objective
market test
fixed costs
34. An aggregating process - clustering people with similar needs into a "market segment"
regression analysis
expert forecasting survey
consumer satisfaction/dissatisfiaction
segmenting
35. A flexible pricing strategy that reflects what individual customers are willing to pay
introduction
component parts
multicultural marketing
variable pricing
36. A pricing tactic in which the seller absorbs the total cost of transportation
price lining
gen x
freight absorption pricing
f.o.b. delivered pricing
37. Segmenting the market and choosing two or more segments and then treating each as a separate target market needing a different marketing mix
online auctions
multiple target market approach
price-floor pricing
disintermediation
38. A survey of a firm's sales force regarding anticipated sales in their territories for a specified period.
goods
sales force forecasting survey
market
component parts
39. 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
bait and switch
market
price-floor pricing
mass selling
40. A method of selling prices in which the seller totals all the unit costs for the product and the adds the desired profit per unit
product market
cost-plus pricing
price subsidies
cycle analysis
41. Products that consumers purchase to signal membership in a desirable social class
late majority
knock-off
cost of ownership
status symbols
42. To try to find similar patterns within sets of data
clustering techniques
Delphi technique
strategic business unit sbu
target marketing
43. The pricing strategy in which the price can easily be adjusted to meet changes in the marketplace
actual product
core product
seasonal analysis
dynamic pricing
44. An agreement in which one firm sells another firm the right to use a brand name for a specific purpose and for a specific period of time
consumer satisfaction/dissatisfiaction
sales forecast
licensing
dynamic pricing
45. The typical production oriented approach - vaguely aims at "everyone" with the same marketing mix
consumer-to-consumer e-commerce
mass marketing
competitive effect objective
motivation
46. A homogeneous group of customers who will respond to a marketing mix in a similiar way
fixed costs
stimulus generalization
hierarchy of needs
market segment
47. When a percentage change in price results in a larger percentage change in the quantity demanded
empty nesters
price elastic
specialty products
brand loyalty
48. A good or service for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase
shopping product
growth stage
multicultural marketing
product line
49. An integrated economic and social unit wit a large population nucleus
impulse product
metropolitan statistical area (msa)
innovation
early adopters
50. 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
judgment
f.o.b. delivered pricing
attitude
service encounter