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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 strategy of experimenting with prices until the price that generates the highest profitability is found
cycle analysis
experimental pricing
co-branding
breakthrough opportunities
2. Discounts based only on the quantity purchased in individual orders
heuristics
perceived risk
non-cumulative quantity discounts
sustainability
3. The patter of living that determines how people choose to spend their time - money - and energy that reflects their values - tastes - and preferences
customer relationship management (crm)
conformity
raw materials
lifestyle
4. An integrated economic and social unit wit a large population nucleus
social class
quantity discounts
variable costs
metropolitan statistical area (msa)
5. Group of people within an organization who focus exclusively on the development of a new product
seasonal analysis
venture teams
time-series analysis
combined market approach
6. 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
cognitive learning theory
target costing
social class
SWOT analysis
7. 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
cost of ownership
early majority
unsought products
skimming price
8. The idea that its important to meet present needs without compromising the ability of future generations to meet their own needs
trial pricing
target marketing
target market
sustainability
9. Tohose whose adoption to a new product signals a general acceptance of the innovation
consumer satisfaction/dissatisfiaction
heuristics
early majority
sales forecast
10. The practice of setting a limited number of different specific prices - called price points - for items in a product line
price lining
zone pricing
co-branding
brand loyalty
11. A good or service for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase
clustering techniques
conformity
early majority
shopping product
12. E-commerce that allows shoppers to purchase products through online bidding
online auctions
disintermediation
economics of scale
cause-related marketing
13. 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
seasonal analysis
processed material
bid riggin
14. The collaboration of two or more firms in setting prices - usually to keep prices high
SWOT analysis
qualifying dimensions
brand
price maintenance
15. A manager who is responsible for developing and implementing the marketing plan for a single brand
hierarchy of needs
brand manager
conformity
test marketing
16. Collusion between suppliers responding to bid requests to lessen competition and secure higher margins
birthrate
unsought products
target market
bid riggin
17. The process of eliminating interaction between customers and service providers
random factor analysis
disintermediation
maturity stage
expert forecasting survey
18. A product that consumers perceive to be new and different form existing products
uniform delivered pricing
consumer behavior
innovation
cycle analysis
19. A homogeneous group of customers who will respond to a marketing mix in a similiar way
competitive advantage
market segment
capacity management
brand extension
20. A pricing strategy that considers the lifetime cost of using the product
macro marketing
cost of ownership
trade or functional discounts
late majority
21. 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
executive judgement
f.o.b. origin pricing
variable costs
price leadership (follower)
22. Costs involved in using a product
expert forecasting survey
portfolio management
operating costs
processed material
23. The set of alternative brands the consumer is considering for the decision process
consideration set
goods
f.o.b. origin pricing
diffusion
24. When a percentage change in price results in a smaller percentage change in the quantity demanded
stimulus generalization
unsought products
price inelastic
multiple target market approach
25. Extent to which a firm fulfills a customers needs - desires - and expectations
goods
customer satisfaction
time-series analysis
market segmentation
26. Charging a very high - premium price for a new product
metropolitan statistical area (msa)
skimming price
seasonal analysis
product life cycle
27. Pricing products with a focus on a target level of profit growth or a desired net profit margin
profit objective
executive judgement
continous innovation
real income
28. Selling two or more goods or services as a single package for one price
metropolitan statistical area (msa)
price elastic
consumer-to-consumer e-commerce
price bundling
29. A pattern of repeat product purchases - accompanied by an underlying positive attitude toward the brand - which is based on the belief that the brand makes products superior to its competition
brand loyalty
nondurable goods
test marketing
sales force forecasting survey
30. The values - beliefs - customs - and tastes that a group of people value
reference group
market information function
evaluative criteria
culture
31. The marketing mix is distinct from and better than what is available from a competitor
convenience product
uniform delivered pricing
product line
differentation
32. Pricing a new product low for a limited period of time to lower the risk for a customer
predatory pricing
online auctions
trial pricing
reciprocity
33. An arrangement unique to business marketing in which two organizations agree to buy from each other
reciprocity
predatory pricing
tipping point
switching costs
34. The value that customers give up - or exchange - to obtain a desired product
variable costs
market segmentation
price
maintenance - repair - and operating products
35. A strategy where prices are set significantly higher than competing brands
prestige pricing
personality
cost-plus pricing
disposable income
36. Number of babies born per 1000 people fluctuated greatly in last 65 years
specialty products
combined market approach
birthrate
metropolitan statistical area (msa)
37. A new product that copies with slight modification the design of an original product
value pricing everyday low-pricing
predatory pricing
knock-off
cognitive dissonance
38. All the benefits the product will provide for consumers or business customers
core product
list price
expert forecasting survey
tipping point
39. An analysis attempting to attribute erratic sales variations to random - nonrecurrent events
multiple target market approach
breakthrough opportunities
random factor analysis
equipment
40. 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
cumulative quantity discounts
store or private-label brands
market segmentation
variable pricing
41. The value of a brand to an organization
market information function
consumer satisfaction/dissatisfiaction
brand equity
conformity
42. An organizational unit that focuses on some product markets and is treated as a separate profit center
yield-management pricing
processed material
gen x
strategic business unit sbu
43. Pricing intended to establish a desired image or positioning to prospective customers
opportunity cost
image enhancement objective
predatory pricing
perception
44. Goods that a business customer consumes in a relatively short time
growth stage
price bundling
perception
maintenance - repair - and operating products
45. The difference between the cost of the product and the selling price of the product
clickstream analysis
margin
staples
executive judgement
46. An analysis of sales figures for a period of 3 to 5 years to ascertain whether sales fluctuate in a consistent - periodic manner
mass marketing
cycle analysis
demand curve
continous innovation
47. A forecasting method that uses historical sales data to discover patterns in the firm's sales over time and generally involves trend - cycle - seasonal - and random factor analyses
real income
capacity management
product adoption
time-series analysis
48. A market with very similar needs and sellers offering various close substitute ways of satisfying those needs
trend analysis
opinion leader
regression analysis
product market
49. The process by which the use of a product spreads throughout the population
baby boomers
multiple target market approach
diffusion
personality
50. A good or service with unique characteristics that are important to the buyer and for which the buyer will devote significant effort to acquire
maintenance - repair - and operating products
specialty products
disposable income
mass selling