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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. Segmenting the market and choosing two or more segments and then treating each as a separate target market needing a different marketing mix
growth stage
consumer satisfaction/dissatisfiaction
multiple target market approach
demand-based pricing
2. A pricing strategy that considers the lifetime cost of using the product
cost of ownership
price inelastic
yield-management pricing
capacity management
3. Pricing products to maximize sales or to attain a desired level of sales or market share
discetionary income
determining dimensions
bait and switch
sales or market share objective
4. When a percentage change in price results in a smaller percentage change in the quantity demanded
price discrimination
licensing
price inelastic
product line
5. Tohose whose adoption to a new product signals a general acceptance of the innovation
early majority
predatory pricing
growth stage
component parts
6. The price the end customer is expected to pay as determined by the manufacturer
customer relationship management (crm)
customer satisfaction objective
service encounter
list price
7. Testing the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter
mass selling
hierarchy of needs
f.o.b. origin pricing
test marketing
8. 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
disposable income
early majority
mass marketing
trademark
9. The final stage in the product life cycle - in which sales decrease as customer needs change
breakthrough opportunities
decline stage
senior citizens
perception
10. When a percentage change in price results in a larger percentage change in the quantity demanded
combined market approach
price elastic
hierarchy of needs
clickstream analysis
11. A means of measuring a website's success by tracking customers' movement around the company website
clickstream analysis
cumulative quantity discounts
price subsidies
demand-based pricing
12. A new product that copies with slight modification the design of an original product
Delphi technique
experimental pricing
core product
knock-off
13. 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
staples
innovators
market
economics of scale
14. The typical production oriented approach - vaguely aims at "everyone" with the same marketing mix
impulse product
strategic business unit sbu
cognitive learning theory
mass marketing
15. Communicating with large numbers of customers at the same time
component parts
consumer behavior
mass selling
introduction
16. A strategy of ducking under a competitor's price by a fixed percentage
market information function
umbrella pricing
capacity management
segmenting
17. Sales forecasting based on the intuition of one or more executives
executive judgement
store or private-label brands
dynamically continuous innovation
brand
18. 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
bid riggin
augmented product
switching costs
time-series analysis
19. The practice of recognizing and targeting the distinctive needs and wants of one or more ethnic subcultures
multicultural marketing
mass selling
customer satisfaction objective
margin
20. An aggregating process - clustering people with similar needs into a "market segment"
segmenting
emergency product
market manager
early majority
21. A pricing tactic of charging reduced prices for larger quantities of product
price discrimination
equipment
quantity discounts
baby boomers
22. The overall feelings or attitude a person has about a product after purchasing it
consumer satisfaction/dissatisfiaction
component parts
empty nesters
discontinuous innovation
23. The actual product plus other supporting features such as a warranty - credit - delivery - installation - and repair service after the sale
profit objective
augmented product
component parts
venture teams
24. A group within a society whose members share a distinctive set of beliefs - characteristics - or common experiences
universal functions of marketing
subculture
classical conditioning
cognitive learning theory
25. The collaboration of two or more firms in setting prices - usually to keep prices high
loss-leader pricing
national or manufacturer brands
price maintenance
freight absorption pricing
26. The pricing strategy in which the price can easily be adjusted to meet changes in the marketplace
target marketing
equipment
cumulative quantity discounts
dynamic pricing
27. E-commerce that allows shoppers to purchase products through online bidding
segments
loss-leader pricing
online auctions
market test
28. The process by which organization adjust their offering in an attempt to match demand
capacity management
price elasticity
combiners
reference group
29. An analysis of daily - weekly or monthly sales figures to evaluate the degree to which seasonal factors influence sales
qualifying dimensions
family brand
knock-off
seasonal analysis
30. Products we purchase when we're in dire need
brand extension
cannibalization
emergency product
market manager
31. Manufactured goods or subassemblies of finished items that organizations need to complete their own product
birthrate
f.o.b. delivered pricing
component parts
new product failure
32. Which means that as a company produces larger numbers of a particular product the cost of each unit of product goes down
customer satisfaction
new product failure
economics of scale
hierarchy of needs
33. The third and longest stage in the product life cycle - in which sales peak and profit margin narrows
price discrimination
maturity stage
price bundling
equipment
34. The cost of production (raw and processed materials - parts - and labor) that are tried to - and vary depending on - the number of units produced
conformity
variable costs
actual product
decline stage
35. The process whereby a consumer searches for appropriate information needed to make a reasonable decision
information search
conformity
hierarchy of needs
brand extension
36. A marketing mix is tailored to fit some specific target customers
sales forecast
inelastic demand
economics of scale
target marketing
37. 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
fixed costs
consumer behavior
differentation
social class
38. The process by which people select - organize - and interpret information form the outside world
diffusion
early majority
perception
nondurable goods
39. The process of eliminating interaction between customers and service providers
trend analysis
disintermediation
regression analysis
heuristics
40. A brand that a group of individual products or individual brands share
decline stage
family brand
knock-off
perceived risk
41. A strategy of experimenting with prices until the price that generates the highest profitability is found
experimental pricing
baby boomers
maturity stage
gen x
42. Learning that occurs as the result of rewards of punishments
operant conditioning
determining dimensions
test marketing
combined market approach
43. Number of babies born per 1000 people fluctuated greatly in last 65 years
birthrate
SWOT analysis
non-cumulative quantity discounts
mass marketing
44. Group of people within an organization who focus exclusively on the development of a new product
executive judgement
uniform delivered pricing
venture teams
shopping product
45. A change in an existing product that requires a moderate amount of learning or behavior change
dynamically continuous innovation
self-concept
combined market approach
consumer satisfaction/dissatisfiaction
46. Discounts based on the total quantity bought within a specified time period
cumulative quantity discounts
bait and switch
operating costs
qualifying dimensions
47. The pricing strategy of setting prices below cost to attract customers into a store
loss-leader pricing
pure subsistence economy
impulse product
product line
48. An analysis of sales figures for a period of 3 to 5 years to ascertain whether sales fluctuate in a consistent - periodic manner
maturity stage
executive judgement
empty nesters
cycle analysis
49. A good or service for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase
brand loyalty
shopping product
list price
innovation
50. The difference between the cost of the product and the selling price of the product
nondurable goods
brand equity
co-branding
margin
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