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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. Aim at one or more homogeneous segments and try to develop different marketing mix for each
stimulus generalization
cost of ownership
segments
target costing
2. A group within a society whose members share a distinctive set of beliefs - characteristics - or common experiences
determining dimensions
subculture
market segment
portfolio management
3. Means that a firm has a marketing mix that the target market sees as better than a competitors mix
competitive advantage
raw materials
cognitive learning theory
market manager
4. A fairly homogeneous group of customers to whom a company wishes to appeal
breakthrough opportunities
dynamically continuous innovation
economics of scale
target market
5. A method of predicting sales based on finding a relationship between past sales and one or more independent variables - such as population or income
regression analysis
national or manufacturer brands
baby boomers
staples
6. A manager who is responsible for developing and implementing the marketing plan for a single brand
baby boomers
brand manager
metropolitan statistical area (msa)
price subsidies
7. Sales forecasts prepared by experts such as economists - management consultants - advertising executives - college professors - or other persons outside the firm
profit objective
real income
expert forecasting survey
product life cycle
8. A social process that directs an economy
determining dimensions
macro marketing
capacity management
laggards
9. The collaboration of two or more firms in setting prices - usually to keep prices high
variable costs
fixed costs
price maintenance
trend analysis
10. The third and longest stage in the product life cycle - in which sales peak and profit margin narrows
maturity stage
random factor analysis
learning
brand loyalty
11. A situation in which an increase or a decrease in price will not significantly affect demand for the product
trial pricing
inelastic demand
bartering
real income
12. A firm's total product offering designed to satisfy a single need or desire of target customers
sales or market share objective
product line
competitive advantage
disposable income
13. All the benefits the product will provide for consumers or business customers
early majority
core product
goods
subculture
14. Sales forecasting based on the intuition of one or more executives
single target market approach
competitive advantage
executive judgement
judgment
15. Moral standards that guide marketing decisions and actions
augmented product
staples
marketing ethics
hierarchy of needs
16. An illegal marketing practice in which an advertised price special is used as bait to get customers into the store with the intention of switching them to a higher-priced item
baby boomers
captive pricing
price subsidies
bait and switch
17. 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
captive pricing
mass marketing
price-floor pricing
information search
18. Expensive goods that an organization uses in its daily operations that last for a long time
single target market approach
equipment
target marketing
f.o.b. origin pricing
19. A means of characterizing consumers based on the different family stages they pass through as they grow older
trend analysis
family life cycle
cognitive dissonance
brand equity
20. Products that consumers purchase to signal membership in a desirable social class
self-concept
heuristics
status symbols
product adoption
21. 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
continous innovation
cognitive learning theory
reciprocity
margin
22. Products created when firms transform raw materials from their original state
hierarchy of needs
internal reference price
competitive effect objective
processed material
23. People over 65
senior citizens
single target market approach
price bundling
mass marketing
24. A good or service for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase
shopping product
operating costs
status symbols
trial pricing
25. The physical good or the delivered service that supplies the desired benefit
actual product
combined market approach
operant conditioning
inelastic demand
26. An integrated economic and social unit wit a large population nucleus
metropolitan statistical area (msa)
single target market approach
customer forecasting survey
price discrimination
27. Government payments made to protect domestic businesses or to reimburse them when they must price at or below cost to make a sale. the subsidy can be a cash payment or tax relief
mass selling
regression analysis
sales forecast
price subsidies
28. The belief that use of a product has potentially negative consequences - either financial - physical or social
licensing
perceived risk
judgment
marketing ethics
29. Brands that are owned and sold by a specific - retailer or distributor
variable pricing
store or private-label brands
generic marketing
new product failure
30. The value that customers give up - or exchange - to obtain a desired product
price
augmented product
family brand
staples
31. A mental rule of thumb that leads to a speedy decision by simplifying the process
fast-moving consumer goods
heuristics
evaluative criteria
cost-plus pricing
32. The overall feelings or attitude a person has about a product after purchasing it
customer relationship management (crm)
consumer satisfaction/dissatisfiaction
price leadership (follower)
combiners
33. The seller fine tunes the marketing effort with info from a detailed customer database
customer relationship management (crm)
skimming price
price lining
motivation
34. The first stage of the product life cycle in which slow growth follows the introduction of a new product in the marketplace
service encounter
sales force forecasting survey
introduction
diffusion
35. A modification of an existing product that sets one brand apart from its competitors
early adopters
target costing
continous innovation
discetionary income
36. The amount of a product a company expects to sell during a specific period at a specified level of marketing activities
motivation
bid riggin
cost of ownership
sales forecast
37. Pricing intended to establish a desired image or positioning to prospective customers
goods
universal functions of marketing
image enhancement objective
price inelastic
38. Products that exhibit consistently high velocity sales in the consumer marketplace
metropolitan statistical area (msa)
cognitive learning theory
bait and switch
fast-moving consumer goods
39. The difference between the cost of the product and the selling price of the product
margin
laggards
sales force forecasting survey
list price
40. Basic or necessary items that are available almost everywhere
market
economics of scale
profit objective
staples
41. Goods that a business customer consumes in a relatively short time
maintenance - repair - and operating products
consumer satisfaction/dissatisfiaction
price-floor pricing
uniform delivered pricing
42. Manufactured goods or subassemblies of finished items that organizations need to complete their own product
portfolio management
consumer behavior
component parts
operating costs
43. A brand that a group of individual products or individual brands share
family brand
price subsidies
price elastic
diffusion
44. The pricing strategy in which the price can easily be adjusted to meet changes in the marketplace
experimental pricing
dynamic pricing
growth stage
penetration strategy
45. The firm that sets prices first in a industry; other major firms in the industry follow the leader by standing in line
culture
price leadership (follower)
real income
market test
46. A product people often buy on the spur of the moment
market segmentation
impulse product
multiple target market approach
qualifying dimensions
47. Learning that occurs as the result of rewards of punishments
lifestyle
operant conditioning
brand
combiners
48. An aggregating process - clustering people with similar needs into a "market segment"
value pricing everyday low-pricing
segmenting
trademark
gen y
49. 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
time-series analysis
umbrella pricing
motivation
executive judgement
50. Buying - selling - transporting - storing - standardization and grading - financing - risk taking - and market information
shopping product
durable goods
universal functions of marketing
fast-moving consumer goods
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