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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 value that customers give up - or exchange - to obtain a desired product
expert forecasting survey
price
mass marketing
margin
2. The actual product plus other supporting features such as a warranty - credit - delivery - installation - and repair service after the sale
breakthrough opportunities
augmented product
reciprocity
introduction
3. Those who adopt an innovation early in the diffusion process but later than the innovators
consumer behavior
early adopters
cost-plus pricing
learning
4. A pricing strategy that considers the lifetime cost of using the product
benefit segmentation
test marketing
cost of ownership
segmenting
5. Pricing that is intended to maximize customer satisfaction and retention
durable goods
sex roles
bartering
customer satisfaction objective
6. An analysis of daily - weekly or monthly sales figures to evaluate the degree to which seasonal factors influence sales
opinion leader
seasonal analysis
brand equity
product category manager
7. The process by which the use of a product spreads throughout the population
inelastic demand
diffusion
metropolitan statistical area (msa)
demand curve
8. A new product that copies with slight modification the design of an original product
sales or market share objective
knock-off
operating costs
impulse product
9. Extent to which a firm fulfills a customers needs - desires - and expectations
learning
customer satisfaction
image enhancement objective
price bundling
10. Products that consumers purchase to signal membership in a desirable social class
market manager
Delphi technique
status symbols
behavioral learning theories
11. The process whereby a consumer searches for appropriate information needed to make a reasonable decision
demand curve
strategic business unit sbu
random factor analysis
information search
12. Refers to the generation born immediately following the baby boom - from 1965-1977
gen x
national or manufacturer brands
continous innovation
demand-based pricing
13. A social process that directs an economy
real income
gen y
macro marketing
service encounter
14. The overall feelings or attitude a person has about a product after purchasing it
product market
prestige pricing
consumer satisfaction/dissatisfiaction
lifestyle
15. People over 65
senior citizens
mass marketing
brand extension
disintermediation
16. A pricing tactic in which the seller absorbs the total cost of transportation
freight absorption pricing
price inelastic
subculture
metropolitan statistical area (msa)
17. A practice of charging different prices to a different customers to manage capacity while maximizing revenues
raw materials
yield-management pricing
product adoption
status symbols
18. Communicating with large numbers of customers at the same time
cost-plus pricing
mass selling
evaluative criteria
competitive advantage
19. An aggregating process - clustering people with similar needs into a "market segment"
social class
perceived risk
skimming price
segmenting
20. The practice of setting a limited number of different specific prices - called price points - for items in a product line
combined market approach
dynamic pricing
price lining
economics of scale
21. The practice of exchanging a good or service for another good or service of like value
bartering
freight absorption pricing
mass selling
market
22. Pricing products with a focus on a target level of profit growth or a desired net profit margin
profit objective
fast-moving consumer goods
motivation
bartering
23. Discounts based on the total quantity bought within a specified time period
cumulative quantity discounts
judgment
price discrimination
SWOT analysis
24. A manager who is responsible for developing and implementing the marketing plans for products sold to a specific customer group
market manager
attitude
single target market approach
co-branding
25. A change in beliefs or actions as a reaction to real or imagined group pressure
conformity
market information function
price subsidies
processed material
26. A manager who is responsible for developing and implementing the marketing plan for all the brands and products within a product category
information search
market information function
operant conditioning
product category manager
27. Discounts off the list price of products to members of the channel of distribution that perform various marketing functions
cause-related marketing
trade or functional discounts
market manager
multicultural marketing
28. Consumer products that provide benefits for a short time because they are consumed - such as food - or are no longer useful such as newspaper.
benefit segmentation
nondurable goods
growth stage
expert forecasting survey
29. Pricing intended to establish a desired image or positioning to prospective customers
classical conditioning
portfolio management
target costing
image enhancement objective
30. 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
motivation
disintermediation
bait and switch
perception
31. The regret or remorse buyers may feel after making a purchase
social class
quantity discounts
bait and switch
cognitive dissonance
32. Products created when firms transform raw materials from their original state
empty nesters
innovation
sales forecast
processed material
33. Number of babies born per 1000 people fluctuated greatly in last 65 years
product line
licensing
f.o.b. origin pricing
birthrate
34. The strategy of selling products at unreasonably low prices to drive competitors out of business
dynamically continuous innovation
consumer-to-consumer e-commerce
predatory pricing
sustainability
35. The percentage change in unit sales that results from a percentage change in price
price lining
price discrimination
co-branding
price elasticity
36. Charging a very high - premium price for a new product
component parts
clickstream analysis
skimming price
uniform delivered pricing
37. The value of a brand to an organization
brand equity
customer satisfaction objective
prestige pricing
demand curve
38. The division of a market according to benefits that consumers want from the product
trade or functional discounts
tipping point
benefit segmentation
consideration set
39. A fairly homogeneous group of customers to whom a company wishes to appeal
target market
bid riggin
umbrella pricing
culture
40. An integrated economic and social unit wit a large population nucleus
market segmentation
metropolitan statistical area (msa)
staples
target marketing
41. Means that a firm has a marketing mix that the target market sees as better than a competitors mix
motivation
clustering techniques
competitive advantage
segmenting
42. When each family unit produces everything it consumes
pure subsistence economy
quantity discounts
tipping point
executive judgement
43. Brands that the manufacturer of the product owns
brand loyalty
bait and switch
national or manufacturer brands
component parts
44. A brand that a group of individual products or individual brands share
sales forecast
family brand
metropolitan statistical area (msa)
price-floor pricing
45. 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
co-branding
target costing
test marketing
inelastic demand
46. Sales forecasts prepared by experts such as economists - management consultants - advertising executives - college professors - or other persons outside the firm
price subsidies
test marketing
benefit segmentation
expert forecasting survey
47. Basic or necessary items that are available almost everywhere
benefit segmentation
market
bartering
staples
48. The marketing mix is distinct from and better than what is available from a competitor
market segmentation
innovation
introduction
differentation
49. Collusion between suppliers responding to bid requests to lessen competition and secure higher margins
bid riggin
target market
f.o.b. delivered pricing
freight absorption pricing
50. Buying - selling - transporting - storing - standardization and grading - financing - risk taking - and market information
actual product
operating costs
market segmentation
universal functions of marketing