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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. The practice of setting a limited number of different specific prices - called price points - for items in a product line
price lining
dynamic pricing
convenience product
cannibalization
2. Those that actually affect the customers purchase of specific product or brand in a product market
customer relationship management (crm)
pure subsistence economy
determining dimensions
clustering techniques
3. A means of measuring a website's success by tracking customers' movement around the company website
convenience product
price discrimination
clickstream analysis
motivation
4. The first segment (2.5%) of a population to adopt a new product
prestige pricing
goods
innovators
price-floor pricing
5. Products that consumers purchase to signal membership in a desirable social class
consumer-to-consumer e-commerce
status symbols
unsought products
inelastic demand
6. 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
shopping product
demand curve
captive pricing
price subsidies
7. The value of something that is given up to obtain something else
information search
frequent discounting
senior citizens
opportunity cost
8. The dimensions that consumers use to compare completing product alternatives
market information function
non-cumulative quantity discounts
price inelastic
evaluative criteria
9. An organizational unit that focuses on some product markets and is treated as a separate profit center
strategic business unit sbu
market information function
inelastic demand
customer satisfaction
10. Pricing a new product low for a limited period of time to lower the risk for a customer
differentation
trial pricing
market test
umbrella pricing
11. Learning that occurs when a stimulus eliciting a response is paired with another stimulus that initially does not elicit a response over time because of its association with the first stimulus
classical conditioning
sustainability
mass marketing
trade or functional discounts
12. Segmenting the market and choosing two or more segments and then treating each as a separate target market needing a different marketing mix
brand
perceived risk
multiple target market approach
processed material
13. 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
f.o.b. origin pricing
component parts
attitude
profit objective
14. A new product that copies with slight modification the design of an original product
nondurable goods
family brand
actual product
knock-off
15. An analysis attempting to attribute erratic sales variations to random - nonrecurrent events
random factor analysis
maturity stage
f.o.b. delivered pricing
dynamic pricing
16. An approach that categorizes motives according to five levels of importance - the more basic needs being on the bottom of the hierarchy and the higher needs at the top
goods
economics of scale
hierarchy of needs
expert forecasting survey
17. The difference between the cost of the product and the selling price of the product
conformity
growth stage
cycle analysis
margin
18. Tohose whose adoption to a new product signals a general acceptance of the innovation
profit objective
early majority
trademark
uniform delivered pricing
19. A strategy of frequently using sale prices to increase sales volume
demand curve
frequent discounting
impulse product
perceived risk
20. A means of characterizing consumers based on the different family stages they pass through as they grow older
cannibalization
multiple target market approach
price bundling
family life cycle
21. 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
target market
non-cumulative quantity discounts
time-series analysis
seasonal analysis
22. The practice of linking products to a particular social cause on an ongoing or short-term basis
time-series analysis
multiple target market approach
micromarketing
cause-related marketing
23. A totally new product that creates major changes in the way we live
perceived risk
discontinuous innovation
value pricing everyday low-pricing
component parts
24. The process of eliminating interaction between customers and service providers
consumer-to-consumer e-commerce
price bundling
real income
disintermediation
25. The actual interaction between the customer and the service provider
quantity discounts
raw materials
service encounter
macro marketing
26. The pricing strategy of setting prices below cost to attract customers into a store
loss-leader pricing
motivation
target costing
convenience product
27. Group of people within an organization who focus exclusively on the development of a new product
venture teams
brand extension
prestige pricing
subculture
28. When a percentage change in price results in a larger percentage change in the quantity demanded
qualifying dimensions
discontinuous innovation
price elastic
inelastic demand
29. The overall feelings or attitude a person has about a product after purchasing it
competitive advantage
store or private-label brands
economics of scale
consumer satisfaction/dissatisfiaction
30. A strategy of experimenting with prices until the price that generates the highest profitability is found
experimental pricing
zone pricing
consideration set
regression analysis
31. A homogeneous group of customers who will respond to a marketing mix in a similiar way
macro marketing
market segment
customer forecasting survey
sales force forecasting survey
32. A situation in which an increase or a decrease in price will not significantly affect demand for the product
clustering techniques
inelastic demand
captive pricing
qualifying dimensions
33. A relatively permanent change in behavior caused by acquired information or experience
classical conditioning
clustering techniques
uniform delivered pricing
learning
34. Products of the fishing - lumber - agricultural - and mining industries that organizational customers purchase to use in their finished products
experimental pricing
actual product
SWOT analysis
raw materials
35. A pricing tactic in which customers in different geographic zones pay different transportation rates
breakthrough opportunities
sustainability
zone pricing
bid riggin
36. The regret or remorse buyers may feel after making a purchase
cost of ownership
gen y
cognitive dissonance
sales force forecasting survey
37. Means that a firm has a marketing mix that the target market sees as better than a competitors mix
competitive advantage
cause-related marketing
multicultural marketing
product market
38. Relevant to including a customer type in a product market
qualifying dimensions
durable goods
brand extension
fast-moving consumer goods
39. Collusion between suppliers responding to bid requests to lessen competition and secure higher margins
empty nesters
portfolio management
profit objective
bid riggin
40. Consumer products that provide benefits for a short time because they are consumed - such as food - or are no longer useful such as newspaper.
licensing
product line
portfolio management
nondurable goods
41. 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
metropolitan statistical area (msa)
bait and switch
market
opinion leader
42. Basic or necessary items that are available almost everywhere
brand manager
segments
staples
perceived risk
43. The adopters who are willing to try new products when there is a little or no risk associated with the purchase - when the purchase becomes an economic necessity - or when there is a social pressure to purchase
judgment
trend analysis
combiners
late majority
44. An arrangement unique to business marketing in which two organizations agree to buy from each other
reciprocity
mass marketing
value pricing everyday low-pricing
trademark
45. A method of predicting sales based on finding a relationship between past sales and one or more independent variables - such as population or income
early majority
regression analysis
segments
breakthrough opportunities
46. A flexible pricing strategy that reflects what individual customers are willing to pay
innovators
variable pricing
market segmentation
price subsidies
47. An individual's self-image that is composed of a mixture of beliefs - observations - and feelings about personal attributes
price subsidies
clustering techniques
expert forecasting survey
self-concept
48. The firm that sets prices first in a industry; other major firms in the industry follow the leader by standing in line
brand
yield-management pricing
learning
price leadership (follower)
49. The third and longest stage in the product life cycle - in which sales peak and profit margin narrows
f.o.b. origin pricing
goods
brand loyalty
maturity stage
50. Products that exhibit consistently high velocity sales in the consumer marketplace
combined market approach
dynamically continuous innovation
fast-moving consumer goods
internal reference price
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