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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 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
price inelastic
time-series analysis
discetionary income
micromarketing
2. A situation in which an increase or a decrease in price will not significantly affect demand for the product
inelastic demand
breakthrough opportunities
heuristics
cycle analysis
3. A pricing strategy that draws on past experience of the marketer in setting appropriate prices
metropolitan statistical area (msa)
family brand
non-cumulative quantity discounts
judgment
4. A product people often buy on the spur of the moment
impulse product
random factor analysis
seasonal analysis
competitive effect objective
5. A group within a society whose members share a distinctive set of beliefs - characteristics - or common experiences
dynamic pricing
subculture
attitude
classical conditioning
6. A flexible pricing strategy that reflects what individual customers are willing to pay
brand equity
strategic business unit sbu
experimental pricing
variable pricing
7. A new product that copies with slight modification the design of an original product
reference group
knock-off
conformity
status symbols
8. A pricing tactic of charging reduced prices for larger quantities of product
specialty products
unsought products
clustering techniques
quantity discounts
9. A modification of an existing product that sets one brand apart from its competitors
continous innovation
augmented product
segments
component parts
10. When a percentage change in price results in a larger percentage change in the quantity demanded
bait and switch
price elastic
decline stage
lifestyle
11. The percentage change in unit sales that results from a percentage change in price
f.o.b. origin pricing
opportunity cost
price elasticity
store or private-label brands
12. The values - beliefs - customs - and tastes that a group of people value
opportunity cost
quantity discounts
culture
late majority
13. A good or service with unique characteristics that are important to the buyer and for which the buyer will devote significant effort to acquire
specialty products
evaluative criteria
brand
cause-related marketing
14. 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
market
reciprocity
cumulative quantity discounts
target market
15. Concept that explains how products go through four distinct stages from birth to death: introduction - growth - maturity - and decline
regression analysis
brand loyalty
product life cycle
zone pricing
16. A product that consumers perceive to be new and different form existing products
innovation
dynamic pricing
operant conditioning
switching costs
17. Products we purchase when we're in dire need
competitive effect objective
emergency product
attitude
early adopters
18. The practice of exchanging a good or service for another good or service of like value
bartering
market
Delphi technique
price
19. A method of predicting sales based on finding a relationship between past sales and one or more independent variables - such as population or income
price-floor pricing
regression analysis
uniform delivered pricing
benefit segmentation
20. 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
continous innovation
late majority
gen y
sales forecast
21. A change in an existing product that requires a moderate amount of learning or behavior change
dynamically continuous innovation
behavioral learning theories
non-cumulative quantity discounts
durable goods
22. A pricing tactic in which a firm adds a standard shipping charge to the price for all customers regardless the location
uniform delivered pricing
store or private-label brands
maturity stage
behavioral learning theories
23. A strategy of frequently using sale prices to increase sales volume
frequent discounting
cognitive dissonance
random factor analysis
seasonal analysis
24. When a percentage change in price results in a smaller percentage change in the quantity demanded
price inelastic
mass selling
f.o.b. delivered pricing
metropolitan statistical area (msa)
25. A name - term - symbol - or any other unique element of a product that identifies one firm's product(s) and sets it apart from the competition
brand
processed material
combined market approach
disintermediation
26. Segmenting the market and picking one of the homogeneous segments as the firms target market
single target market approach
universal functions of marketing
capacity management
cannibalization
27. A decision-making method in which members of a panel of experts respond to questions and to each other until reaching agreement on an issue
Delphi technique
prestige pricing
segmenting
experimental pricing
28. 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
freight absorption pricing
captive pricing
determining dimensions
cognitive learning theory
29. The process by which organization adjust their offering in an attempt to match demand
target marketing
culture
capacity management
quantity discounts
30. What is left after taxes
qualifying dimensions
cycle analysis
disposable income
perceived risk
31. Pricing that is intended to have an effect on the marketing efforts of the competition
classical conditioning
market information function
competitive effect objective
profit objective
32. The pricing strategy of setting prices below cost to attract customers into a store
bartering
gen y
portfolio management
loss-leader pricing
33. When each family unit produces everything it consumes
image enhancement objective
SWOT analysis
pure subsistence economy
demand curve
34. A manager who is responsible for developing and implementing the marketing plan for all the brands and products within a product category
diffusion
profit objective
inelastic demand
product category manager
35. The pricing strategy in which the price can easily be adjusted to meet changes in the marketplace
list price
dynamic pricing
demand-based pricing
brand
36. An integrated economic and social unit wit a large population nucleus
culture
multicultural marketing
metropolitan statistical area (msa)
clickstream analysis
37. A strategy of experimenting with prices until the price that generates the highest profitability is found
list price
family life cycle
opportunity cost
experimental pricing
38. A fairly homogeneous group of customers to whom a company wishes to appeal
regression analysis
cumulative quantity discounts
target market
price leadership (follower)
39. A relatively permanent change in behavior caused by acquired information or experience
learning
clustering techniques
bid riggin
profit objective
40. Combining two or more submarkets into one larger target market as a basis for one strategy
universal functions of marketing
combined market approach
maintenance - repair - and operating products
behavioral learning theories
41. 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
differentation
price-floor pricing
product life cycle
42. Sales forecasts prepared by experts such as economists - management consultants - advertising executives - college professors - or other persons outside the firm
subculture
value pricing everyday low-pricing
expert forecasting survey
online auctions
43. The actual interaction between the customer and the service provider
service encounter
combiners
subculture
price elastic
44. Which means that as a company produces larger numbers of a particular product the cost of each unit of product goes down
tipping point
decline stage
cost of ownership
economics of scale
45. An actual or imaginary individual or group that has significant effect on an individual's evaluations - aspirations - or behavior
trend analysis
perception
reference group
discetionary income
46. An internal state that drives us to satisfy needs by activating goal-oriented behavior
target marketing
margin
motivation
market manager
47. A new product sold with the same brand name as a strong existing brand
cost of ownership
clickstream analysis
determining dimensions
brand extension
48. People born between 1946 and 1964
brand loyalty
baby boomers
convenience product
emergency product
49. The marketing mix is distinct from and better than what is available from a competitor
macro marketing
differentation
information search
family life cycle
50. Buying - selling - transporting - storing - standardization and grading - financing - risk taking - and market information
micromarketing
reciprocity
motivation
universal functions of marketing