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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 value of a brand to an organization
test marketing
new product failure
operating costs
brand equity
2. A pricing strategy that considers the lifetime cost of using the product
target costing
cost of ownership
demand-based pricing
price inelastic
3. Aim at one or more homogeneous segments and try to develop different marketing mix for each
cost of ownership
segments
price inelastic
bait and switch
4. In the context of product diffusion - the point when a product's sales spike from a slow climb to an unprecedented new level - often accompanied by a steep price decline
variable pricing
opinion leader
tipping point
yield-management pricing
5. A practice of charging different prices to a different customers to manage capacity while maximizing revenues
staples
yield-management pricing
goods
list price
6. The typical production oriented approach - vaguely aims at "everyone" with the same marketing mix
new product failure
universal functions of marketing
mass marketing
sales or market share objective
7. Costs involved in moving from one brand to another
product life cycle
switching costs
frequent discounting
opportunity cost
8. 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
test marketing
national or manufacturer brands
brand
senior citizens
9. A mental rule of thumb that leads to a speedy decision by simplifying the process
evaluative criteria
sales forecast
heuristics
freight absorption pricing
10. An internal state that drives us to satisfy needs by activating goal-oriented behavior
mass marketing
goods
dynamic pricing
motivation
11. Behavior caused by a reaction to one stimulus that occurs in the presence of other similar stimuli
price
stimulus generalization
market information function
quantity discounts
12. Products of the fishing - lumber - agricultural - and mining industries that organizational customers purchase to use in their finished products
reference group
segmenting
raw materials
multicultural marketing
13. Which means that as a company produces larger numbers of a particular product the cost of each unit of product goes down
economics of scale
operating costs
dynamic pricing
customer forecasting survey
14. Buying - selling - transporting - storing - standardization and grading - financing - risk taking - and market information
product adoption
determining dimensions
cycle analysis
universal functions of marketing
15. Pricing a new product low for a limited period of time to lower the risk for a customer
cause-related marketing
online auctions
reciprocity
trial pricing
16. The last consumers to adopt the innovation
status symbols
sales or market share objective
consumer behavior
laggards
17. The dimensions that consumers use to compare completing product alternatives
augmented product
evaluative criteria
time-series analysis
price inelastic
18. A social process that directs an economy
price discrimination
macro marketing
determining dimensions
freight absorption pricing
19. The overall feelings or attitude a person has about a product after purchasing it
value pricing everyday low-pricing
convenience product
licensing
consumer satisfaction/dissatisfiaction
20. Consumer products that provide benefits for a short time because they are consumed - such as food - or are no longer useful such as newspaper.
processed material
nondurable goods
margin
core product
21. Making a product available to buyers in one or more test areas and measuring purchases and consumer responses
market test
market
subculture
judgment
22. A strategy of experimenting with prices until the price that generates the highest profitability is found
gen y
generic marketing
experimental pricing
processed material
23. The patter of living that determines how people choose to spend their time - money - and energy that reflects their values - tastes - and preferences
fast-moving consumer goods
lifestyle
value pricing everyday low-pricing
competitive advantage
24. Opportunities that help innovators develop hard to copy marketing strategies that will be very profitable for a long time
economics of scale
price leadership (follower)
customer relationship management (crm)
breakthrough opportunities
25. Discounts off the list price of products to members of the channel of distribution that perform various marketing functions
profit objective
behavioral learning theories
market manager
trade or functional discounts
26. 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
reciprocity
decline stage
maintenance - repair - and operating products
captive pricing
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
trial pricing
price subsidies
cause-related marketing
umbrella pricing
28. The strategy of selling products at unreasonably low prices to drive competitors out of business
predatory pricing
family life cycle
demand curve
information search
29. The set of alternative brands the consumer is considering for the decision process
consideration set
price elastic
loss-leader pricing
diffusion
30. An actual or imaginary individual or group that has significant effect on an individual's evaluations - aspirations - or behavior
reference group
skimming price
early adopters
online auctions
31. The pricing strategy in which the price can easily be adjusted to meet changes in the marketplace
dynamic pricing
opportunity cost
customer satisfaction objective
service encounter
32. A consumer good or service that is usually low-prices - widely available - and purchase frequently with a minimum comparison and effort
family brand
convenience product
hierarchy of needs
price elasticity
33. 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
generic marketing
classical conditioning
status symbols
segments
34. A means of measuring a website's success by tracking customers' movement around the company website
early adopters
clickstream analysis
sex roles
price discrimination
35. A survey of customers regarding the types and quantities of products they intend to buy during a specific period
raw materials
status symbols
customer forecasting survey
specialty products
36. An analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales
social class
trend analysis
price subsidies
laggards
37. A pricing tactic of charging reduced prices for larger quantities of product
continous innovation
benefit segmentation
store or private-label brands
quantity discounts
38. Relevant to including a customer type in a product market
price elasticity
combined market approach
qualifying dimensions
margin
39. A product that consumers perceive to be new and different form existing products
price subsidies
internal reference price
innovation
umbrella pricing
40. A new product that copies with slight modification the design of an original product
family life cycle
early adopters
knock-off
operant conditioning
41. To try to find similar patterns within sets of data
component parts
clustering techniques
seasonal analysis
consumer-to-consumer e-commerce
42. Discounts based only on the quantity purchased in individual orders
behavioral learning theories
non-cumulative quantity discounts
price maintenance
metropolitan statistical area (msa)
43. The marketing mix is distinct from and better than what is available from a competitor
new product failure
differentation
freight absorption pricing
image enhancement objective
44. 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
venture teams
maturity stage
hierarchy of needs
value pricing everyday low-pricing
45. The cost of production (raw and processed materials - parts - and labor) that are tried to - and vary depending on - the number of units produced
variable costs
SWOT analysis
decline stage
price bundling
46. Communication and purchases that occur among individuals without directly involving the manufacturer or retailer
consumer-to-consumer e-commerce
price bundling
attitude
judgment
47. 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
raw materials
f.o.b. origin pricing
social class
store or private-label brands
48. A situation in which an increase or a decrease in price will not significantly affect demand for the product
continous innovation
cannibalization
value pricing everyday low-pricing
inelastic demand
49. The division of a market according to benefits that consumers want from the product
clustering techniques
involvment
benefit segmentation
behavioral learning theories
50. Charging a very high - premium price for a new product
skimming price
family brand
f.o.b. origin pricing
segments
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