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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. Costs involved in moving from one brand to another
random factor analysis
price leadership (follower)
marketing ethics
switching costs
2. Those that actually affect the customers purchase of specific product or brand in a product market
service encounter
competitive effect objective
determining dimensions
perceived risk
3. Goods or services for which a consumer has little awareness or interest until the product or a need for the product is brought to his or her attention
unsought products
test marketing
nondurable goods
maturity stage
4. The pricing strategy of setting prices below cost to attract customers into a store
loss-leader pricing
growth stage
price inelastic
staples
5. A good or service with unique characteristics that are important to the buyer and for which the buyer will devote significant effort to acquire
benefit segmentation
customer forecasting survey
differentation
specialty products
6. A learned predisposition to respond favorably or unfavorably to stimuli based on relatively enduring evaluations of people - objects - and issues
diffusion
regression analysis
bid riggin
attitude
7. A mental rule of thumb that leads to a speedy decision by simplifying the process
micromarketing
heuristics
online auctions
fast-moving consumer goods
8. A survey of customers regarding the types and quantities of products they intend to buy during a specific period
time-series analysis
augmented product
image enhancement objective
customer forecasting survey
9. The process by which a consumer or business customer begins to buy and use a new good - service - or idea
innovation
demand curve
penetration strategy
product adoption
10. Pricing intended to establish a desired image or positioning to prospective customers
staples
strategic business unit sbu
price lining
image enhancement objective
11. The firm that sets prices first in a industry; other major firms in the industry follow the leader by standing in line
target costing
price leadership (follower)
reference group
conformity
12. A plot of the quantity of a product that customers will buy in a market during a period of time at various prices if all other factors remain the same
processed material
maturity stage
opportunity cost
demand curve
13. The third and longest stage in the product life cycle - in which sales peak and profit margin narrows
demand-based pricing
product adoption
price bundling
maturity stage
14. A good or service for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase
price
yield-management pricing
shopping product
macro marketing
15. Means that a firm has a marketing mix that the target market sees as better than a competitors mix
competitive effect objective
brand extension
segmenting
competitive advantage
16. The practice of recognizing and targeting the distinctive needs and wants of one or more ethnic subcultures
family life cycle
innovators
emergency product
multicultural marketing
17. An agreement in which one firm sells another firm the right to use a brand name for a specific purpose and for a specific period of time
late majority
demand curve
disintermediation
licensing
18. Pricing products with a focus on a target level of profit growth or a desired net profit margin
market manager
trial pricing
profit objective
cannibalization
19. An analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales
trend analysis
quantity discounts
classical conditioning
attitude
20. The psychological characteristics that consistently influence the way a person responds to situations in the environment
price bundling
value pricing everyday low-pricing
personality
continous innovation
21. All the benefits the product will provide for consumers or business customers
perceived risk
judgment
core product
trend analysis
22. The seller fine tunes the marketing effort with info from a detailed customer database
determining dimensions
customer relationship management (crm)
mass selling
market test
23. 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
customer satisfaction
cycle analysis
brand loyalty
24. Products created when firms transform raw materials from their original state
processed material
disposable income
service encounter
seasonal analysis
25. The dimensions that consumers use to compare completing product alternatives
fast-moving consumer goods
evaluative criteria
freight absorption pricing
impulse product
26. An integrated economic and social unit wit a large population nucleus
unsought products
market
metropolitan statistical area (msa)
clustering techniques
27. What is left after taxes
national or manufacturer brands
motivation
disposable income
goods
28. 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
price subsidies
breakthrough opportunities
competitive effect objective
goods
29. Concept that explains how products go through four distinct stages from birth to death: introduction - growth - maturity - and decline
product life cycle
durable goods
store or private-label brands
motivation
30. A product that consumers perceive to be new and different form existing products
subculture
bait and switch
innovation
brand loyalty
31. A flexible pricing strategy that reflects what individual customers are willing to pay
consumer behavior
variable pricing
family life cycle
maintenance - repair - and operating products
32. 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 maintenance
mass marketing
regression analysis
trial pricing
33. Learning that occurs as the result of rewards of punishments
operant conditioning
breakthrough opportunities
product market
executive judgement
34. The set of alternative brands the consumer is considering for the decision process
competitive effect objective
heuristics
consideration set
cost-plus pricing
35. The typical production oriented approach - vaguely aims at "everyone" with the same marketing mix
price-floor pricing
staples
mass marketing
information search
36. The patter of living that determines how people choose to spend their time - money - and energy that reflects their values - tastes - and preferences
lifestyle
national or manufacturer brands
personality
classical conditioning
37. Collusion between suppliers responding to bid requests to lessen competition and secure higher margins
SWOT analysis
cognitive dissonance
bid riggin
random factor analysis
38. Moral standards that guide marketing decisions and actions
marketing ethics
early adopters
captive pricing
price lining
39. The process of eliminating interaction between customers and service providers
disintermediation
raw materials
list price
evaluative criteria
40. A modification of an existing product that sets one brand apart from its competitors
maturity stage
continous innovation
family brand
discetionary income
41. Number of babies born per 1000 people fluctuated greatly in last 65 years
staples
f.o.b. delivered pricing
skimming price
birthrate
42. Which means that as a company produces larger numbers of a particular product the cost of each unit of product goes down
stimulus generalization
universal functions of marketing
yield-management pricing
economics of scale
43. The idea that its important to meet present needs without compromising the ability of future generations to meet their own needs
operant conditioning
gen y
sustainability
social class
44. When a percentage change in price results in a smaller percentage change in the quantity demanded
disintermediation
metropolitan statistical area (msa)
processed material
price inelastic
45. The values - beliefs - customs - and tastes that a group of people value
price elastic
culture
variable costs
product line
46. A means of characterizing consumers based on the different family stages they pass through as they grow older
skimming price
opportunity cost
clustering techniques
family life cycle
47. A method for calculating price in which - to maintain full plant operating capacity - a portion of a firm's output may be sold at a price that covers only marginal costs of production
baby boomers
new product failure
price-floor pricing
impulse product
48. Discounts based on the total quantity bought within a specified time period
qualifying dimensions
price elastic
inelastic demand
cumulative quantity discounts
49. The practice of exchanging a good or service for another good or service of like value
information search
cognitive learning theory
consumer-to-consumer e-commerce
bartering
50. A homogeneous group of customers who will respond to a marketing mix in a similiar way
market segment
lifestyle
combined market approach
demand-based pricing