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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 strategy of frequently using sale prices to increase sales volume
market test
gen x
actual product
frequent discounting
2. Communicating with large numbers of customers at the same time
knock-off
mass selling
family life cycle
margin
3. 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
demand curve
store or private-label brands
internal reference price
time-series analysis
4. Which means that as a company produces larger numbers of a particular product the cost of each unit of product goes down
bait and switch
economics of scale
attitude
customer forecasting survey
5. An arrangement unique to business marketing in which two organizations agree to buy from each other
reciprocity
target market
gen x
price discrimination
6. 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
empty nesters
f.o.b. origin pricing
test marketing
price discrimination
7. 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
conformity
social class
classical conditioning
captive pricing
8. What is left of disposable income after paying for necessities
discetionary income
frequent discounting
personality
micromarketing
9. The psychological characteristics that consistently influence the way a person responds to situations in the environment
learning
personality
portfolio management
combined market approach
10. Testing the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter
universal functions of marketing
opinion leader
test marketing
brand
11. A change in beliefs or actions as a reaction to real or imagined group pressure
conformity
trade or functional discounts
personality
trial pricing
12. Brands that are owned and sold by a specific - retailer or distributor
trade or functional discounts
target marketing
store or private-label brands
variable costs
13. Segmenting the market and picking one of the homogeneous segments as the firms target market
profit objective
trademark
single target market approach
universal functions of marketing
14. The third and longest stage in the product life cycle - in which sales peak and profit margin narrows
maturity stage
fixed costs
segmenting
target marketing
15. 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
image enhancement objective
component parts
demand curve
diffusion
16. A pricing strategy that considers the lifetime cost of using the product
uniform delivered pricing
cost of ownership
product market
f.o.b. delivered pricing
17. The practice of recognizing and targeting the distinctive needs and wants of one or more ethnic subcultures
store or private-label brands
social class
multicultural marketing
qualifying dimensions
18. People whose children are grown and who are now able to spend their money in other ways
variable pricing
price subsidies
empty nesters
operating costs
19. Products created when firms transform raw materials from their original state
durable goods
clickstream analysis
macro marketing
processed material
20. The pricing strategy of setting prices below cost to attract customers into a store
specialty products
durable goods
behavioral learning theories
loss-leader pricing
21. E-commerce that allows shoppers to purchase products through online bidding
price inelastic
switching costs
online auctions
micromarketing
22. Segmenting the market and choosing two or more segments and then treating each as a separate target market needing a different marketing mix
target marketing
multiple target market approach
judgment
bait and switch
23. A flexible pricing strategy that reflects what individual customers are willing to pay
clustering techniques
conformity
hierarchy of needs
variable pricing
24. Costs involved in moving from one brand to another
random factor analysis
product market
switching costs
diffusion
25. A group within a society whose members share a distinctive set of beliefs - characteristics - or common experiences
opinion leader
subculture
universal functions of marketing
executive judgement
26. A change in an existing product that requires a moderate amount of learning or behavior change
skimming price
dynamically continuous innovation
introduction
qualifying dimensions
27. The loss of sales of an existing product when a new item in a product line or product family is introduced
sex roles
actual product
inelastic demand
cannibalization
28. The firm that sets prices first in a industry; other major firms in the industry follow the leader by standing in line
price leadership (follower)
decline stage
sales or market share objective
innovators
29. Costs involved in using a product
operating costs
multiple target market approach
senior citizens
perceived risk
30. A pricing tactic in which a firm adds a standard shipping charge to the price for all customers regardless the location
personality
uniform delivered pricing
f.o.b. origin pricing
perceived risk
31. The strategy of selling products at unreasonably low prices to drive competitors out of business
operant conditioning
cost of ownership
early majority
predatory pricing
32. A manager who is responsible for developing and implementing the marketing plan for all the brands and products within a product category
product category manager
motivation
sex roles
store or private-label brands
33. 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
licensing
sustainability
motivation
profit objective
34. The value of something that is given up to obtain something else
gen y
opportunity cost
information search
shopping product
35. People over 65
licensing
senior citizens
time-series analysis
maintenance - repair - and operating products
36. An analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales
prestige pricing
f.o.b. origin pricing
trend analysis
maintenance - repair - and operating products
37. The values - beliefs - customs - and tastes that a group of people value
product market
culture
cognitive dissonance
margin
38. An analysis of daily - weekly or monthly sales figures to evaluate the degree to which seasonal factors influence sales
online auctions
seasonal analysis
clickstream analysis
goods
39. The belief that use of a product has potentially negative consequences - either financial - physical or social
micromarketing
innovation
cost-plus pricing
perceived risk
40. People born between 1946 and 1964
baby boomers
list price
dynamic pricing
market test
41. Products of the fishing - lumber - agricultural - and mining industries that organizational customers purchase to use in their finished products
augmented product
venture teams
raw materials
behavioral learning theories
42. Moral standards that guide marketing decisions and actions
diffusion
conformity
marketing ethics
customer forecasting survey
43. A pricing tactic in which the cost of loading and transporting the product to the customer is included in the selling price - paid by the manufacturer
market segment
clustering techniques
f.o.b. delivered pricing
multicultural marketing
44. A new product sold with the same brand name as a strong existing brand
fast-moving consumer goods
market manager
captive pricing
brand extension
45. Pricing a new product low for a limited period of time to lower the risk for a customer
market test
trial pricing
price subsidies
cost of ownership
46. A relatively permanent change in behavior caused by acquired information or experience
benefit segmentation
family life cycle
captive pricing
learning
47. The patter of living that determines how people choose to spend their time - money - and energy that reflects their values - tastes - and preferences
market segmentation
internal reference price
lifestyle
gen x
48. 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
price leadership (follower)
reciprocity
unsought products
cognitive learning theory
49. The practice of linking products to a particular social cause on an ongoing or short-term basis
clustering techniques
behavioral learning theories
cause-related marketing
national or manufacturer brands
50. Concept that explains how products go through four distinct stages from birth to death: introduction - growth - maturity - and decline
augmented product
product life cycle
inelastic demand
price maintenance