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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. The actual product plus other supporting features such as a warranty - credit - delivery - installation - and repair service after the sale
price-floor pricing
actual product
disposable income
augmented product
2. A two step process of naming brand product markets and segmenting these broad products markets in order to select target markets and develop suitable marketing mixes
product category manager
market segmentation
new product failure
equipment
3. The pricing strategy in which the price can easily be adjusted to meet changes in the marketplace
metropolitan statistical area (msa)
self-concept
multiple target market approach
dynamic pricing
4. The typical production oriented approach - vaguely aims at "everyone" with the same marketing mix
capacity management
mass marketing
demand curve
baby boomers
5. The loss of sales of an existing product when a new item in a product line or product family is introduced
micromarketing
cannibalization
gen x
durable goods
6. All the benefits the product will provide for consumers or business customers
opportunity cost
predatory pricing
core product
clustering techniques
7. Concept that explains how products go through four distinct stages from birth to death: introduction - growth - maturity - and decline
product life cycle
price bundling
gen x
market segment
8. An aggregating process - clustering people with similar needs into a "market segment"
differentation
segmenting
durable goods
f.o.b. delivered pricing
9. What is left after taxes
processed material
universal functions of marketing
subculture
disposable income
10. A good or service for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase
shopping product
market
growth stage
internal reference price
11. 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
price elasticity
demand curve
personality
12. The patter of living that determines how people choose to spend their time - money - and energy that reflects their values - tastes - and preferences
family life cycle
inelastic demand
lifestyle
customer forecasting survey
13. Discounts based on the total quantity bought within a specified time period
cumulative quantity discounts
yield-management pricing
captive pricing
reference group
14. A mental rule of thumb that leads to a speedy decision by simplifying the process
image enhancement objective
heuristics
price maintenance
zone pricing
15. A method of predicting sales based on finding a relationship between past sales and one or more independent variables - such as population or income
staples
licensing
competitive effect objective
regression analysis
16. A flexible pricing strategy that reflects what individual customers are willing to pay
cost-plus pricing
variable pricing
portfolio management
customer satisfaction objective
17. The pricing strategy of setting prices below cost to attract customers into a store
trend analysis
loss-leader pricing
consumer-to-consumer e-commerce
cause-related marketing
18. Consumer products that provide benefits for a short time because they are consumed - such as food - or are no longer useful such as newspaper.
brand
economics of scale
nondurable goods
uniform delivered pricing
19. Costs of production that do not change with the number of units produced
competitive advantage
fixed costs
single target market approach
multicultural marketing
20. A method of selling prices in which the seller totals all the unit costs for the product and the adds the desired profit per unit
early majority
durable goods
cost-plus pricing
customer forecasting survey
21. The first stage of the product life cycle in which slow growth follows the introduction of a new product in the marketplace
target costing
introduction
consumer-to-consumer e-commerce
sustainability
22. What is left of disposable income after paying for necessities
motivation
discetionary income
variable pricing
reference group
23. When a percentage change in price results in a smaller percentage change in the quantity demanded
skimming price
consumer behavior
market manager
price inelastic
24. Products created when firms transform raw materials from their original state
processed material
universal functions of marketing
sex roles
perceived risk
25. A situation in which an increase or a decrease in price will not significantly affect demand for the product
inelastic demand
processed material
customer relationship management (crm)
price elastic
26. The practice of setting a limited number of different specific prices - called price points - for items in a product line
yield-management pricing
price lining
brand
cost of ownership
27. The first segment (2.5%) of a population to adopt a new product
behavioral learning theories
licensing
innovators
customer satisfaction
28. A survey of a firm's sales force regarding anticipated sales in their territories for a specified period.
cumulative quantity discounts
loss-leader pricing
goods
sales force forecasting survey
29. A fairly homogeneous group of customers to whom a company wishes to appeal
target market
classical conditioning
inelastic demand
evaluative criteria
30. Basic or necessary items that are available almost everywhere
staples
diffusion
venture teams
processed material
31. An analysis of sales figures for a period of 3 to 5 years to ascertain whether sales fluctuate in a consistent - periodic manner
processed material
early adopters
cycle analysis
national or manufacturer brands
32. Pricing that is intended to maximize customer satisfaction and retention
zone pricing
customer satisfaction objective
stimulus generalization
tipping point
33. The belief that use of a product has potentially negative consequences - either financial - physical or social
qualifying dimensions
perceived risk
equipment
predatory pricing
34. An organizational unit that focuses on some product markets and is treated as a separate profit center
lifestyle
maintenance - repair - and operating products
strategic business unit sbu
senior citizens
35. A product that consumers perceive to be new and different form existing products
product adoption
component parts
freight absorption pricing
innovation
36. 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
trademark
motivation
segmenting
cognitive learning theory
37. 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
durable goods
universal functions of marketing
brand loyalty
hierarchy of needs
38. Segmenting the market and choosing two or more segments and then treating each as a separate target market needing a different marketing mix
competitive effect objective
multiple target market approach
baby boomers
diffusion
39. A firm's total product offering designed to satisfy a single need or desire of target customers
consumer behavior
online auctions
product line
customer forecasting survey
40. The division of a market according to benefits that consumers want from the product
value pricing everyday low-pricing
benefit segmentation
tipping point
early adopters
41. A manager who is responsible for developing and implementing the marketing plan for a single brand
cause-related marketing
evaluative criteria
brand manager
umbrella pricing
42. A strategy of experimenting with prices until the price that generates the highest profitability is found
experimental pricing
bait and switch
market segmentation
processed material
43. Communicating with large numbers of customers at the same time
target market
mass selling
product adoption
loss-leader pricing
44. Those who adopt an innovation early in the diffusion process but later than the innovators
early adopters
laggards
non-cumulative quantity discounts
benefit segmentation
45. A change in an existing product that requires a moderate amount of learning or behavior change
dynamically continuous innovation
margin
disposable income
discontinuous innovation
46. Sometimes called millenials - refer to those born from 1978-1994
gen y
evaluative criteria
national or manufacturer brands
market test
47. Refers to the generation born immediately following the baby boom - from 1965-1977
gen x
durable goods
empty nesters
cognitive dissonance
48. An integrated economic and social unit wit a large population nucleus
metropolitan statistical area (msa)
gen y
nondurable goods
reciprocity
49. An analysis attempting to attribute erratic sales variations to random - nonrecurrent events
raw materials
cannibalization
attitude
random factor analysis
50. The value of something that is given up to obtain something else
cost-plus pricing
opportunity cost
innovators
consideration set