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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. 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
f.o.b. delivered pricing
online auctions
family brand
gen y
2. A new product that does not reach expectations for success - failing to reach sales objectives set
freight absorption pricing
new product failure
late majority
clustering techniques
3. An arrangement unique to business marketing in which two organizations agree to buy from each other
fixed costs
seasonal analysis
reciprocity
actual product
4. A price-setting method based on estimated of demand at different prices
competitive effect objective
brand equity
demand-based pricing
micromarketing
5. Sales forecasting based on the intuition of one or more executives
executive judgement
laggards
metropolitan statistical area (msa)
subculture
6. The third and longest stage in the product life cycle - in which sales peak and profit margin narrows
maturity stage
diffusion
birthrate
cognitive dissonance
7. A process in which firms identify the quality and functionality needed to satisfy customers and what price they are willing to pay before the product is designed; the product is manufactured only if the firm can control costs to meet the required pri
fast-moving consumer goods
target costing
consideration set
price discrimination
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
segmenting
market information function
brand
dynamic pricing
9. A new product that copies with slight modification the design of an original product
knock-off
economics of scale
competitive effect objective
clickstream analysis
10. Concept that explains how products go through four distinct stages from birth to death: introduction - growth - maturity - and decline
venture teams
product life cycle
f.o.b. origin pricing
unsought products
11. The actual product plus other supporting features such as a warranty - credit - delivery - installation - and repair service after the sale
augmented product
diffusion
freight absorption pricing
emergency product
12. Costs of production that do not change with the number of units produced
laggards
penetration strategy
fixed costs
sales or market share objective
13. A brand that a group of individual products or individual brands share
continous innovation
family brand
brand
combined market approach
14. 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
time-series analysis
clustering techniques
component parts
continous innovation
15. A market with very similar needs and sellers offering various close substitute ways of satisfying those needs
product market
conformity
opinion leader
senior citizens
16. Manufactured goods or subassemblies of finished items that organizations need to complete their own product
specialty products
new product failure
component parts
prestige pricing
17. Communication and purchases that occur among individuals without directly involving the manufacturer or retailer
price subsidies
consumer-to-consumer e-commerce
cognitive dissonance
f.o.b. delivered pricing
18. Learning that occurs as the result of rewards of punishments
perceived risk
raw materials
operant conditioning
continous innovation
19. 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
customer relationship management (crm)
market
emergency product
product life cycle
20. The process of eliminating interaction between customers and service providers
service encounter
differentation
disintermediation
information search
21. Collusion between suppliers responding to bid requests to lessen competition and secure higher margins
consideration set
bid riggin
customer relationship management (crm)
loss-leader pricing
22. People born between 1946 and 1964
baby boomers
combiners
trial pricing
metropolitan statistical area (msa)
23. The collaboration of two or more firms in setting prices - usually to keep prices high
learning
trend analysis
price maintenance
raw materials
24. Pricing intended to establish a desired image or positioning to prospective customers
bartering
target marketing
profit objective
image enhancement objective
25. The practice of recognizing and targeting the distinctive needs and wants of one or more ethnic subcultures
multicultural marketing
portfolio management
skimming price
discetionary income
26. An organizational unit that focuses on some product markets and is treated as a separate profit center
strategic business unit sbu
trial pricing
product market
late majority
27. An analysis attempting to attribute erratic sales variations to random - nonrecurrent events
disposable income
random factor analysis
strategic business unit sbu
late majority
28. A good or service with unique characteristics that are important to the buyer and for which the buyer will devote significant effort to acquire
market segment
price leadership (follower)
specialty products
generic marketing
29. Expensive goods that an organization uses in its daily operations that last for a long time
durable goods
equipment
micromarketing
conformity
30. Extent to which a firm fulfills a customers needs - desires - and expectations
cycle analysis
core product
early adopters
customer satisfaction
31. A pricing tactic in which customers in different geographic zones pay different transportation rates
cause-related marketing
price bundling
core product
zone pricing
32. The regret or remorse buyers may feel after making a purchase
cannibalization
cognitive dissonance
generic marketing
target costing
33. The idea that its important to meet present needs without compromising the ability of future generations to meet their own needs
sustainability
emergency product
demand-based pricing
competitive effect objective
34. The psychological characteristics that consistently influence the way a person responds to situations in the environment
knock-off
demand curve
personality
capacity management
35. The illegal practice of offering the same product of like quality and quantity to different business customers at different prices - thus lessening competition
price discrimination
mass selling
generic marketing
product adoption
36. A product that consumers perceive to be new and different form existing products
nondurable goods
goods
innovation
product market
37. Pricing that is intended to have an effect on the marketing efforts of the competition
combiners
competitive effect objective
cycle analysis
pure subsistence economy
38. An aggregating process - clustering people with similar needs into a "market segment"
gen y
determining dimensions
segmenting
maintenance - repair - and operating products
39. Group of people within an organization who focus exclusively on the development of a new product
venture teams
captive pricing
random factor analysis
classical conditioning
40. 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
goods
online auctions
cannibalization
41. The actual interaction between the customer and the service provider
target marketing
new product failure
service encounter
reference group
42. All the benefits the product will provide for consumers or business customers
core product
equipment
learning
service encounter
43. The value that customers give up - or exchange - to obtain a desired product
nondurable goods
price
random factor analysis
emergency product
44. The difference between the cost of the product and the selling price of the product
margin
market segment
inelastic demand
variable costs
45. The strategy of selling products at unreasonably low prices to drive competitors out of business
predatory pricing
cost of ownership
customer relationship management (crm)
social class
46. The first segment (2.5%) of a population to adopt a new product
uniform delivered pricing
innovators
cumulative quantity discounts
clickstream analysis
47. The practice of setting a limited number of different specific prices - called price points - for items in a product line
attitude
price lining
product line
knock-off
48. An individual's self-image that is composed of a mixture of beliefs - observations - and feelings about personal attributes
consumer-to-consumer e-commerce
self-concept
dynamically continuous innovation
experimental pricing
49. 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
marketing ethics
core product
classical conditioning
breakthrough opportunities
50. Tohose whose adoption to a new product signals a general acceptance of the innovation
dynamically continuous innovation
f.o.b. origin pricing
continous innovation
early majority
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