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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. Sales forecasts prepared by experts such as economists - management consultants - advertising executives - college professors - or other persons outside the firm
expert forecasting survey
sales force forecasting survey
portfolio management
price
2. The adopters who are willing to try new products when there is a little or no risk associated with the purchase - when the purchase becomes an economic necessity - or when there is a social pressure to purchase
bait and switch
clustering techniques
late majority
conformity
3. Brands that are owned and sold by a specific - retailer or distributor
marketing ethics
freight absorption pricing
store or private-label brands
self-concept
4. Concept that explains how products go through four distinct stages from birth to death: introduction - growth - maturity - and decline
customer satisfaction objective
product life cycle
convenience product
generic marketing
5. Costs of production that do not change with the number of units produced
early adopters
cost-plus pricing
durable goods
fixed costs
6. When each family unit produces everything it consumes
pure subsistence economy
learning
price maintenance
trial pricing
7. E-commerce that allows shoppers to purchase products through online bidding
brand loyalty
online auctions
disposable income
real income
8. The first segment (2.5%) of a population to adopt a new product
fast-moving consumer goods
national or manufacturer brands
innovators
maturity stage
9. Pricing products to maximize sales or to attain a desired level of sales or market share
price
brand equity
sales or market share objective
introduction
10. A market with broadly similar needs and sellers offering various - often divers - ways of satisfying those needs
experimental pricing
generic marketing
loss-leader pricing
metropolitan statistical area (msa)
11. The loss of sales of an existing product when a new item in a product line or product family is introduced
sales forecast
real income
cannibalization
hierarchy of needs
12. An approach to market segmentation in which organizations focus precise marketing efforts on very small geographic markets
brand
introduction
micromarketing
predatory pricing
13. An analysis of daily - weekly or monthly sales figures to evaluate the degree to which seasonal factors influence sales
seasonal analysis
product line
expert forecasting survey
consumer behavior
14. Products of the fishing - lumber - agricultural - and mining industries that organizational customers purchase to use in their finished products
raw materials
price bundling
test marketing
maintenance - repair - and operating products
15. The firm that sets prices first in a industry; other major firms in the industry follow the leader by standing in line
dynamically continuous innovation
price leadership (follower)
judgment
target costing
16. What is left after taxes
gen y
umbrella pricing
zone pricing
disposable income
17. A person who is frequently able to influence others' attitudes or behaviors by virtue of his or her active interest and expertise in one or more product categories
opportunity cost
penetration strategy
diffusion
opinion leader
18. 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
list price
value pricing everyday low-pricing
market
multiple target market approach
19. The value of a brand to an organization
price elasticity
brand loyalty
brand equity
product adoption
20. Those who adopt an innovation early in the diffusion process but later than the innovators
competitive advantage
target costing
early adopters
market manager
21. A pricing tactic in which the seller absorbs the total cost of transportation
freight absorption pricing
growth stage
profit objective
determining dimensions
22. When a percentage change in price results in a smaller percentage change in the quantity demanded
cost-plus pricing
market test
price inelastic
product line
23. The second stage in the product life cycle - during which the product is accepted and sales rapidly increase
demand-based pricing
growth stage
segmenting
diffusion
24. The idea that its important to meet present needs without compromising the ability of future generations to meet their own needs
cost-plus pricing
sustainability
single target market approach
mass marketing
25. The process of eliminating interaction between customers and service providers
augmented product
variable costs
demand curve
disintermediation
26. 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
profit objective
gen y
consumer-to-consumer e-commerce
cognitive learning theory
27. Behavior caused by a reaction to one stimulus that occurs in the presence of other similar stimuli
f.o.b. origin pricing
evaluative criteria
quantity discounts
stimulus generalization
28. A set of price or a price range in consumers' minds that they refer to in evaluating a product's price
internal reference price
consumer satisfaction/dissatisfiaction
clickstream analysis
combined market approach
29. An illegal marketing practice in which an advertised price special is used as bait to get customers into the store with the intention of switching them to a higher-priced item
bait and switch
prestige pricing
operating costs
mass selling
30. The typical production oriented approach - vaguely aims at "everyone" with the same marketing mix
attitude
component parts
internal reference price
mass marketing
31. People over 65
combiners
senior citizens
competitive advantage
product line
32. Relevant to including a customer type in a product market
venture teams
qualifying dimensions
birthrate
market
33. An analysis attempting to attribute erratic sales variations to random - nonrecurrent events
random factor analysis
judgment
gen y
variable costs
34. An arrangement unique to business marketing in which two organizations agree to buy from each other
Delphi technique
price lining
reciprocity
sales or market share objective
35. The belief that use of a product has potentially negative consequences - either financial - physical or social
perceived risk
test marketing
brand extension
dynamic pricing
36. A change in an existing product that requires a moderate amount of learning or behavior change
dynamically continuous innovation
trademark
learning
freight absorption pricing
37. Sales forecasting based on the intuition of one or more executives
attitude
equipment
executive judgement
breakthrough opportunities
38. A firm's total product offering designed to satisfy a single need or desire of target customers
early majority
product line
customer forecasting survey
core product
39. Learning that occurs as the result of rewards of punishments
subculture
operant conditioning
innovation
consumer behavior
40. Sometimes called millenials - refer to those born from 1978-1994
market segment
macro marketing
value pricing everyday low-pricing
gen y
41. Manufactured goods or subassemblies of finished items that organizations need to complete their own product
baby boomers
component parts
expert forecasting survey
maintenance - repair - and operating products
42. The first stage of the product life cycle in which slow growth follows the introduction of a new product in the marketplace
product adoption
quantity discounts
introduction
yield-management pricing
43. The value of something that is given up to obtain something else
f.o.b. origin pricing
brand
price bundling
opportunity cost
44. Segmenting the market and picking one of the homogeneous segments as the firms target market
dynamic pricing
personality
single target market approach
disintermediation
45. An integrated economic and social unit wit a large population nucleus
clickstream analysis
metropolitan statistical area (msa)
price elastic
generic marketing
46. A product people often buy on the spur of the moment
early adopters
impulse product
profit objective
image enhancement objective
47. 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
dynamic pricing
market
shopping product
f.o.b. delivered pricing
48. The value that customers give up - or exchange - to obtain a desired product
loss-leader pricing
equipment
price
benefit segmentation
49. 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
price-floor pricing
f.o.b. origin pricing
baby boomers
cycle analysis
50. A learned predisposition to respond favorably or unfavorably to stimuli based on relatively enduring evaluations of people - objects - and issues
target marketing
gen y
metropolitan statistical area (msa)
attitude