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Test your basic knowledge |
Marketing Basics
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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 difference between the cost of the product and the selling price of the product
innovators
tipping point
single target market approach
margin
2. A market with broadly similar needs and sellers offering various - often divers - ways of satisfying those needs
market manager
generic marketing
trademark
introduction
3. A means of characterizing consumers based on the different family stages they pass through as they grow older
brand extension
opportunity cost
family life cycle
consumer behavior
4. Extent to which a firm fulfills a customers needs - desires - and expectations
predatory pricing
customer satisfaction
innovators
durable goods
5. A pricing tactic in which the seller absorbs the total cost of transportation
sales force forecasting survey
target costing
f.o.b. delivered pricing
freight absorption pricing
6. A mental rule of thumb that leads to a speedy decision by simplifying the process
trademark
core product
heuristics
senior citizens
7. A manager who is responsible for developing and implementing the marketing plan for a single brand
predatory pricing
skimming price
consumer-to-consumer e-commerce
brand manager
8. Society's expectation about the appropriate attitudes - behaviors - and appearance for men and women
disposable income
yield-management pricing
sex roles
cognitive learning theory
9. What is left of disposable income after paying for necessities
brand
bait and switch
goods
discetionary income
10. A situation in which an increase or a decrease in price will not significantly affect demand for the product
judgment
customer forecasting survey
zone pricing
inelastic demand
11. Communication and purchases that occur among individuals without directly involving the manufacturer or retailer
brand manager
perceived risk
consumer-to-consumer e-commerce
generic marketing
12. A firm's total product offering designed to satisfy a single need or desire of target customers
product line
brand loyalty
processed material
mass marketing
13. Discounts based on the total quantity bought within a specified time period
cumulative quantity discounts
customer satisfaction objective
brand
benefit segmentation
14. Identifies and lists the firms strengths and weaknesses and its opportunities and threats
multiple target market approach
cumulative quantity discounts
opportunity cost
SWOT analysis
15. An approach to market segmentation in which organizations focus precise marketing efforts on very small geographic markets
family life cycle
non-cumulative quantity discounts
expert forecasting survey
micromarketing
16. The collaboration of two or more firms in setting prices - usually to keep prices high
price maintenance
introduction
trial pricing
SWOT analysis
17. The first stage of the product life cycle in which slow growth follows the introduction of a new product in the marketplace
trade or functional discounts
baby boomers
introduction
diffusion
18. The percentage change in unit sales that results from a percentage change in price
innovation
subculture
price elasticity
opinion leader
19. Pricing a new product low for a limited period of time to lower the risk for a customer
trial pricing
combined market approach
sales force forecasting survey
real income
20. A marketing mix is tailored to fit some specific target customers
baby boomers
bid riggin
operating costs
target marketing
21. A good or service for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase
decline stage
product category manager
shopping product
goods
22. The practice of setting a limited number of different specific prices - called price points - for items in a product line
price lining
non-cumulative quantity discounts
product life cycle
maintenance - repair - and operating products
23. Sales forecasting based on the intuition of one or more executives
executive judgement
competitive effect objective
information search
price subsidies
24. An analysis attempting to attribute erratic sales variations to random - nonrecurrent events
price lining
gen x
uniform delivered pricing
random factor analysis
25. The regret or remorse buyers may feel after making a purchase
culture
cognitive dissonance
price
attitude
26. 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
brand
national or manufacturer brands
market segmentation
nondurable goods
27. The second stage in the product life cycle - during which the product is accepted and sales rapidly increase
market
growth stage
profit objective
product category manager
28. An aggregating process - clustering people with similar needs into a "market segment"
differentation
segmenting
perception
market segmentation
29. 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
market
disintermediation
cost of ownership
consumer behavior
30. Communicating with large numbers of customers at the same time
mass selling
metropolitan statistical area (msa)
specialty products
shopping product
31. An individual's self-image that is composed of a mixture of beliefs - observations - and feelings about personal attributes
penetration strategy
self-concept
yield-management pricing
knock-off
32. In the context of product diffusion - the point when a product's sales spike from a slow climb to an unprecedented new level - often accompanied by a steep price decline
goods
tipping point
multiple target market approach
operant conditioning
33. A modification of an existing product that sets one brand apart from its competitors
core product
fixed costs
predatory pricing
continous innovation
34. A pricing strategy that considers the lifetime cost of using the product
tipping point
cost of ownership
f.o.b. origin pricing
trial pricing
35. Charging a very high - premium price for a new product
baby boomers
random factor analysis
pure subsistence economy
skimming price
36. 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
late majority
service encounter
dynamic pricing
combined market approach
37. An integrated economic and social unit wit a large population nucleus
licensing
laggards
metropolitan statistical area (msa)
cycle analysis
38. A homogeneous group of customers who will respond to a marketing mix in a similiar way
market segment
multicultural marketing
product adoption
penetration strategy
39. Pricing products to maximize sales or to attain a desired level of sales or market share
pure subsistence economy
loss-leader pricing
sales or market share objective
knock-off
40. A practice of charging different prices to a different customers to manage capacity while maximizing revenues
demand-based pricing
heuristics
price-floor pricing
yield-management pricing
41. When a percentage change in price results in a smaller percentage change in the quantity demanded
product line
market segment
cost-plus pricing
price inelastic
42. The amount of a product a company expects to sell during a specific period at a specified level of marketing activities
core product
information search
staples
sales forecast
43. Consumers products that provide benefits over a long period of time - such as cars - furniture - and appliances
venture teams
market
durable goods
target marketing
44. An arrangement unique to business marketing in which two organizations agree to buy from each other
capacity management
reciprocity
price maintenance
laggards
45. Pricing that is intended to have an effect on the marketing efforts of the competition
diffusion
variable pricing
laggards
competitive effect objective
46. 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
competitive advantage
hierarchy of needs
fast-moving consumer goods
list price
47. 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
innovators
predatory pricing
customer forecasting survey
48. The dimensions that consumers use to compare completing product alternatives
perceived risk
knock-off
evaluative criteria
clustering techniques
49. 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
augmented product
operating costs
price elastic
bait and switch
50. Brands that are owned and sold by a specific - retailer or distributor
cognitive learning theory
customer satisfaction objective
product life cycle
store or private-label brands
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