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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 process by which people select - organize - and interpret information form the outside world
perception
price inelastic
sales force forecasting survey
zone pricing
2. Collusion between suppliers responding to bid requests to lessen competition and secure higher margins
bid riggin
economics of scale
dynamic pricing
cumulative quantity discounts
3. A brand that a group of individual products or individual brands share
family brand
economics of scale
equipment
information search
4. Products we purchase when we're in dire need
emergency product
sales or market share objective
specialty products
profit objective
5. A method of predicting sales based on finding a relationship between past sales and one or more independent variables - such as population or income
mass selling
regression analysis
combined market approach
maturity stage
6. A good or service with unique characteristics that are important to the buyer and for which the buyer will devote significant effort to acquire
specialty products
generic marketing
lifestyle
single target market approach
7. An analysis attempting to attribute erratic sales variations to random - nonrecurrent events
venture teams
operant conditioning
random factor analysis
augmented product
8. A strategy where prices are set significantly higher than competing brands
dynamic pricing
brand
prestige pricing
core product
9. 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
trial pricing
variable pricing
cost-plus pricing
10. A set of price or a price range in consumers' minds that they refer to in evaluating a product's price
price discrimination
competitive advantage
nondurable goods
internal reference price
11. Means that a firm has a marketing mix that the target market sees as better than a competitors mix
hierarchy of needs
uniform delivered pricing
competitive advantage
seasonal analysis
12. The regret or remorse buyers may feel after making a purchase
cognitive dissonance
sex roles
penetration strategy
frequent discounting
13. The process by which a consumer or business customer begins to buy and use a new good - service - or idea
product adoption
fixed costs
motivation
profit objective
14. A survey of a firm's sales force regarding anticipated sales in their territories for a specified period.
sales force forecasting survey
market segment
motivation
economics of scale
15. The value of a brand to an organization
predatory pricing
perceived risk
brand equity
non-cumulative quantity discounts
16. The relative importance of perceived consequences of the purchase to a consumer
inelastic demand
cannibalization
micromarketing
involvment
17. A means of measuring a website's success by tracking customers' movement around the company website
clickstream analysis
SWOT analysis
involvment
discontinuous innovation
18. The practice of recognizing and targeting the distinctive needs and wants of one or more ethnic subcultures
inelastic demand
predatory pricing
self-concept
multicultural marketing
19. Manufactured goods or subassemblies of finished items that organizations need to complete their own product
price-floor pricing
component parts
fixed costs
growth stage
20. Relevant to including a customer type in a product market
product adoption
qualifying dimensions
perceived risk
target costing
21. A relatively permanent change in behavior caused by acquired information or experience
learning
reference group
market
time-series analysis
22. A strategy of experimenting with prices until the price that generates the highest profitability is found
cannibalization
trial pricing
staples
experimental pricing
23. A pricing strategy that draws on past experience of the marketer in setting appropriate prices
switching costs
culture
processed material
judgment
24. The division of a market according to benefits that consumers want from the product
innovators
early adopters
benefit segmentation
sales forecast
25. When a percentage change in price results in a smaller percentage change in the quantity demanded
price inelastic
senior citizens
test marketing
sales force forecasting survey
26. Number of babies born per 1000 people fluctuated greatly in last 65 years
cost of ownership
birthrate
involvment
dynamically continuous innovation
27. When a percentage change in price results in a larger percentage change in the quantity demanded
prestige pricing
price elastic
product line
sales or market share objective
28. An aggregating process - clustering people with similar needs into a "market segment"
loss-leader pricing
operant conditioning
sales or market share objective
segmenting
29. Sales forecasts prepared by experts such as economists - management consultants - advertising executives - college professors - or other persons outside the firm
disintermediation
attitude
metropolitan statistical area (msa)
expert forecasting survey
30. All the benefits the product will provide for consumers or business customers
penetration strategy
yield-management pricing
core product
early adopters
31. Charging a very high - premium price for a new product
uniform delivered pricing
skimming price
baby boomers
competitive advantage
32. A pricing strategy that considers the lifetime cost of using the product
cost of ownership
evaluative criteria
qualifying dimensions
self-concept
33. Products created when firms transform raw materials from their original state
sales force forecasting survey
brand
processed material
qualifying dimensions
34. Buying - selling - transporting - storing - standardization and grading - financing - risk taking - and market information
marketing ethics
universal functions of marketing
judgment
sales forecast
35. 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
product life cycle
time-series analysis
combined market approach
goods
36. A totally new product that creates major changes in the way we live
loss-leader pricing
value pricing everyday low-pricing
discontinuous innovation
family life cycle
37. The cost of production (raw and processed materials - parts - and labor) that are tried to - and vary depending on - the number of units produced
variable costs
unsought products
regression analysis
captive pricing
38. Basic or necessary items that are available almost everywhere
operant conditioning
staples
bid riggin
skimming price
39. 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
maturity stage
SWOT analysis
f.o.b. origin pricing
price inelastic
40. Discounts based only on the quantity purchased in individual orders
price maintenance
non-cumulative quantity discounts
f.o.b. origin pricing
brand equity
41. Which means that as a company produces larger numbers of a particular product the cost of each unit of product goes down
heuristics
economics of scale
multicultural marketing
judgment
42. Opportunities that help innovators develop hard to copy marketing strategies that will be very profitable for a long time
segments
continous innovation
breakthrough opportunities
durable goods
43. Costs involved in using a product
market segment
continous innovation
operating costs
consumer satisfaction/dissatisfiaction
44. Refers to the generation born immediately following the baby boom - from 1965-1977
culture
gen x
social class
self-concept
45. A group within a society whose members share a distinctive set of beliefs - characteristics - or common experiences
subculture
customer satisfaction objective
universal functions of marketing
perception
46. Costs of production that do not change with the number of units produced
fixed costs
innovators
maturity stage
sales or market share objective
47. The overall feelings or attitude a person has about a product after purchasing it
discontinuous innovation
brand manager
customer satisfaction
consumer satisfaction/dissatisfiaction
48. A new product sold with the same brand name as a strong existing brand
self-concept
clustering techniques
brand extension
margin
49. To try to increase the size of their target markets by combining two or more segments
culture
combiners
universal functions of marketing
customer satisfaction objective
50. The loss of sales of an existing product when a new item in a product line or product family is introduced
national or manufacturer brands
cannibalization
multicultural marketing
attitude