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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. The psychological characteristics that consistently influence the way a person responds to situations in the environment
cause-related marketing
equipment
expert forecasting survey
personality
2. An individual's self-image that is composed of a mixture of beliefs - observations - and feelings about personal attributes
multicultural marketing
self-concept
predatory pricing
regression analysis
3. A means of characterizing consumers based on the different family stages they pass through as they grow older
umbrella pricing
pure subsistence economy
decline stage
family life cycle
4. A plot of the quantity of a product that customers will buy in a market during a period of time at various prices if all other factors remain the same
dynamically continuous innovation
uniform delivered pricing
bartering
demand curve
5. The final stage in the product life cycle - in which sales decrease as customer needs change
pure subsistence economy
executive judgement
judgment
decline stage
6. Costs involved in using a product
loss-leader pricing
uniform delivered pricing
national or manufacturer brands
operating costs
7. A new product that does not reach expectations for success - failing to reach sales objectives set
multicultural marketing
new product failure
sex roles
equipment
8. A fairly homogeneous group of customers to whom a company wishes to appeal
price
perception
target market
product line
9. The cost of production (raw and processed materials - parts - and labor) that are tried to - and vary depending on - the number of units produced
random factor analysis
mass selling
variable costs
heuristics
10. Segmenting the market and choosing two or more segments and then treating each as a separate target market needing a different marketing mix
baby boomers
internal reference price
time-series analysis
multiple target market approach
11. 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
lifestyle
cost-plus pricing
switching costs
stimulus generalization
12. An actual or imaginary individual or group that has significant effect on an individual's evaluations - aspirations - or behavior
predatory pricing
product life cycle
reference group
evaluative criteria
13. 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
late majority
opinion leader
market
clickstream analysis
14. All the benefits the product will provide for consumers or business customers
captive pricing
core product
innovation
online auctions
15. A practice of charging different prices to a different customers to manage capacity while maximizing revenues
competitive effect objective
expert forecasting survey
yield-management pricing
non-cumulative quantity discounts
16. The patter of living that determines how people choose to spend their time - money - and energy that reflects their values - tastes - and preferences
lifestyle
fixed costs
multicultural marketing
cognitive learning theory
17. A strategy of experimenting with prices until the price that generates the highest profitability is found
experimental pricing
loss-leader pricing
real income
venture teams
18. Brands that the manufacturer of the product owns
lifestyle
disposable income
nondurable goods
national or manufacturer brands
19. Expensive goods that an organization uses in its daily operations that last for a long time
capacity management
dynamically continuous innovation
empty nesters
equipment
20. Pricing that is intended to maximize customer satisfaction and retention
customer satisfaction objective
metropolitan statistical area (msa)
demand-based pricing
baby boomers
21. To try to find similar patterns within sets of data
shopping product
clustering techniques
competitive advantage
multiple target market approach
22. A group within a society whose members share a distinctive set of beliefs - characteristics - or common experiences
subculture
seasonal analysis
executive judgement
judgment
23. The practice of linking products to a particular social cause on an ongoing or short-term basis
cause-related marketing
sustainability
price
new product failure
24. Group of people within an organization who focus exclusively on the development of a new product
subculture
price elasticity
venture teams
non-cumulative quantity discounts
25. The marketing mix is distinct from and better than what is available from a competitor
baby boomers
differentation
brand loyalty
market segmentation
26. 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
experimental pricing
internal reference price
perceived risk
brand
27. The typical production oriented approach - vaguely aims at "everyone" with the same marketing mix
mass marketing
culture
Delphi technique
consumer-to-consumer e-commerce
28. Opportunities that help innovators develop hard to copy marketing strategies that will be very profitable for a long time
dynamically continuous innovation
product adoption
breakthrough opportunities
heuristics
29. The process by which a consumer or business customer begins to buy and use a new good - service - or idea
prestige pricing
f.o.b. delivered pricing
product adoption
regression analysis
30. The value that customers give up - or exchange - to obtain a desired product
value pricing everyday low-pricing
operant conditioning
price
augmented product
31. Costs of production that do not change with the number of units produced
fixed costs
conformity
price bundling
freight absorption pricing
32. Income that is adjusted to take out the effects of inflation on purchasing power
portfolio management
real income
hierarchy of needs
operating costs
33. Theories of learning that focus on how consumer behavior is changed by external events or stimuli
behavioral learning theories
convenience product
perception
consumer satisfaction/dissatisfiaction
34. A manager who is responsible for developing and implementing the marketing plans for products sold to a specific customer group
target marketing
qualifying dimensions
random factor analysis
market manager
35. Discounts based on the total quantity bought within a specified time period
cumulative quantity discounts
sales forecast
dynamic pricing
customer satisfaction
36. A pricing strategy in which a firm introduces a new product at a very low price to encourage more customers to purchase it
unsought products
sustainability
penetration strategy
cost-plus pricing
37. A pattern of repeat product purchases - accompanied by an underlying positive attitude toward the brand - which is based on the belief that the brand makes products superior to its competition
portfolio management
operating costs
determining dimensions
brand loyalty
38. A change in beliefs or actions as a reaction to real or imagined group pressure
inelastic demand
f.o.b. origin pricing
goods
conformity
39. An approach to market segmentation in which organizations focus precise marketing efforts on very small geographic markets
determining dimensions
national or manufacturer brands
micromarketing
senior citizens
40. The pricing strategy in which the price can easily be adjusted to meet changes in the marketplace
heuristics
disposable income
baby boomers
dynamic pricing
41. The overall rank or social standing of groups of people within society according to the value assigned to such factors as family background - education - occupation - and income
time-series analysis
social class
baby boomers
competitive effect objective
42. 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
service encounter
predatory pricing
tipping point
gen x
43. The last consumers to adopt the innovation
combiners
laggards
behavioral learning theories
conformity
44. A pricing tactic in which customers in different geographic zones pay different transportation rates
zone pricing
trademark
macro marketing
brand equity
45. When a percentage change in price results in a smaller percentage change in the quantity demanded
margin
hierarchy of needs
brand
price inelastic
46. A pricing tactic for two items that must be used together; one item is priced very low and the firm makes its profit on another - high-margin item essential to the operation of the first item
random factor analysis
market segmentation
captive pricing
senior citizens
47. An aggregating process - clustering people with similar needs into a "market segment"
segmenting
market information function
cost of ownership
augmented product
48. A pricing tactic in which a firm adds a standard shipping charge to the price for all customers regardless the location
variable pricing
early adopters
uniform delivered pricing
impulse product
49. 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
operant conditioning
customer forecasting survey
mass marketing
50. 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
continous innovation
price bundling
evaluative criteria
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