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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 value that customers give up - or exchange - to obtain a desired product
combiners
price
prestige pricing
late majority
2. An analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales
trend analysis
determining dimensions
f.o.b. origin pricing
price subsidies
3. A social process that directs an economy
macro marketing
diffusion
consumer-to-consumer e-commerce
nondurable goods
4. The patter of living that determines how people choose to spend their time - money - and energy that reflects their values - tastes - and preferences
mass marketing
metropolitan statistical area (msa)
discetionary income
lifestyle
5. A strategy of ducking under a competitor's price by a fixed percentage
umbrella pricing
online auctions
demand-based pricing
generic marketing
6. A pricing strategy that draws on past experience of the marketer in setting appropriate prices
market information function
judgment
bid riggin
culture
7. The collection - analysis - and distribution of all the info needed to plan - carry out - and control marketing activities - wether in the firms own neighborhood or in a market overseas
marketing ethics
cycle analysis
price
market information function
8. The regret or remorse buyers may feel after making a purchase
generic marketing
variable pricing
trend analysis
cognitive dissonance
9. The value of something that is given up to obtain something else
micromarketing
profit objective
variable costs
opportunity cost
10. The practice of linking products to a particular social cause on an ongoing or short-term basis
innovation
cause-related marketing
internal reference price
market manager
11. A manager who is responsible for developing and implementing the marketing plan for all the brands and products within a product category
price bundling
national or manufacturer brands
product category manager
late majority
12. Goods that a business customer consumes in a relatively short time
motivation
maintenance - repair - and operating products
prestige pricing
dynamically continuous innovation
13. A totally new product that creates major changes in the way we live
sales forecast
variable pricing
discontinuous innovation
innovators
14. 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
involvment
cost-plus pricing
cognitive learning theory
clickstream analysis
15. Segmenting the market and picking one of the homogeneous segments as the firms target market
trial pricing
single target market approach
price elastic
product category manager
16. The idea that its important to meet present needs without compromising the ability of future generations to meet their own needs
consumer satisfaction/dissatisfiaction
tipping point
image enhancement objective
sustainability
17. Costs of production that do not change with the number of units produced
fixed costs
cause-related marketing
evaluative criteria
stimulus generalization
18. Combining two or more submarkets into one larger target market as a basis for one strategy
profit objective
knock-off
tipping point
combined market approach
19. Pricing products to maximize sales or to attain a desired level of sales or market share
durable goods
loss-leader pricing
inelastic demand
sales or market share objective
20. The physical good or the delivered service that supplies the desired benefit
marketing ethics
dynamically continuous innovation
actual product
product line
21. 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
family brand
target costing
mass selling
brand loyalty
22. Discounts based only on the quantity purchased in individual orders
family brand
list price
disintermediation
non-cumulative quantity discounts
23. A method of predicting sales based on finding a relationship between past sales and one or more independent variables - such as population or income
multicultural marketing
test marketing
regression analysis
segmenting
24. The loss of sales of an existing product when a new item in a product line or product family is introduced
cannibalization
product category manager
customer satisfaction objective
social class
25. Sales forecasting based on the intuition of one or more executives
skimming price
random factor analysis
executive judgement
equipment
26. The practice of exchanging a good or service for another good or service of like value
bartering
mass marketing
operating costs
micromarketing
27. 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
target market
demand curve
product line
price
28. A pricing tactic of charging reduced prices for larger quantities of product
switching costs
cost of ownership
product category manager
quantity discounts
29. Pricing that is intended to maximize customer satisfaction and retention
customer satisfaction objective
cannibalization
reference group
competitive effect objective
30. The marketing mix is distinct from and better than what is available from a competitor
differentation
price elasticity
quantity discounts
store or private-label brands
31. The firm that sets prices first in a industry; other major firms in the industry follow the leader by standing in line
senior citizens
consideration set
price leadership (follower)
learning
32. Pricing intended to establish a desired image or positioning to prospective customers
image enhancement objective
price
price subsidies
random factor analysis
33. The price the end customer is expected to pay as determined by the manufacturer
executive judgement
price inelastic
regression analysis
list price
34. The process involved when individuals or groups select - purchase - use - and dispose of goods - services - ideas - or experiences to satisfy their needs and desires
mass selling
classical conditioning
consumer behavior
combiners
35. The practice of setting a limited number of different specific prices - called price points - for items in a product line
competitive effect objective
behavioral learning theories
price lining
universal functions of marketing
36. Products we purchase when we're in dire need
freight absorption pricing
emergency product
margin
perceived risk
37. The amount of a product a company expects to sell during a specific period at a specified level of marketing activities
prestige pricing
generic marketing
innovation
sales forecast
38. A strategy where prices are set significantly higher than competing brands
innovators
prestige pricing
venture teams
value pricing everyday low-pricing
39. An analysis of daily - weekly or monthly sales figures to evaluate the degree to which seasonal factors influence sales
sustainability
breakthrough opportunities
seasonal analysis
sales forecast
40. When each family unit produces everything it consumes
pure subsistence economy
captive pricing
test marketing
price inelastic
41. The actual product plus other supporting features such as a warranty - credit - delivery - installation - and repair service after the sale
random factor analysis
augmented product
internal reference price
service encounter
42. To try to find similar patterns within sets of data
opportunity cost
personality
clustering techniques
market
43. An analysis of sales figures for a period of 3 to 5 years to ascertain whether sales fluctuate in a consistent - periodic manner
shopping product
cycle analysis
determining dimensions
combiners
44. Income that is adjusted to take out the effects of inflation on purchasing power
trend analysis
time-series analysis
real income
margin
45. The value of a brand to an organization
brand equity
lifestyle
micromarketing
cannibalization
46. Segmenting the market and choosing two or more segments and then treating each as a separate target market needing a different marketing mix
product life cycle
frequent discounting
multiple target market approach
customer satisfaction
47. The legal term for a brand name - brand mark - or trade character; trademark legally registered by a government obtains protection for exclusive use in that country
multicultural marketing
trademark
value pricing everyday low-pricing
inelastic demand
48. Aim at one or more homogeneous segments and try to develop different marketing mix for each
brand extension
segments
consumer behavior
economics of scale
49. The typical production oriented approach - vaguely aims at "everyone" with the same marketing mix
portfolio management
mass marketing
uniform delivered pricing
segmenting
50. A pricing tactic in which the seller absorbs the total cost of transportation
target marketing
durable goods
laggards
freight absorption pricing
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