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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 idea that its important to meet present needs without compromising the ability of future generations to meet their own needs
uniform delivered pricing
price
sustainability
penetration strategy
2. The first stage of the product life cycle in which slow growth follows the introduction of a new product in the marketplace
raw materials
nondurable goods
introduction
early adopters
3. To try to increase the size of their target markets by combining two or more segments
list price
venture teams
combiners
specialty products
4. The marketing mix is distinct from and better than what is available from a competitor
conformity
test marketing
differentation
nondurable goods
5. Segmenting the market and picking one of the homogeneous segments as the firms target market
single target market approach
switching costs
cost-plus pricing
Delphi technique
6. A means of measuring a website's success by tracking customers' movement around the company website
specialty products
raw materials
cause-related marketing
clickstream analysis
7. Expensive goods that an organization uses in its daily operations that last for a long time
decline stage
stimulus generalization
equipment
customer forecasting survey
8. Manufactured goods or subassemblies of finished items that organizations need to complete their own product
diffusion
profit objective
executive judgement
component parts
9. A set of price or a price range in consumers' minds that they refer to in evaluating a product's price
perceived risk
late majority
micromarketing
internal reference price
10. The pricing strategy of setting prices below cost to attract customers into a store
loss-leader pricing
perceived risk
product adoption
core product
11. The process involved when individuals or groups select - purchase - use - and dispose of goods - services - ideas - or experiences to satisfy their needs and desires
consumer behavior
sex roles
specialty products
cognitive dissonance
12. 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
freight absorption pricing
market
target marketing
hierarchy of needs
13. A situation in which an increase or a decrease in price will not significantly affect demand for the product
core product
component parts
inelastic demand
market manager
14. A flexible pricing strategy that reflects what individual customers are willing to pay
bait and switch
variable pricing
reciprocity
metropolitan statistical area (msa)
15. The last consumers to adopt the innovation
laggards
brand extension
brand
judgment
16. 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
price lining
captive pricing
single target market approach
generic marketing
17. The second stage in the product life cycle - during which the product is accepted and sales rapidly increase
growth stage
clustering techniques
price leadership (follower)
brand loyalty
18. Pricing intended to establish a desired image or positioning to prospective customers
portfolio management
personality
evaluative criteria
image enhancement objective
19. 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
non-cumulative quantity discounts
market segmentation
time-series analysis
variable pricing
20. People over 65
price-floor pricing
customer satisfaction objective
customer satisfaction
senior citizens
21. The difference between the cost of the product and the selling price of the product
margin
cost of ownership
switching costs
licensing
22. Group of people within an organization who focus exclusively on the development of a new product
venture teams
decline stage
Delphi technique
market segmentation
23. The regret or remorse buyers may feel after making a purchase
cognitive dissonance
information search
evaluative criteria
customer forecasting survey
24. Making a product available to buyers in one or more test areas and measuring purchases and consumer responses
disintermediation
personality
market test
goods
25. A change in beliefs or actions as a reaction to real or imagined group pressure
test marketing
sustainability
conformity
product life cycle
26. Which means that as a company produces larger numbers of a particular product the cost of each unit of product goes down
shopping product
economics of scale
early majority
baby boomers
27. A mental rule of thumb that leads to a speedy decision by simplifying the process
perception
fast-moving consumer goods
predatory pricing
heuristics
28. 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
competitive effect objective
variable pricing
f.o.b. origin pricing
29. An aggregating process - clustering people with similar needs into a "market segment"
decline stage
segmenting
benefit segmentation
customer satisfaction
30. The illegal practice of offering the same product of like quality and quantity to different business customers at different prices - thus lessening competition
price discrimination
demand-based pricing
status symbols
customer forecasting survey
31. A pricing tactic of charging reduced prices for larger quantities of product
quantity discounts
predatory pricing
brand
value pricing everyday low-pricing
32. The process whereby a consumer searches for appropriate information needed to make a reasonable decision
specialty products
information search
judgment
core product
33. The value of a brand to an organization
brand equity
segmenting
variable costs
nondurable goods
34. Identifies and lists the firms strengths and weaknesses and its opportunities and threats
quantity discounts
SWOT analysis
benefit segmentation
gen y
35. A price-setting method based on estimated of demand at different prices
diffusion
price lining
sales forecast
demand-based pricing
36. Learning that occurs when a stimulus eliciting a response is paired with another stimulus that initially does not elicit a response over time because of its association with the first stimulus
classical conditioning
staples
judgment
switching costs
37. Consumers products that provide benefits over a long period of time - such as cars - furniture - and appliances
list price
hierarchy of needs
durable goods
customer satisfaction
38. Which treats alternative products divisions - or strategic buisness units as though they were stock investments - to be bought and sold using financial criteria
portfolio management
target marketing
micromarketing
image enhancement objective
39. Products created when firms transform raw materials from their original state
processed material
shopping product
mass selling
price maintenance
40. A brand that a group of individual products or individual brands share
family brand
f.o.b. origin pricing
hierarchy of needs
dynamically continuous innovation
41. A homogeneous group of customers who will respond to a marketing mix in a similiar way
classical conditioning
demand curve
target market
market segment
42. Opportunities that help innovators develop hard to copy marketing strategies that will be very profitable for a long time
breakthrough opportunities
gen x
cause-related marketing
brand loyalty
43. Products we purchase when we're in dire need
random factor analysis
non-cumulative quantity discounts
emergency product
metropolitan statistical area (msa)
44. Pricing products with a focus on a target level of profit growth or a desired net profit margin
single target market approach
sales force forecasting survey
price-floor pricing
profit objective
45. The actual product plus other supporting features such as a warranty - credit - delivery - installation - and repair service after the sale
personality
maturity stage
augmented product
portfolio management
46. A practice of charging different prices to a different customers to manage capacity while maximizing revenues
yield-management pricing
operating costs
disposable income
brand loyalty
47. A pricing strategy in which a firm sets prices that provide ultimate value to customers
skimming price
value pricing everyday low-pricing
profit objective
brand extension
48. 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
price leadership (follower)
f.o.b. delivered pricing
universal functions of marketing
value pricing everyday low-pricing
49. Segmenting the market and choosing two or more segments and then treating each as a separate target market needing a different marketing mix
multiple target market approach
product market
predatory pricing
nondurable goods
50. An analysis of sales figures for a period of 3 to 5 years to ascertain whether sales fluctuate in a consistent - periodic manner
cycle analysis
evaluative criteria
classical conditioning
quantity discounts
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