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Test your basic knowledge |
Marketing Basics
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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. Pricing products with a focus on a target level of profit growth or a desired net profit margin
portfolio management
SWOT analysis
disposable income
profit objective
2. A pricing strategy in which a firm sets prices that provide ultimate value to customers
sex roles
generic marketing
economics of scale
value pricing everyday low-pricing
3. The practice of exchanging a good or service for another good or service of like value
uniform delivered pricing
brand equity
price leadership (follower)
bartering
4. The last consumers to adopt the innovation
experimental pricing
margin
laggards
marketing ethics
5. Pricing a new product low for a limited period of time to lower the risk for a customer
captive pricing
trial pricing
core product
brand manager
6. The value that customers give up - or exchange - to obtain a desired product
price
decline stage
umbrella pricing
social class
7. Manufactured goods or subassemblies of finished items that organizations need to complete their own product
target market
family life cycle
benefit segmentation
component parts
8. Group of people within an organization who focus exclusively on the development of a new product
venture teams
brand manager
specialty products
augmented product
9. E-commerce that allows shoppers to purchase products through online bidding
innovators
online auctions
market segment
switching costs
10. A means of measuring a website's success by tracking customers' movement around the company website
heuristics
clickstream analysis
price maintenance
market
11. Income that is adjusted to take out the effects of inflation on purchasing power
prestige pricing
real income
cause-related marketing
market test
12. 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
demand curve
consumer behavior
market
birthrate
13. 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
bait and switch
umbrella pricing
pure subsistence economy
perceived risk
14. An arrangement unique to business marketing in which two organizations agree to buy from each other
birthrate
reciprocity
price discrimination
bid riggin
15. Concept that explains how products go through four distinct stages from birth to death: introduction - growth - maturity - and decline
gen x
product life cycle
time-series analysis
bartering
16. An agreement between two brands to work together in marketing new or existing products
trend analysis
trademark
co-branding
product line
17. A change in beliefs or actions as a reaction to real or imagined group pressure
conformity
online auctions
sex roles
cumulative quantity discounts
18. Means that a firm has a marketing mix that the target market sees as better than a competitors mix
market segment
competitive advantage
social class
cognitive dissonance
19. A strategy of ducking under a competitor's price by a fixed percentage
umbrella pricing
metropolitan statistical area (msa)
price subsidies
test marketing
20. An internal state that drives us to satisfy needs by activating goal-oriented behavior
product life cycle
birthrate
motivation
macro marketing
21. The process of eliminating interaction between customers and service providers
market segmentation
cause-related marketing
disintermediation
mass marketing
22. Those that actually affect the customers purchase of specific product or brand in a product market
inelastic demand
determining dimensions
innovation
combiners
23. 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
classical conditioning
image enhancement objective
random factor analysis
f.o.b. origin pricing
24. Products that consumers purchase to signal membership in a desirable social class
status symbols
early adopters
consumer-to-consumer e-commerce
birthrate
25. Segmenting the market and picking one of the homogeneous segments as the firms target market
mass marketing
birthrate
single target market approach
senior citizens
26. Testing the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter
combined market approach
value pricing everyday low-pricing
test marketing
tipping point
27. Costs of production that do not change with the number of units produced
national or manufacturer brands
knock-off
decline stage
fixed costs
28. Which means that as a company produces larger numbers of a particular product the cost of each unit of product goes down
price elastic
economics of scale
list price
consumer-to-consumer e-commerce
29. Making a product available to buyers in one or more test areas and measuring purchases and consumer responses
market test
quantity discounts
executive judgement
market manager
30. The actual interaction between the customer and the service provider
variable pricing
cognitive dissonance
price
service encounter
31. Collusion between suppliers responding to bid requests to lessen competition and secure higher margins
freight absorption pricing
margin
bid riggin
consumer-to-consumer e-commerce
32. Discounts based on the total quantity bought within a specified time period
cycle analysis
inelastic demand
price discrimination
cumulative quantity discounts
33. Sales forecasts prepared by experts such as economists - management consultants - advertising executives - college professors - or other persons outside the firm
tipping point
innovation
venture teams
expert forecasting survey
34. Opportunities that help innovators develop hard to copy marketing strategies that will be very profitable for a long time
market segmentation
venture teams
trend analysis
breakthrough opportunities
35. When a percentage change in price results in a larger percentage change in the quantity demanded
portfolio management
price elastic
executive judgement
market segmentation
36. Consumer products that provide benefits for a short time because they are consumed - such as food - or are no longer useful such as newspaper.
nondurable goods
status symbols
maturity stage
competitive advantage
37. The difference between the cost of the product and the selling price of the product
margin
cycle analysis
reference group
operant conditioning
38. A pricing strategy that draws on past experience of the marketer in setting appropriate prices
judgment
early majority
tipping point
price-floor pricing
39. The idea that its important to meet present needs without compromising the ability of future generations to meet their own needs
sustainability
hierarchy of needs
mass marketing
variable pricing
40. A product people often buy on the spur of the moment
laggards
market
seasonal analysis
impulse product
41. Basic or necessary items that are available almost everywhere
store or private-label brands
determining dimensions
staples
product line
42. An integrated economic and social unit wit a large population nucleus
metropolitan statistical area (msa)
product adoption
customer satisfaction objective
introduction
43. Which treats alternative products divisions - or strategic buisness units as though they were stock investments - to be bought and sold using financial criteria
operating costs
price elasticity
variable costs
portfolio management
44. The process by which organization adjust their offering in an attempt to match demand
competitive effect objective
emergency product
discontinuous innovation
capacity management
45. The firm that sets prices first in a industry; other major firms in the industry follow the leader by standing in line
growth stage
senior citizens
umbrella pricing
price leadership (follower)
46. A fairly homogeneous group of customers to whom a company wishes to appeal
senior citizens
random factor analysis
trend analysis
target market
47. All the benefits the product will provide for consumers or business customers
core product
market manager
market segment
price-floor pricing
48. A relatively permanent change in behavior caused by acquired information or experience
bait and switch
learning
opportunity cost
heuristics
49. Theories of learning that focus on how consumer behavior is changed by external events or stimuli
price inelastic
behavioral learning theories
prestige pricing
cycle analysis
50. Charging a very high - premium price for a new product
strategic business unit sbu
skimming price
cause-related marketing
late majority
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