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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. A pricing strategy in which a firm sets prices that provide ultimate value to customers
value pricing everyday low-pricing
bait and switch
cost-plus pricing
determining dimensions
2. A modification of an existing product that sets one brand apart from its competitors
continous innovation
birthrate
culture
zone pricing
3. Income that is adjusted to take out the effects of inflation on purchasing power
fixed costs
real income
brand
consideration set
4. Communicating with large numbers of customers at the same time
mass selling
brand manager
macro marketing
gen y
5. A product that consumers perceive to be new and different form existing products
brand loyalty
innovation
universal functions of marketing
uniform delivered pricing
6. Brands that the manufacturer of the product owns
cognitive dissonance
cost-plus pricing
late majority
national or manufacturer brands
7. The illegal practice of offering the same product of like quality and quantity to different business customers at different prices - thus lessening competition
frequent discounting
component parts
price discrimination
qualifying dimensions
8. A market with very similar needs and sellers offering various close substitute ways of satisfying those needs
product market
raw materials
prestige pricing
sex roles
9. Costs involved in moving from one brand to another
information search
expert forecasting survey
switching costs
culture
10. People whose children are grown and who are now able to spend their money in other ways
motivation
introduction
cycle analysis
empty nesters
11. A mental rule of thumb that leads to a speedy decision by simplifying the process
heuristics
regression analysis
uniform delivered pricing
opinion leader
12. Number of babies born per 1000 people fluctuated greatly in last 65 years
fixed costs
birthrate
reference group
competitive effect objective
13. The patter of living that determines how people choose to spend their time - money - and energy that reflects their values - tastes - and preferences
discontinuous innovation
lifestyle
multiple target market approach
information search
14. The typical production oriented approach - vaguely aims at "everyone" with the same marketing mix
price maintenance
price leadership (follower)
mass marketing
unsought products
15. A brand that a group of individual products or individual brands share
profit objective
behavioral learning theories
family brand
goods
16. 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
social class
market information function
capacity management
late majority
17. Expensive goods that an organization uses in its daily operations that last for a long time
co-branding
consumer satisfaction/dissatisfiaction
equipment
market manager
18. The process of eliminating interaction between customers and service providers
disintermediation
value pricing everyday low-pricing
maintenance - repair - and operating products
family life cycle
19. Segmenting the market and picking one of the homogeneous segments as the firms target market
perceived risk
universal functions of marketing
single target market approach
laggards
20. The process by which people select - organize - and interpret information form the outside world
product market
consumer-to-consumer e-commerce
perception
brand extension
21. A strategy of experimenting with prices until the price that generates the highest profitability is found
learning
market segmentation
experimental pricing
brand manager
22. The belief that use of a product has potentially negative consequences - either financial - physical or social
introduction
loss-leader pricing
perceived risk
switching costs
23. Pricing that is intended to have an effect on the marketing efforts of the competition
time-series analysis
cycle analysis
competitive effect objective
customer satisfaction
24. A method for calculating price in which - to maintain full plant operating capacity - a portion of a firm's output may be sold at a price that covers only marginal costs of production
price-floor pricing
time-series analysis
price subsidies
innovators
25. 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
executive judgement
equipment
market information function
real income
26. Products of the fishing - lumber - agricultural - and mining industries that organizational customers purchase to use in their finished products
raw materials
sex roles
market
early majority
27. Which treats alternative products divisions - or strategic buisness units as though they were stock investments - to be bought and sold using financial criteria
combined market approach
consumer behavior
portfolio management
behavioral learning theories
28. Those that actually affect the customers purchase of specific product or brand in a product market
quantity discounts
economics of scale
sales forecast
determining dimensions
29. A new product sold with the same brand name as a strong existing brand
penetration strategy
brand extension
maturity stage
component parts
30. 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
early majority
brand
differentation
senior citizens
31. The third and longest stage in the product life cycle - in which sales peak and profit margin narrows
hierarchy of needs
portfolio management
maturity stage
subculture
32. Segmenting the market and choosing two or more segments and then treating each as a separate target market needing a different marketing mix
profit objective
margin
multiple target market approach
f.o.b. origin pricing
33. Pricing that is intended to maximize customer satisfaction and retention
customer satisfaction objective
economics of scale
discontinuous innovation
combined market approach
34. The strategy of selling products at unreasonably low prices to drive competitors out of business
product category manager
predatory pricing
hierarchy of needs
consumer-to-consumer e-commerce
35. The value of a brand to an organization
cognitive dissonance
f.o.b. delivered pricing
brand equity
mass selling
36. A practice of charging different prices to a different customers to manage capacity while maximizing revenues
social class
yield-management pricing
customer relationship management (crm)
staples
37. The actual interaction between the customer and the service provider
heuristics
operant conditioning
service encounter
micromarketing
38. An analysis of sales figures for a period of 3 to 5 years to ascertain whether sales fluctuate in a consistent - periodic manner
margin
market test
trade or functional discounts
cycle analysis
39. Sales forecasting based on the intuition of one or more executives
opportunity cost
actual product
executive judgement
product adoption
40. A set of price or a price range in consumers' minds that they refer to in evaluating a product's price
brand loyalty
judgment
internal reference price
product line
41. A survey of a firm's sales force regarding anticipated sales in their territories for a specified period.
consideration set
product market
sales force forecasting survey
time-series analysis
42. Aim at one or more homogeneous segments and try to develop different marketing mix for each
portfolio management
image enhancement objective
convenience product
segments
43. When a percentage change in price results in a smaller percentage change in the quantity demanded
bartering
price inelastic
prestige pricing
zone pricing
44. To try to find similar patterns within sets of data
market test
price discrimination
clustering techniques
penetration strategy
45. To try to increase the size of their target markets by combining two or more segments
reference group
cost of ownership
subculture
combiners
46. Discounts based only on the quantity purchased in individual orders
nondurable goods
birthrate
non-cumulative quantity discounts
list price
47. The practice of setting a limited number of different specific prices - called price points - for items in a product line
tipping point
price lining
status symbols
trademark
48. A firm's total product offering designed to satisfy a single need or desire of target customers
senior citizens
product line
seasonal analysis
capacity management
49. Collusion between suppliers responding to bid requests to lessen competition and secure higher margins
bid riggin
trial pricing
cumulative quantity discounts
brand extension
50. A fairly homogeneous group of customers to whom a company wishes to appeal
price-floor pricing
market test
target market
customer forecasting survey
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