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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. A survey of customers regarding the types and quantities of products they intend to buy during a specific period
margin
uniform delivered pricing
core product
customer forecasting survey
2. The loss of sales of an existing product when a new item in a product line or product family is introduced
shopping product
cannibalization
perceived risk
non-cumulative quantity discounts
3. A set of price or a price range in consumers' minds that they refer to in evaluating a product's price
diffusion
internal reference price
goods
variable costs
4. Segmenting the market and choosing two or more segments and then treating each as a separate target market needing a different marketing mix
inelastic demand
cumulative quantity discounts
innovators
multiple target market approach
5. Aim at one or more homogeneous segments and try to develop different marketing mix for each
switching costs
product life cycle
penetration strategy
segments
6. The practice of recognizing and targeting the distinctive needs and wants of one or more ethnic subcultures
micromarketing
multicultural marketing
culture
generic marketing
7. Manufactured goods or subassemblies of finished items that organizations need to complete their own product
sustainability
component parts
f.o.b. origin pricing
cost-plus pricing
8. A marketing mix is tailored to fit some specific target customers
predatory pricing
target marketing
internal reference price
product market
9. A pricing tactic in which customers in different geographic zones pay different transportation rates
consumer-to-consumer e-commerce
zone pricing
growth stage
raw materials
10. Products we purchase when we're in dire need
emergency product
cognitive dissonance
price-floor pricing
product life cycle
11. Costs involved in moving from one brand to another
operating costs
switching costs
product line
freight absorption pricing
12. A strategy where prices are set significantly higher than competing brands
prestige pricing
seasonal analysis
variable costs
brand manager
13. Goods or services for which a consumer has little awareness or interest until the product or a need for the product is brought to his or her attention
variable costs
customer satisfaction objective
core product
unsought products
14. The set of alternative brands the consumer is considering for the decision process
regression analysis
consideration set
impulse product
family life cycle
15. Brands that are owned and sold by a specific - retailer or distributor
store or private-label brands
product line
skimming price
classical conditioning
16. When each family unit produces everything it consumes
innovators
perceived risk
price elastic
pure subsistence economy
17. 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
SWOT analysis
bait and switch
combined market approach
trend analysis
18. People born between 1946 and 1964
baby boomers
subculture
brand extension
image enhancement objective
19. Making a product available to buyers in one or more test areas and measuring purchases and consumer responses
product category manager
new product failure
breakthrough opportunities
market test
20. Which means that as a company produces larger numbers of a particular product the cost of each unit of product goes down
economics of scale
micromarketing
segmenting
price lining
21. Combining two or more submarkets into one larger target market as a basis for one strategy
combined market approach
component parts
decline stage
staples
22. Goods that a business customer consumes in a relatively short time
augmented product
maintenance - repair - and operating products
capacity management
metropolitan statistical area (msa)
23. Sales forecasting based on the intuition of one or more executives
trend analysis
discontinuous innovation
target costing
executive judgement
24. A group within a society whose members share a distinctive set of beliefs - characteristics - or common experiences
opinion leader
subculture
online auctions
clickstream analysis
25. The process by which organization adjust their offering in an attempt to match demand
capacity management
market segment
umbrella pricing
innovators
26. When a percentage change in price results in a smaller percentage change in the quantity demanded
clickstream analysis
inelastic demand
generic marketing
price inelastic
27. Pricing products to maximize sales or to attain a desired level of sales or market share
status symbols
value pricing everyday low-pricing
competitive advantage
sales or market share objective
28. A totally new product that creates major changes in the way we live
market manager
consideration set
discontinuous innovation
maintenance - repair - and operating products
29. The pricing strategy in which the price can easily be adjusted to meet changes in the marketplace
expert forecasting survey
dynamic pricing
product market
demand curve
30. An analysis of sales figures for a period of 3 to 5 years to ascertain whether sales fluctuate in a consistent - periodic manner
raw materials
cycle analysis
motivation
price elasticity
31. Behavior caused by a reaction to one stimulus that occurs in the presence of other similar stimuli
stimulus generalization
cause-related marketing
dynamic pricing
cognitive dissonance
32. The overall feelings or attitude a person has about a product after purchasing it
judgment
licensing
image enhancement objective
consumer satisfaction/dissatisfiaction
33. The practice of setting a limited number of different specific prices - called price points - for items in a product line
universal functions of marketing
price lining
single target market approach
frequent discounting
34. An internal state that drives us to satisfy needs by activating goal-oriented behavior
breakthrough opportunities
personality
market segment
motivation
35. The price the end customer is expected to pay as determined by the manufacturer
umbrella pricing
list price
competitive effect objective
product life cycle
36. The process whereby a consumer searches for appropriate information needed to make a reasonable decision
target marketing
information search
cause-related marketing
nondurable goods
37. 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
maturity stage
portfolio management
breakthrough opportunities
38. The belief that use of a product has potentially negative consequences - either financial - physical or social
fast-moving consumer goods
price bundling
bait and switch
perceived risk
39. Number of babies born per 1000 people fluctuated greatly in last 65 years
price leadership (follower)
reciprocity
birthrate
heuristics
40. To try to find similar patterns within sets of data
clustering techniques
yield-management pricing
shopping product
consumer satisfaction/dissatisfiaction
41. 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
captive pricing
consumer-to-consumer e-commerce
customer forecasting survey
portfolio management
42. A manager who is responsible for developing and implementing the marketing plan for a single brand
competitive advantage
brand manager
knock-off
discontinuous innovation
43. Concept that explains how products go through four distinct stages from birth to death: introduction - growth - maturity - and decline
cognitive dissonance
product life cycle
multiple target market approach
bid riggin
44. A practice of charging different prices to a different customers to manage capacity while maximizing revenues
online auctions
judgment
yield-management pricing
growth stage
45. An approach to market segmentation in which organizations focus precise marketing efforts on very small geographic markets
augmented product
market segment
market information function
micromarketing
46. 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
time-series analysis
trade or functional discounts
price discrimination
47. The second stage in the product life cycle - during which the product is accepted and sales rapidly increase
growth stage
clickstream analysis
penetration strategy
segmenting
48. All the benefits the product will provide for consumers or business customers
core product
shopping product
perception
switching costs
49. A good or service for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase
discetionary income
shopping product
unsought products
store or private-label brands
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
segmenting
value pricing everyday low-pricing
brand manager
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