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Test your basic knowledge |
Marketing Basics
Start Test
Study First
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. The physical good or the delivered service that supplies the desired benefit
actual product
dynamically continuous innovation
consumer behavior
involvment
2. 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
consumer behavior
price bundling
price-floor pricing
bait and switch
3. 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
sex roles
brand extension
economics of scale
4. An agreement between two brands to work together in marketing new or existing products
economics of scale
tipping point
co-branding
dynamically continuous innovation
5. Number of babies born per 1000 people fluctuated greatly in last 65 years
birthrate
bid riggin
segmenting
prestige pricing
6. The final stage in the product life cycle - in which sales decrease as customer needs change
gen x
brand manager
decline stage
price
7. To try to increase the size of their target markets by combining two or more segments
marketing ethics
multiple target market approach
combiners
actual product
8. People whose children are grown and who are now able to spend their money in other ways
empty nesters
predatory pricing
combiners
raw materials
9. A strategy of experimenting with prices until the price that generates the highest profitability is found
trademark
experimental pricing
market information function
durable goods
10. When each family unit produces everything it consumes
pure subsistence economy
tipping point
cost of ownership
mass selling
11. 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
cycle analysis
f.o.b. delivered pricing
product adoption
benefit segmentation
12. Tohose whose adoption to a new product signals a general acceptance of the innovation
shopping product
image enhancement objective
cumulative quantity discounts
early majority
13. Charging a very high - premium price for a new product
skimming price
image enhancement objective
gen y
social class
14. The values - beliefs - customs - and tastes that a group of people value
culture
trend analysis
laggards
operant conditioning
15. A method of predicting sales based on finding a relationship between past sales and one or more independent variables - such as population or income
internal reference price
competitive effect objective
price bundling
regression analysis
16. In the context of product diffusion - the point when a product's sales spike from a slow climb to an unprecedented new level - often accompanied by a steep price decline
perception
single target market approach
tipping point
behavioral learning theories
17. The third and longest stage in the product life cycle - in which sales peak and profit margin narrows
combiners
market test
maturity stage
opportunity cost
18. A strategy where prices are set significantly higher than competing brands
brand
diffusion
raw materials
prestige pricing
19. A consumer good or service that is usually low-prices - widely available - and purchase frequently with a minimum comparison and effort
sales forecast
customer satisfaction
online auctions
convenience product
20. Manufactured goods or subassemblies of finished items that organizations need to complete their own product
captive pricing
combined market approach
component parts
sales force forecasting survey
21. A pricing strategy that considers the lifetime cost of using the product
cost of ownership
national or manufacturer brands
classical conditioning
consumer satisfaction/dissatisfiaction
22. 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 discrimination
fixed costs
captive pricing
discetionary income
23. Concept that explains how products go through four distinct stages from birth to death: introduction - growth - maturity - and decline
perceived risk
frequent discounting
consumer satisfaction/dissatisfiaction
product life cycle
24. A change in an existing product that requires a moderate amount of learning or behavior change
consideration set
time-series analysis
dynamically continuous innovation
early majority
25. The overall feelings or attitude a person has about a product after purchasing it
reference group
brand manager
motivation
consumer satisfaction/dissatisfiaction
26. The practice of exchanging a good or service for another good or service of like value
value pricing everyday low-pricing
bartering
maturity stage
cost of ownership
27. What is left of disposable income after paying for necessities
discetionary income
breakthrough opportunities
switching costs
clustering techniques
28. A pricing tactic in which the seller absorbs the total cost of transportation
freight absorption pricing
metropolitan statistical area (msa)
zone pricing
customer satisfaction objective
29. Pricing products to maximize sales or to attain a desired level of sales or market share
sales or market share objective
mass marketing
consumer-to-consumer e-commerce
price inelastic
30. A strategy of frequently using sale prices to increase sales volume
regression analysis
frequent discounting
price maintenance
discetionary income
31. 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
image enhancement objective
SWOT analysis
regression analysis
market information function
32. A product that consumers perceive to be new and different form existing products
f.o.b. origin pricing
cost of ownership
innovation
raw materials
33. Combining two or more submarkets into one larger target market as a basis for one strategy
self-concept
product line
family life cycle
combined market approach
34. The practice of setting a limited number of different specific prices - called price points - for items in a product line
baby boomers
innovation
mass selling
price lining
35. Testing the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter
profit objective
test marketing
market manager
online auctions
36. 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
perceived risk
service encounter
family brand
demand curve
37. 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
attitude
market
price-floor pricing
status symbols
38. The patter of living that determines how people choose to spend their time - money - and energy that reflects their values - tastes - and preferences
inelastic demand
lifestyle
loss-leader pricing
product market
39. 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
price bundling
benefit segmentation
fixed costs
40. A market with broadly similar needs and sellers offering various - often divers - ways of satisfying those needs
inelastic demand
subculture
consideration set
generic marketing
41. Pricing intended to establish a desired image or positioning to prospective customers
price discrimination
image enhancement objective
social class
customer forecasting survey
42. The typical production oriented approach - vaguely aims at "everyone" with the same marketing mix
list price
mass marketing
trademark
captive pricing
43. A decision-making method in which members of a panel of experts respond to questions and to each other until reaching agreement on an issue
birthrate
Delphi technique
strategic business unit sbu
frequent discounting
44. Sales forecasts prepared by experts such as economists - management consultants - advertising executives - college professors - or other persons outside the firm
senior citizens
expert forecasting survey
market segment
internal reference price
45. 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
brand loyalty
unsought products
micromarketing
breakthrough opportunities
46. Learning that occurs as the result of rewards of punishments
stimulus generalization
demand-based pricing
venture teams
operant conditioning
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
market segmentation
brand
trademark
captive pricing
48. The percentage change in unit sales that results from a percentage change in price
switching costs
price elasticity
heuristics
variable costs
49. Pricing that is intended to maximize customer satisfaction and retention
brand
customer satisfaction objective
profit objective
multicultural marketing
50. An individual's self-image that is composed of a mixture of beliefs - observations - and feelings about personal attributes
reference group
portfolio management
price bundling
self-concept