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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. Segmenting the market and picking one of the homogeneous segments as the firms target market
segments
emergency product
single target market approach
product line
2. 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
equipment
demand curve
brand loyalty
gen y
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
senior citizens
raw materials
variable costs
maturity stage
4. A learned predisposition to respond favorably or unfavorably to stimuli based on relatively enduring evaluations of people - objects - and issues
subculture
operant conditioning
attitude
reciprocity
5. The strategy of selling products at unreasonably low prices to drive competitors out of business
penetration strategy
predatory pricing
price subsidies
growth stage
6. A change in an existing product that requires a moderate amount of learning or behavior change
decline stage
trend analysis
dynamically continuous innovation
customer relationship management (crm)
7. A market with very similar needs and sellers offering various close substitute ways of satisfying those needs
product market
diffusion
marketing ethics
competitive advantage
8. A strategy where prices are set significantly higher than competing brands
margin
prestige pricing
trade or functional discounts
target costing
9. 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
Delphi technique
executive judgement
cumulative quantity discounts
operant conditioning
10. The final stage in the product life cycle - in which sales decrease as customer needs change
personality
trademark
sex roles
decline stage
11. The process by which organization adjust their offering in an attempt to match demand
capacity management
variable pricing
raw materials
segmenting
12. A new product sold with the same brand name as a strong existing brand
brand extension
discontinuous innovation
inelastic demand
early majority
13. An approach that categorizes motives according to five levels of importance - the more basic needs being on the bottom of the hierarchy and the higher needs at the top
hierarchy of needs
convenience product
combiners
durable goods
14. The difference between the cost of the product and the selling price of the product
heuristics
decline stage
margin
cause-related marketing
15. The belief that use of a product has potentially negative consequences - either financial - physical or social
bait and switch
perceived risk
family life cycle
senior citizens
16. The practice of exchanging a good or service for another good or service of like value
knock-off
brand loyalty
bartering
Delphi technique
17. The actual interaction between the customer and the service provider
unsought products
fast-moving consumer goods
behavioral learning theories
service encounter
18. An organizational unit that focuses on some product markets and is treated as a separate profit center
gen x
strategic business unit sbu
opportunity cost
consumer satisfaction/dissatisfiaction
19. A practice of charging different prices to a different customers to manage capacity while maximizing revenues
shopping product
freight absorption pricing
yield-management pricing
sales forecast
20. When a percentage change in price results in a smaller percentage change in the quantity demanded
prestige pricing
regression analysis
umbrella pricing
price inelastic
21. The pricing strategy of setting prices below cost to attract customers into a store
loss-leader pricing
cycle analysis
birthrate
qualifying dimensions
22. Testing the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter
time-series analysis
test marketing
heuristics
knock-off
23. Products created when firms transform raw materials from their original state
cumulative quantity discounts
list price
birthrate
processed material
24. A theory of leaning that stresses the importance of internal mental processes and that view people as problem solvers - who actively use information from the world around them to master their environment
cognitive learning theory
diffusion
loss-leader pricing
impulse product
25. E-commerce that allows shoppers to purchase products through online bidding
opportunity cost
online auctions
variable costs
personality
26. A method of selling prices in which the seller totals all the unit costs for the product and the adds the desired profit per unit
predatory pricing
continous innovation
shopping product
cost-plus pricing
27. A pricing tactic of charging reduced prices for larger quantities of product
quantity discounts
status symbols
diffusion
personality
28. Costs of production that do not change with the number of units produced
cognitive dissonance
market test
consumer-to-consumer e-commerce
fixed costs
29. 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
real income
switching costs
national or manufacturer brands
time-series analysis
30. Products that consumers purchase to signal membership in a desirable social class
dynamically continuous innovation
status symbols
f.o.b. origin pricing
strategic business unit sbu
31. The first stage of the product life cycle in which slow growth follows the introduction of a new product in the marketplace
senior citizens
co-branding
universal functions of marketing
introduction
32. Goods that a business customer consumes in a relatively short time
maintenance - repair - and operating products
competitive effect objective
brand
early adopters
33. Concept that explains how products go through four distinct stages from birth to death: introduction - growth - maturity - and decline
product life cycle
information search
durable goods
price elasticity
34. The practice of setting a limited number of different specific prices - called price points - for items in a product line
staples
target costing
new product failure
price lining
35. Making a product available to buyers in one or more test areas and measuring purchases and consumer responses
price lining
market test
family brand
subculture
36. Brands that are owned and sold by a specific - retailer or distributor
market segment
store or private-label brands
variable pricing
macro marketing
37. A new product that does not reach expectations for success - failing to reach sales objectives set
evaluative criteria
variable pricing
new product failure
sales forecast
38. The process involved when individuals or groups select - purchase - use - and dispose of goods - services - ideas - or experiences to satisfy their needs and desires
continous innovation
target marketing
decline stage
consumer behavior
39. A pricing strategy that considers the lifetime cost of using the product
bait and switch
product market
multiple target market approach
cost of ownership
40. A modification of an existing product that sets one brand apart from its competitors
micromarketing
personality
non-cumulative quantity discounts
continous innovation
41. 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
brand
augmented product
cycle analysis
42. A manager who is responsible for developing and implementing the marketing plans for products sold to a specific customer group
introduction
market manager
capacity management
loss-leader pricing
43. Aim at one or more homogeneous segments and try to develop different marketing mix for each
brand equity
benefit segmentation
cognitive learning theory
segments
44. An aggregating process - clustering people with similar needs into a "market segment"
umbrella pricing
segmenting
regression analysis
sex roles
45. When a percentage change in price results in a larger percentage change in the quantity demanded
price elastic
co-branding
early adopters
emergency product
46. Extent to which a firm fulfills a customers needs - desires - and expectations
component parts
switching costs
customer satisfaction
target market
47. The third and longest stage in the product life cycle - in which sales peak and profit margin narrows
maturity stage
product life cycle
sex roles
quantity discounts
48. A process in which firms identify the quality and functionality needed to satisfy customers and what price they are willing to pay before the product is designed; the product is manufactured only if the firm can control costs to meet the required pri
target costing
tipping point
involvment
micromarketing
49. Discounts based only on the quantity purchased in individual orders
differentation
frequent discounting
cumulative quantity discounts
non-cumulative quantity discounts
50. Refers to the generation born immediately following the baby boom - from 1965-1977
metropolitan statistical area (msa)
gen x
equipment
shopping product