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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. Sales forecasts prepared by experts such as economists - management consultants - advertising executives - college professors - or other persons outside the firm
new product failure
introduction
expert forecasting survey
f.o.b. delivered pricing
2. A means of measuring a website's success by tracking customers' movement around the company website
bid riggin
stimulus generalization
clickstream analysis
conformity
3. A new product that copies with slight modification the design of an original product
knock-off
product market
hierarchy of needs
price elastic
4. A price-setting method based on estimated of demand at different prices
demand-based pricing
segmenting
demand curve
cognitive learning theory
5. The regret or remorse buyers may feel after making a purchase
customer satisfaction
cognitive dissonance
qualifying dimensions
macro marketing
6. The percentage change in unit sales that results from a percentage change in price
price elasticity
penetration strategy
self-concept
universal functions of marketing
7. An individual's self-image that is composed of a mixture of beliefs - observations - and feelings about personal attributes
combiners
empty nesters
self-concept
random factor analysis
8. Pricing that is intended to maximize customer satisfaction and retention
customer satisfaction objective
knock-off
Delphi technique
competitive effect objective
9. A strategy of ducking under a competitor's price by a fixed percentage
discetionary income
trial pricing
licensing
umbrella pricing
10. Concept that explains how products go through four distinct stages from birth to death: introduction - growth - maturity - and decline
opportunity cost
family brand
product life cycle
product category manager
11. A method of predicting sales based on finding a relationship between past sales and one or more independent variables - such as population or income
regression analysis
fast-moving consumer goods
early adopters
attitude
12. People over 65
social class
co-branding
brand
senior citizens
13. The pricing strategy of setting prices below cost to attract customers into a store
cognitive learning theory
heuristics
mass selling
loss-leader pricing
14. An analysis of sales figures for a period of 3 to 5 years to ascertain whether sales fluctuate in a consistent - periodic manner
convenience product
unsought products
innovators
cycle analysis
15. An internal state that drives us to satisfy needs by activating goal-oriented behavior
customer forecasting survey
margin
motivation
senior citizens
16. An agreement in which one firm sells another firm the right to use a brand name for a specific purpose and for a specific period of time
introduction
sex roles
licensing
margin
17. The value of something that is given up to obtain something else
generic marketing
family brand
micromarketing
opportunity cost
18. An integrated economic and social unit wit a large population nucleus
metropolitan statistical area (msa)
shopping product
behavioral learning theories
trend analysis
19. The psychological characteristics that consistently influence the way a person responds to situations in the environment
personality
heuristics
market segment
predatory pricing
20. The relative importance of perceived consequences of the purchase to a consumer
diffusion
frequent discounting
involvment
target costing
21. Segmenting the market and choosing two or more segments and then treating each as a separate target market needing a different marketing mix
zone pricing
product life cycle
price inelastic
multiple target market approach
22. A manager who is responsible for developing and implementing the marketing plan for a single brand
brand manager
personality
market manager
opinion leader
23. Collusion between suppliers responding to bid requests to lessen competition and secure higher margins
brand equity
customer relationship management (crm)
bid riggin
mass marketing
24. The amount of a product a company expects to sell during a specific period at a specified level of marketing activities
sales forecast
gen x
time-series analysis
disintermediation
25. Group of people within an organization who focus exclusively on the development of a new product
price leadership (follower)
regression analysis
maturity stage
venture teams
26. Products that exhibit consistently high velocity sales in the consumer marketplace
strategic business unit sbu
seasonal analysis
fast-moving consumer goods
actual product
27. A manager who is responsible for developing and implementing the marketing plans for products sold to a specific customer group
market manager
family brand
opportunity cost
price elasticity
28. 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
cycle analysis
unsought products
staples
information search
29. The second stage in the product life cycle - during which the product is accepted and sales rapidly increase
demand-based pricing
dynamic pricing
variable pricing
growth stage
30. Goods that a business customer consumes in a relatively short time
motivation
maintenance - repair - and operating products
reference group
laggards
31. A learned predisposition to respond favorably or unfavorably to stimuli based on relatively enduring evaluations of people - objects - and issues
attitude
variable costs
innovators
single target market approach
32. Opportunities that help innovators develop hard to copy marketing strategies that will be very profitable for a long time
price discrimination
laggards
breakthrough opportunities
knock-off
33. A two step process of naming brand product markets and segmenting these broad products markets in order to select target markets and develop suitable marketing mixes
sales or market share objective
new product failure
market segmentation
cognitive learning theory
34. A mental rule of thumb that leads to a speedy decision by simplifying the process
heuristics
breakthrough opportunities
disposable income
value pricing everyday low-pricing
35. A strategy of experimenting with prices until the price that generates the highest profitability is found
target marketing
experimental pricing
consumer satisfaction/dissatisfiaction
raw materials
36. People whose children are grown and who are now able to spend their money in other ways
empty nesters
fixed costs
price bundling
senior citizens
37. The process of eliminating interaction between customers and service providers
disintermediation
sustainability
single target market approach
national or manufacturer brands
38. The value that customers give up - or exchange - to obtain a desired product
mass selling
metropolitan statistical area (msa)
price
heuristics
39. When a percentage change in price results in a larger percentage change in the quantity demanded
senior citizens
gen y
price elastic
actual product
40. Sometimes called millenials - refer to those born from 1978-1994
innovators
perceived risk
self-concept
gen y
41. A pricing tactic in which customers in different geographic zones pay different transportation rates
customer relationship management (crm)
licensing
trade or functional discounts
zone pricing
42. A survey of customers regarding the types and quantities of products they intend to buy during a specific period
knock-off
capacity management
diffusion
customer forecasting survey
43. The third and longest stage in the product life cycle - in which sales peak and profit margin narrows
test marketing
staples
maturity stage
fast-moving consumer goods
44. A good or service for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase
reference group
customer satisfaction
specialty products
shopping product
45. A practice of charging different prices to a different customers to manage capacity while maximizing revenues
price leadership (follower)
yield-management pricing
portfolio management
empty nesters
46. A pricing tactic in which the seller absorbs the total cost of transportation
margin
freight absorption pricing
cost of ownership
late majority
47. A new product sold with the same brand name as a strong existing brand
conformity
durable goods
brand extension
economics of scale
48. The patter of living that determines how people choose to spend their time - money - and energy that reflects their values - tastes - and preferences
price inelastic
clickstream analysis
lifestyle
discetionary income
49. Which means that as a company produces larger numbers of a particular product the cost of each unit of product goes down
trademark
economics of scale
online auctions
clickstream analysis
50. Costs involved in moving from one brand to another
market segment
switching costs
reference group
test marketing