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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
birthrate
experimental pricing
single target market approach
target marketing
2. A survey of customers regarding the types and quantities of products they intend to buy during a specific period
growth stage
customer forecasting survey
competitive advantage
demand curve
3. The pricing strategy in which the price can easily be adjusted to meet changes in the marketplace
dynamic pricing
maturity stage
portfolio management
gen y
4. The patter of living that determines how people choose to spend their time - money - and energy that reflects their values - tastes - and preferences
price discrimination
lifestyle
cumulative quantity discounts
late majority
5. The values - beliefs - customs - and tastes that a group of people value
trial pricing
culture
motivation
family brand
6. Tohose whose adoption to a new product signals a general acceptance of the innovation
growth stage
multicultural marketing
clickstream analysis
early majority
7. Government payments made to protect domestic businesses or to reimburse them when they must price at or below cost to make a sale. the subsidy can be a cash payment or tax relief
consideration set
portfolio management
price subsidies
SWOT analysis
8. A group within a society whose members share a distinctive set of beliefs - characteristics - or common experiences
product adoption
subculture
equipment
brand manager
9. A survey of a firm's sales force regarding anticipated sales in their territories for a specified period.
gen y
sales force forecasting survey
competitive advantage
venture teams
10. The difference between the cost of the product and the selling price of the product
diffusion
innovation
evaluative criteria
margin
11. Products created when firms transform raw materials from their original state
experimental pricing
service encounter
processed material
hierarchy of needs
12. 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
price maintenance
sustainability
brand
product market
13. An actual or imaginary individual or group that has significant effect on an individual's evaluations - aspirations - or behavior
price-floor pricing
lifestyle
reference group
real income
14. 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
product line
skimming price
price inelastic
time-series analysis
15. All the benefits the product will provide for consumers or business customers
core product
clickstream analysis
umbrella pricing
disintermediation
16. Collusion between suppliers responding to bid requests to lessen competition and secure higher margins
market test
bid riggin
judgment
discetionary income
17. The typical production oriented approach - vaguely aims at "everyone" with the same marketing mix
f.o.b. origin pricing
product adoption
mass marketing
bait and switch
18. The idea that its important to meet present needs without compromising the ability of future generations to meet their own needs
predatory pricing
test marketing
seasonal analysis
sustainability
19. 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
internal reference price
SWOT analysis
demand-based pricing
unsought products
20. The cost of production (raw and processed materials - parts - and labor) that are tried to - and vary depending on - the number of units produced
price maintenance
economics of scale
variable costs
stimulus generalization
21. A pricing tactic in which the seller absorbs the total cost of transportation
internal reference price
durable goods
freight absorption pricing
disposable income
22. The practice of recognizing and targeting the distinctive needs and wants of one or more ethnic subcultures
multicultural marketing
yield-management pricing
classical conditioning
non-cumulative quantity discounts
23. 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
target market
reference group
market
inelastic demand
24. Costs of production that do not change with the number of units produced
metropolitan statistical area (msa)
strategic business unit sbu
fixed costs
cost of ownership
25. The overall feelings or attitude a person has about a product after purchasing it
goods
consumer satisfaction/dissatisfiaction
perceived risk
internal reference price
26. The price the end customer is expected to pay as determined by the manufacturer
trade or functional discounts
differentation
gen x
list price
27. Sometimes called millenials - refer to those born from 1978-1994
loss-leader pricing
marketing ethics
gen y
product life cycle
28. 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
laggards
freight absorption pricing
tipping point
image enhancement objective
29. 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
family brand
differentation
durable goods
30. Costs involved in using a product
operating costs
umbrella pricing
consumer behavior
micromarketing
31. Which treats alternative products divisions - or strategic buisness units as though they were stock investments - to be bought and sold using financial criteria
brand loyalty
emergency product
portfolio management
experimental pricing
32. A market with broadly similar needs and sellers offering various - often divers - ways of satisfying those needs
generic marketing
capacity management
pure subsistence economy
strategic business unit sbu
33. The first segment (2.5%) of a population to adopt a new product
price inelastic
qualifying dimensions
innovators
clickstream analysis
34. A pricing tactic of charging reduced prices for larger quantities of product
capacity management
learning
quantity discounts
dynamically continuous innovation
35. 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
random factor analysis
market segmentation
cost-plus pricing
staples
36. 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
mass marketing
price-floor pricing
portfolio management
specialty products
37. A new product sold with the same brand name as a strong existing brand
real income
freight absorption pricing
brand extension
penetration strategy
38. The process by which the use of a product spreads throughout the population
diffusion
opportunity cost
captive pricing
capacity management
39. A pricing strategy in which a firm introduces a new product at a very low price to encourage more customers to purchase it
market segment
penetration strategy
value pricing everyday low-pricing
demand-based pricing
40. Group of people within an organization who focus exclusively on the development of a new product
venture teams
processed material
behavioral learning theories
operating costs
41. A homogeneous group of customers who will respond to a marketing mix in a similiar way
market segment
component parts
customer relationship management (crm)
specialty products
42. The value that customers give up - or exchange - to obtain a desired product
price discrimination
brand extension
price
subculture
43. A price-setting method based on estimated of demand at different prices
profit objective
opinion leader
demand-based pricing
predatory pricing
44. 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
market information function
continous innovation
price leadership (follower)
predatory pricing
45. Sales forecasts prepared by experts such as economists - management consultants - advertising executives - college professors - or other persons outside the firm
zone pricing
expert forecasting survey
yield-management pricing
target marketing
46. A social process that directs an economy
price maintenance
macro marketing
venture teams
segmenting
47. 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
late majority
family brand
target marketing
48. 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
regression analysis
component parts
captive pricing
classical conditioning
49. The practice of linking products to a particular social cause on an ongoing or short-term basis
cause-related marketing
brand loyalty
target marketing
status symbols
50. The pricing strategy of setting prices below cost to attract customers into a store
conformity
loss-leader pricing
consumer behavior
perception