Elance Marketing Terminology Test Questions

Question: 01
State which of the following groups exhibits the following traits:

It is tradition bound.
It adopts innovative methods only when it takes on a measure of tradition itself.

    a.     Laggards
    b.     Early adopters
    c.     Innovators
    d.     Late adopters

Question: 02
Which type of assortment strategy is used by a news agency when it adds indoor plants and house wares to its range of newspapers, stationery and books?

    a.     Exclusive Assortment
    b.     Scrambled Assortment
    c.     Inclusive Assortment
    d.     Broad Assortment

Question: 03
Which strategy involves advertising tactics that intend to change its brand's image and relies on imagery and symbolism to achieve its objective?

    a.     Image oriented change strategy
    b.     Information oriented change strategy
    c.     Information oriented maintenance strategy
    d.     Image oriented maintenance strategy

Question: 04
Fixing the price of a product in denominations like $7.95, $19.95 is referred to as.

    a.     odd pricing
    b.     even pricing
    c.     odd-even pricing
    d.     decimal pricing
    e.     None of the above

Question: 05
Which model out of the following assumes that the consumer evaluates product characteristics according to his priorities?

    a.     Determinance model
    b.     Disjunctive model
    c.     Iconoclastic model
    d.     Lexicographic model

Question: 06
Which of the following are the main characteristics of an adversarial shopper?

    a.     He is determined to get a good value at a low price
    b.     He values quality & ignores high price
    c.     He does not regard all prices as negotiable

Question: 07
Price Floor is a price imposed by law below which market prices are not permitted to fall.

    a.     True
    b.     False

Question: 08
A _______ is a rather narrowly defined group, typically a small market, whose needs are not being well served.

    a.     niche
    b.     clique
    c.     tangent
    d.     All of the above

Question: 09
State whether True or False.

Knock-offs is a term used to refer to new product innovations which are almost identical, look-alike copies of the competitors' best-selling items.

    a.     True
    b.     False

Question: 10
Which of the following is more likely to occur when there is little significant difference between two products?

    a.     Unplanned Cannibalisation
    b.     Planned Cannibalisation
    c.     Cannibalisation
    d.     Differential Cannibalisation

Question: 11
Philip Kotler's Black Box Model is used to explain the hidden nature of.

    a.     consumer behavior
    b.     the seller's pricing policy
    c.     the competitor's strategy
    d.     consumer decision-making
    e.     supplier economics

Question: 12
Cannibalisation is the loss of _______ of a product to a new offering in the product line.

    a.     price
    b.     profit
    c.     supply
    d.     sales

Question: 13
In which type of marketing test are consumer goods tested in the market using a simulated store technique rather than an actual test market?

    a.     Accelerated test marketing
    b.     Accepted test market
    c.     Laboratory test markets
    d.     Simulated test markets

Question: 14
State whether True or false.

Reactive Marketing Control System is a system which allows changes to be made in the marketing objectives during a planning period, as well as in the performance to meet those objectives.

    a.     True
    b.     False

Question: 15
Individuals selected from the target market are asked to look through a magazine and recall advertisements they have seen. This is a test to see the effectiveness of advertising. What is it called?

    a.     Recognition test
    b.     In-magazine recognition test
    c.     In-magazine advertising test
    d.     Advertisement recall test

Question: 16
What does the Latin phrase 'Caveat Emptor' mean?

    a.     Let the buyer beware
    b.     Let the seller beware
    c.     Let the producer beware
    d.     None of the above

Question: 17
Which monopolistic pricing technique is taking advantage of the absence of competition which a seller put to use to charge unusually high prices?

    a.     Price gouging
    b.     Price skimming
    c.     Price war
    d.     Price winning

Question: 18
A brand name used for a number of products in the same line is called.

    a.     Family brand
    b.     Corporate brand
    c.     Singular brand
    d.     Sister brand

Question: 19
What is the marketing of 'environmentally friendly' products known as?

    a.     Global marketing
    b.     Environment marketing
    c.     Yellow marketing
    d.     Green marketing
    e.     Ozone marketing

Question: 20
An arrangement of lines and spaces in a code form used to identify a product by style, size, price, quality, quantity etc. is known as_____.

    a.     line code
    b.     bar code
    c.     point chart
    d.     pie chart
    e.     line and space code

Question: 21
Which term is used for describing the difference between the original selling price of an article and the price to which it is reduced in order to sell it?

    a.     Mark-down ratio
    b.     Mark-up ratio
    c.     Price drop ratio
    d.     Fall out ratio

Question: 22
Which Strategic Business Unit(SBU) is characterized by high market share and low market growth?

    a.     Question marks
    b.     Cash cows
    c.     Dogs
    d.     Stars

Question: 23
Which marketing strategy consists of launching a new product at a high price and a high promotional level?

    a.     Slow-skimming strategy
    b.     Rapid-penetration strategy
    c.     Rapid-skimming strategy
    d.     Slow-penetration strategy

Question: 24
Which type of general attack strategy involves matching the opponent in terms of product, price, promotion and distribution?

    a.     Flank attack
    b.     Frontal attack
    c.     Bypass attack
    d.     Encirclement attack

Question: 25
The options to lease or purchase a product or to manufacture it internally sometimes faced by a manufacturing company, when considering the acquisition of a new product, is called.

    a.     hire-purchase decision
    b.     lease decision
    c.     manufacturing decision
    d.     make or buy decision

Question: 26
In which assortment strategy does a reseller decide to carry many variants of each product in the range?

    a.     Scrambled Assortment
    b.     Broad Assortment
    c.     Exclusive Assortment
    d.     Deep Assortment

Question: 27
Which of the following are models of brand valuation?

    a.     Expectancy-value model
    b.     Conjunctive model
    c.     Black box model
    d.     Porter's five force model

Question: 28
Which function includes the assembling of a variety of products, storing them, sorting them into appropriate categories and sizes and arranging them on retail shelves?

    a.     Facilitating function
    b.     Transactional function
    c.     Logistical function
    d.     Promotional function

Question: 29
The main purpose of the guaranteed price is to assure the traders to order items in subsequently large quantities.

    a.     True
    b.     False

Question: 30
Cognitive dissonance is a doubt that surfaces when a buyer becomes aware that an alternative product may offer more desirable benefits than the one purchased.

    a.     True
    b.     False

Question: 31
How does a company differentiate the image acquired through the use of its logo and other symbols, its advertising and its atmosphere from that of its competitors?

    a.     Through services differentiation
    b.     Through personnel differentiation
    c.     Through image differentiation
    d.     Through visual differentiation

Question: 32
Which pricing method involves estimating the price that customers would be willing to pay for a given product and then comparing it to the per unit cost to see if it meets the firm's profit objectives?

    a.     Demand backward pricing method
    b.     Demand forward pricing method
    c.     Supply forward pricing method
    d.     Customer pricing method

Question: 33
The accelerator principle states that ________ in consumer demand will affect several layers of demand in organizational markets.

    a.     An increase
    b.     A decrease
    c.     Both an increase or a reduction
    d.     None of these

Question: 34
State whether True or False.

Market followers are firms that carve out a distinct niche for themselves, which had been left uncovered by the other firms in the industry.

    a.     True
    b.     False

Question: 35
In which of the following cost-pricing approaches does a firm determine a price that would yield the target rate of return on investment(ROI)?

    a.     Perceived-value pricing
    b.     Target-return pricing
    c.     Value pricing
    d.     ROI pricing

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