Marketing Practice Test Questions
Study Guide
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Vertical Marketing A contractual arrangement in which a supplier sells only to specific retailers,
such as a pizza hut franchise.
Product Lining A marketing strategy which provides many products that are related for sale as
individual items
NAFTA Trade agreement Signed between the US, Mexico and Canada. Designed to lower tariffs and
improve trade between countries
Modified rebuy Is a buying situation where a customer purchases a product she previously
bought but has changed the source of the item
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Stage one of New Product Development (NPD) Idea Generation
Stage two of New Product Development (NPD) Idea Screening
Stage Three of New Product Development (NPD) Concept Development
Stage four of New Product Development (NPD) Testing Business Analysis
Stage five of New Product development (NPD) Beta Testing
Stage six of New Product development (NPD) Market Testing
Stage seven of New Product Development (NPD) Technical Implementation
Stage eight of New Product development (NPD) Commercialization
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Stage nine of New Product development New Product Pricing
Multi-Segmented Strategy Attempts to target several niches or market segments at once.
Undifferentiated Approach Also called Total Market Approach
Undifferentiated Approach Does not focus on using a specific type of marketing to reach consumers, but
rather targets its advertising to an audience in general
Environmental Scanning is the collecting of market environment information such as threats or
opportunities
Promotions A method that a marketer or producer uses to spread the word about his
product. Composed of elements like advertising, public relations, personal
selling and sales promotion.
Clayton Act Enacted to prevent price fixing
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