Test your basic knowledge |

Marketing Basics

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. Learning that occurs as the result of rewards of punishments






2. The difference between the cost of the product and the selling price of the product






3. A relatively permanent change in behavior caused by acquired information or experience






4. Testing the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter






5. Relevant to including a customer type in a product market






6. Pricing that is intended to maximize customer satisfaction and retention






7. A survey of customers regarding the types and quantities of products they intend to buy during a specific period






8. Pricing products with a focus on a target level of profit growth or a desired net profit margin






9. Learning that occurs when a stimulus eliciting a response is paired with another stimulus that initially does not elicit a response over time because of its association with the first stimulus






10. Products that consumers purchase to signal membership in a desirable social class






11. 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






12. 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






13. The first stage of the product life cycle in which slow growth follows the introduction of a new product in the marketplace






14. A new product that does not reach expectations for success - failing to reach sales objectives set






15. Products we purchase when we're in dire need






16. 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






17. A pricing strategy in which a firm sets prices that provide ultimate value to customers






18. A good or service with unique characteristics that are important to the buyer and for which the buyer will devote significant effort to acquire






19. A person who is frequently able to influence others' attitudes or behaviors by virtue of his or her active interest and expertise in one or more product categories






20. The belief that use of a product has potentially negative consequences - either financial - physical or social






21. The first segment (2.5%) of a population to adopt a new product






22. Aim at one or more homogeneous segments and try to develop different marketing mix for each






23. Costs involved in moving from one brand to another






24. People born between 1946 and 1964






25. Identifies and lists the firms strengths and weaknesses and its opportunities and threats






26. A consumer good or service that is usually low-prices - widely available - and purchase frequently with a minimum comparison and effort






27. A pricing tactic in which customers in different geographic zones pay different transportation rates






28. A new product that copies with slight modification the design of an original product






29. A set of price or a price range in consumers' minds that they refer to in evaluating a product's price






30. A manager who is responsible for developing and implementing the marketing plans for products sold to a specific customer group






31. A pricing strategy that considers the lifetime cost of using the product






32. An internal state that drives us to satisfy needs by activating goal-oriented behavior






33. 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






34. 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






35. Pricing a new product low for a limited period of time to lower the risk for a customer






36. The relative importance of perceived consequences of the purchase to a consumer






37. When each family unit produces everything it consumes






38. Basic or necessary items that are available almost everywhere






39. A strategy of ducking under a competitor's price by a fixed percentage






40. A situation in which an increase or a decrease in price will not significantly affect demand for the product






41. A market with broadly similar needs and sellers offering various - often divers - ways of satisfying those needs






42. The last consumers to adopt the innovation






43. Manufactured goods or subassemblies of finished items that organizations need to complete their own product






44. A strategy of frequently using sale prices to increase sales volume






45. Sometimes called millenials - refer to those born from 1978-1994






46. Expensive goods that an organization uses in its daily operations that last for a long time






47. Sales forecasting based on the intuition of one or more executives






48. What is left after taxes






49. Pricing products to maximize sales or to attain a desired level of sales or market share






50. The process involved when individuals or groups select - purchase - use - and dispose of goods - services - ideas - or experiences to satisfy their needs and desires