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. The practice of recognizing and targeting the distinctive needs and wants of one or more ethnic subcultures






2. Which treats alternative products divisions - or strategic buisness units as though they were stock investments - to be bought and sold using financial criteria






3. The value of something that is given up to obtain something else






4. Segmenting the market and picking one of the homogeneous segments as the firms target market






5. A strategy of experimenting with prices until the price that generates the highest profitability is found






6. The division of a market according to benefits that consumers want from the product






7. Behavior caused by a reaction to one stimulus that occurs in the presence of other similar stimuli






8. Discounts based on the total quantity bought within a specified time period






9. The process by which organization adjust their offering in an attempt to match demand






10. A firm's total product offering designed to satisfy a single need or desire of target customers






11. 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






12. People over 65






13. A method of selling prices in which the seller totals all the unit costs for the product and the adds the desired profit per unit






14. Costs involved in using a product






15. A good or service for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase






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. Those that actually affect the customers purchase of specific product or brand in a product market






18. A pricing strategy in which a firm introduces a new product at a very low price to encourage more customers to purchase it






19. The physical good or the delivered service that supplies the desired benefit






20. A modification of an existing product that sets one brand apart from its competitors






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






22. The pricing strategy in which the price can easily be adjusted to meet changes in the marketplace






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






24. An agreement between two brands to work together in marketing new or existing products






25. To try to increase the size of their target markets by combining two or more segments






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






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






28. People born between 1946 and 1964






29. Income that is adjusted to take out the effects of inflation on purchasing power






30. A market with very similar needs and sellers offering various close substitute ways of satisfying those needs






31. Consumer products that provide benefits for a short time because they are consumed - such as food - or are no longer useful such as newspaper.






32. The dimensions that consumers use to compare completing product alternatives






33. Segmenting the market and choosing two or more segments and then treating each as a separate target market needing a different marketing mix






34. The seller fine tunes the marketing effort with info from a detailed customer database






35. An analysis attempting to attribute erratic sales variations to random - nonrecurrent events






36. A means of measuring a website's success by tracking customers' movement around the company website






37. A survey of a firm's sales force regarding anticipated sales in their territories for a specified period.






38. Number of babies born per 1000 people fluctuated greatly in last 65 years






39. The cost of production (raw and processed materials - parts - and labor) that are tried to - and vary depending on - the number of units produced






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






41. The last consumers to adopt the innovation






42. Communication and purchases that occur among individuals without directly involving the manufacturer or retailer






43. The process whereby a consumer searches for appropriate information needed to make a reasonable decision






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






45. The value of a brand to an organization






46. A pricing tactic in which the cost of loading and transporting the product to the customer is included in the selling price - paid by the manufacturer






47. A change in beliefs or actions as a reaction to real or imagined group pressure






48. A social process that directs an economy






49. The practice of setting a limited number of different specific prices - called price points - for items in a product line






50. The illegal practice of offering the same product of like quality and quantity to different business customers at different prices - thus lessening competition