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






2. The patter of living that determines how people choose to spend their time - money - and energy that reflects their values - tastes - and preferences






3. An arrangement unique to business marketing in which two organizations agree to buy from each other






4. Refers to the generation born immediately following the baby boom - from 1965-1977






5. An individual's self-image that is composed of a mixture of beliefs - observations - and feelings about personal attributes






6. The amount of a product a company expects to sell during a specific period at a specified level of marketing activities






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






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






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






10. A change in an existing product that requires a moderate amount of learning or behavior change






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






12. The actual interaction between the customer and the service provider






13. The last consumers to adopt the innovation






14. An approach to market segmentation in which organizations focus precise marketing efforts on very small geographic markets






15. Combining two or more submarkets into one larger target market as a basis for one strategy






16. The percentage change in unit sales that results from a percentage change in price






17. Brands that the manufacturer of the product owns






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






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






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






21. The practice of exchanging a good or service for another good or service of like value






22. Opportunities that help innovators develop hard to copy marketing strategies that will be very profitable for a long time






23. The set of alternative brands the consumer is considering for the decision process






24. Group of people within an organization who focus exclusively on the development of a new product






25. A new product sold with the same brand name as a strong existing brand






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






27. E-commerce that allows shoppers to purchase products through online bidding






28. An approach that categorizes motives according to five levels of importance - the more basic needs being on the bottom of the hierarchy and the higher needs at the top






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






30. 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






31. A fairly homogeneous group of customers to whom a company wishes to appeal






32. The actual product plus other supporting features such as a warranty - credit - delivery - installation - and repair service after the sale






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






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






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






36. The practice of linking products to a particular social cause on an ongoing or short-term basis






37. 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






38. A pricing tactic in which the seller absorbs the total cost of transportation






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






40. To try to find similar patterns within sets of data






41. The psychological characteristics that consistently influence the way a person responds to situations in the environment






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






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






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






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






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






47. 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






48. Making a product available to buyers in one or more test areas and measuring purchases and consumer responses






49. The values - beliefs - customs - and tastes that a group of people value






50. The process by which people select - organize - and interpret information form the outside world