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






2. 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






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






4. 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






5. A social process that directs an economy






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






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






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






9. Discounts off the list price of products to members of the channel of distribution that perform various marketing functions






10. A price-setting method based on estimated of demand at different prices






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






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






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






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






15. Products of the fishing - lumber - agricultural - and mining industries that organizational customers purchase to use in their finished products






16. The loss of sales of an existing product when a new item in a product line or product family is introduced






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






18. Concept that explains how products go through four distinct stages from birth to death: introduction - growth - maturity - and decline






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






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






21. 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






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






23. A practice of charging different prices to a different customers to manage capacity while maximizing revenues






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






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






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






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






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






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






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






31. A brand that a group of individual products or individual brands share






32. An analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales






33. A pattern of repeat product purchases - accompanied by an underlying positive attitude toward the brand - which is based on the belief that the brand makes products superior to its competition






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






35. What is left of disposable income after paying for necessities






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






37. A plot of the quantity of a product that customers will buy in a market during a period of time at various prices if all other factors remain the same






38. People born between 1946 and 1964






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






40. Selling two or more goods or services as a single package for one price






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






42. 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






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






44. The marketing mix is distinct from and better than what is available from a competitor






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






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






47. The adopters who are willing to try new products when there is a little or no risk associated with the purchase - when the purchase becomes an economic necessity - or when there is a social pressure to purchase






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






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






50. Moral standards that guide marketing decisions and actions







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