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 third and longest stage in the product life cycle - in which sales peak and profit margin narrows






2. A two step process of naming brand product markets and segmenting these broad products markets in order to select target markets and develop suitable marketing mixes






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






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






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






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






7. People whose children are grown and who are now able to spend their money in other ways






8. People over 65






9. Basic or necessary items that are available almost everywhere






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






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






12. Costs involved in using a product






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






14. A group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services - that is ways of satisfying those needs






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






16. What is left after taxes






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






18. 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






19. The process of eliminating interaction between customers and service providers






20. 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






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






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






23. Communicating with large numbers of customers at the same time






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






25. A homogeneous group of customers who will respond to a marketing mix in a similiar way






26. 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






27. The price the end customer is expected to pay as determined by the manufacturer






28. The strategy of selling products at unreasonably low prices to drive competitors out of business






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






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






31. All the benefits the product will provide for consumers or business customers






32. A theory of leaning that stresses the importance of internal mental processes and that view people as problem solvers - who actively use information from the world around them to master their environment






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






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






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






36. The typical production oriented approach - vaguely aims at "everyone" with the same marketing mix






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






38. A pricing tactic in which the cost of transporting the product from the factory to the customer's location is the responsibility of the customer






39. A product people often buy on the spur of the moment






40. The final stage in the product life cycle - in which sales decrease as customer needs change






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






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






43. 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






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






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






46. Moral standards that guide marketing decisions and actions






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






48. A mental rule of thumb that leads to a speedy decision by simplifying the process






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






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