Test your basic knowledge |

Marketing Basics

Subject : business-skills
  • Answer 50 questions in 15 minutes.
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  • Match each statement with the correct term.
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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. 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

2. A social process that directs an economy

3. A group within a society whose members share a distinctive set of beliefs - characteristics - or common experiences

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

5. A strategy where prices are set significantly higher than competing brands

6. The overall feelings or attitude a person has about a product after purchasing it

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

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

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

10. 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

11. Costs involved in moving from one brand to another

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

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

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

15. 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

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

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

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

19. When a percentage change in price results in a larger percentage change in the quantity demanded

20. 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

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

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

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

24. Consumers products that provide benefits over a long period of time - such as cars - furniture - and appliances

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

26. The process by which a consumer or business customer begins to buy and use a new good - service - or idea

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

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

29. A pricing strategy that draws on past experience of the marketer in setting appropriate prices

30. Discounts based only on the quantity purchased in individual orders

31. Buying - selling - transporting - storing - standardization and grading - financing - risk taking - and market information

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

33. Extent to which a firm fulfills a customers needs - desires - and expectations

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

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

36. Theories of learning that focus on how consumer behavior is changed by external events or stimuli

37. Moral standards that guide marketing decisions and actions

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

39. An analysis of sales figures for a period of 3 to 5 years to ascertain whether sales fluctuate in a consistent - periodic manner

40. When each family unit produces everything it consumes

41. The collaboration of two or more firms in setting prices - usually to keep prices high

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

43. 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

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

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

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

47. What is left after taxes

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

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

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