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






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






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






4. People born between 1946 and 1964






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






6. Charging a very high - premium price for a new product






7. Those who adopt an innovation early in the diffusion process but later than the innovators






8. When each family unit produces everything it consumes






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






10. Collusion between suppliers responding to bid requests to lessen competition and secure higher margins






11. The regret or remorse buyers may feel after making a purchase






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






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






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






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






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






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






18. Pricing that is intended to have an effect on the marketing efforts of the competition






19. Tangible products we can see - touch - smell - hear - taste






20. The legal term for a brand name - brand mark - or trade character; trademark legally registered by a government obtains protection for exclusive use in that country






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






22. 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






23. Brands that are owned and sold by a specific - retailer or distributor






24. A marketing mix is tailored to fit some specific target customers






25. People over 65






26. A method of predicting sales based on finding a relationship between past sales and one or more independent variables - such as population or income






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






28. A pricing tactic of charging reduced prices for larger quantities of product






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






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






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






32. In the context of product diffusion - the point when a product's sales spike from a slow climb to an unprecedented new level - often accompanied by a steep price decline






33. A means of characterizing consumers based on the different family stages they pass through as they grow older






34. 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






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






36. Relevant to including a customer type in a product market






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






38. A learned predisposition to respond favorably or unfavorably to stimuli based on relatively enduring evaluations of people - objects - and issues






39. Costs of production that do not change with the number of units produced






40. 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






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






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






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






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






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






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






47. The difference between the cost of the product and the selling price of the product






48. What is left after taxes






49. 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






50. An aggregating process - clustering people with similar needs into a "market segment"