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 practice of exchanging a good or service for another good or service of like value






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






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






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






5. The overall rank or social standing of groups of people within society according to the value assigned to such factors as family background - education - occupation - and income






6. 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






7. 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






8. Expensive goods that an organization uses in its daily operations that last for a long time






9. A manager who is responsible for developing and implementing the marketing plans for products sold to a specific customer group






10. Tohose whose adoption to a new product signals a general acceptance of the innovation






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






12. Products that exhibit consistently high velocity sales in the consumer marketplace






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






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






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






16. 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






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






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






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






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






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






22. Goods or services for which a consumer has little awareness or interest until the product or a need for the product is brought to his or her attention






23. 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






24. A manager who is responsible for developing and implementing the marketing plan for a single brand






25. Moral standards that guide marketing decisions and actions






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






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






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






29. A pricing tactic in which a firm adds a standard shipping charge to the price for all customers regardless the location






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






31. Pricing intended to establish a desired image or positioning to prospective customers






32. A consumer good or service that is usually low-prices - widely available - and purchase frequently with a minimum comparison and effort






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






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






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






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






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






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






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






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






41. 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






42. A new product that copies with slight modification the design of an original product






43. Means that a firm has a marketing mix that the target market sees as better than a competitors mix






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






45. An illegal marketing practice in which an advertised price special is used as bait to get customers into the store with the intention of switching them to a higher-priced item






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






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






48. A change in beliefs or actions as a reaction to real or imagined group pressure






49. The firm that sets prices first in a industry; other major firms in the industry follow the leader by standing in line






50. Which means that as a company produces larger numbers of a particular product the cost of each unit of product goes down