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. Products we purchase when we're in dire need






2. An organizational unit that focuses on some product markets and is treated as a separate profit center






3. 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






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






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






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






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






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






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






10. 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






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






12. The idea that its important to meet present needs without compromising the ability of future generations to meet their own needs






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






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






15. Moral standards that guide marketing decisions and actions






16. An analysis of daily - weekly or monthly sales figures to evaluate the degree to which seasonal factors influence sales






17. 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






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






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






20. 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






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






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






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






24. Government payments made to protect domestic businesses or to reimburse them when they must price at or below cost to make a sale. the subsidy can be a cash payment or tax relief






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






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






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






28. An agreement between two brands to work together in marketing new or existing products






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






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






31. Brands that the manufacturer of the product owns






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






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






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






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






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






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






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






39. A change in an existing product that requires a moderate amount of learning or behavior change






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






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






42. Discounts based on the total quantity bought within a specified time period






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






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






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






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






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






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






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






50. 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