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






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






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. Segmenting the market and picking one of the homogeneous segments as the firms target market






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






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






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






8. 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






9. Behavior caused by a reaction to one stimulus that occurs in the presence of other similar stimuli






10. A means of measuring a website's success by tracking customers' movement around the company website






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






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






13. 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






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






15. Society's expectation about the appropriate attitudes - behaviors - and appearance for men and women






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






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






18. A product that consumers perceive to be new and different form existing products






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






20. The psychological characteristics that consistently influence the way a person responds to situations in the environment






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






22. Products created when firms transform raw materials from their original state






23. 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






24. The seller fine tunes the marketing effort with info from a detailed customer database






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






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






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






28. Learning that occurs as the result of rewards of punishments






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






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






31. To try to increase the size of their target markets by combining two or more segments






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






33. E-commerce that allows shoppers to purchase products through online bidding






34. 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






35. A pricing strategy that considers the lifetime cost of using the product






36. A good or service for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase






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






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






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






40. An analysis attempting to attribute erratic sales variations to random - nonrecurrent events






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






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






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






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






45. 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






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






47. A totally new product that creates major changes in the way we live






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






49. A person who is frequently able to influence others' attitudes or behaviors by virtue of his or her active interest and expertise in one or more product categories






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