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. Basic or necessary items that are available almost everywhere






2. 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






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






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






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






6. A flexible pricing strategy that reflects what individual customers are willing to pay






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






8. When each family unit produces everything it consumes






9. The adopters who are willing to try new products when there is a little or no risk associated with the purchase - when the purchase becomes an economic necessity - or when there is a social pressure to purchase






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






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






12. A relatively permanent change in behavior caused by acquired information or experience






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






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






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






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






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






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






19. Identifies and lists the firms strengths and weaknesses and its opportunities and threats






20. The patter of living that determines how people choose to spend their time - money - and energy that reflects their values - tastes - and preferences






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






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






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






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






25. Costs involved in using a product






26. Discounts off the list price of products to members of the channel of distribution that perform various marketing functions






27. 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






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






29. The practice of recognizing and targeting the distinctive needs and wants of one or more ethnic subcultures






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






31. The process of eliminating interaction between customers and service providers






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






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






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






35. Aim at one or more homogeneous segments and try to develop different marketing mix for each






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






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






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






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






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






41. 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






42. Sales forecasting based on the intuition of one or more executives






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






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






45. 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






46. The first segment (2.5%) of a population to adopt a new product






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






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






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






50. A practice of charging different prices to a different customers to manage capacity while maximizing revenues