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






2. The percentage change in unit sales that results from a percentage change in price






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






4. A fairly homogeneous group of customers to whom a company wishes to appeal






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






6. Opportunities that help innovators develop hard to copy marketing strategies that will be very profitable for a long time






7. The last consumers to adopt the innovation






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






9. The value of a brand to an organization






10. The overall feelings or attitude a person has about a product after purchasing it






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






12. A decision-making method in which members of a panel of experts respond to questions and to each other until reaching agreement on an issue






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






14. A social process that directs an economy






15. The third and longest stage in the product life cycle - in which sales peak and profit margin narrows






16. 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






17. When each family unit produces everything it consumes






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






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






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






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






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






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






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






25. An agreement in which one firm sells another firm the right to use a brand name for a specific purpose and for a specific period of time






26. Costs involved in using a product






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






28. A pricing tactic in which the cost of loading and transporting the product to the customer is included in the selling price - paid by the manufacturer






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






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






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






32. 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






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






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






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






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






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






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






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






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






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






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






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






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






45. An internal state that drives us to satisfy needs by activating goal-oriented behavior






46. When a percentage change in price results in a larger percentage change in the quantity demanded






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






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






49. 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






50. Number of babies born per 1000 people fluctuated greatly in last 65 years