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






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






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






4. The value that customers give up - or exchange - to obtain a desired product






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






6. Discounts based only on the quantity purchased in individual orders






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






8. 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






9. A group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services - that is ways of satisfying those needs






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






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






12. 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






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






14. The value of something that is given up to obtain something else






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






16. Costs involved in using a product






17. 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






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






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






20. Those that actually affect the customers purchase of specific product or brand in a product market






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






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






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






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






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






26. 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






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






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






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






30. A theory of leaning that stresses the importance of internal mental processes and that view people as problem solvers - who actively use information from the world around them to master their environment






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






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






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






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






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






37. 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






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






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






40. 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






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






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






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






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






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






46. 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






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






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






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






50. A pricing tactic of charging reduced prices for larger quantities of product






Can you answer 50 questions in 15 minutes?



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