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






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






3. 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






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






5. What is left of disposable income after paying for necessities






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






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






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






9. A good or service with unique characteristics that are important to the buyer and for which the buyer will devote significant effort to acquire






10. An integrated economic and social unit wit a large population nucleus






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






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






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






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






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






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






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






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






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






20. A social process that directs an economy






21. Sometimes called millenials - refer to those born from 1978-1994






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






23. A modification of an existing product that sets one brand apart from its competitors






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






25. Communicating with large numbers of customers at the same time






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






27. Products that exhibit consistently high velocity sales in the consumer marketplace






28. An analysis that focuses on aggregate sales data over a period of many years to determine general trends in annual sales






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






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






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






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






33. A pattern of repeat product purchases - accompanied by an underlying positive attitude toward the brand - which is based on the belief that the brand makes products superior to its competition






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






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






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






37. Costs involved in moving from one brand to another






38. People born between 1946 and 1964






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






40. The process involved when individuals or groups select - purchase - use - and dispose of goods - services - ideas - or experiences to satisfy their needs and desires






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






42. A marketing mix is tailored to fit some specific target customers






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






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






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






46. People whose children are grown and who are now able to spend their money in other ways






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






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






49. A price-setting method based on estimated of demand at different prices






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