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. Products we purchase when we're in dire need






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






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






4. A manager who is responsible for developing and implementing the marketing plan for a single brand






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






6. Basic or necessary items that are available almost everywhere






7. The value of a brand to an organization






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






9. 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






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






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






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






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






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






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






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






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






18. Products of the fishing - lumber - agricultural - and mining industries that organizational customers purchase to use in their finished products






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






20. Manufactured goods or subassemblies of finished items that organizations need to complete their own product






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






22. A manager who is responsible for developing and implementing the marketing plan for all the brands and products within a product category






23. 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






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






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






26. Products that consumers purchase to signal membership in a desirable social class






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






28. 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






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






30. Brands that the manufacturer of the product owns






31. Learning that occurs when a stimulus eliciting a response is paired with another stimulus that initially does not elicit a response over time because of its association with the first stimulus






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






33. When a percentage change in price results in a smaller percentage change in the quantity demanded






34. An aggregating process - clustering people with similar needs into a "market segment"






35. The firm that sets prices first in a industry; other major firms in the industry follow the leader by standing in line






36. Costs involved in using a product






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






38. The last consumers to adopt the innovation






39. Costs involved in moving from one brand to another






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






41. A learned predisposition to respond favorably or unfavorably to stimuli based on relatively enduring evaluations of people - objects - and issues






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






43. The pricing strategy of setting prices below cost to attract customers into a store






44. Which treats alternative products divisions - or strategic buisness units as though they were stock investments - to be bought and sold using financial criteria






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






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






47. The process by which people select - organize - and interpret information form the outside world






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






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






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