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 second stage in the product life cycle - during which the product is accepted and sales rapidly increase






2. The practice of setting a limited number of different specific prices - called price points - for items in a product line






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






4. The value of a brand to an organization






5. The process by which organization adjust their offering in an attempt to match demand






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






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






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






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






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






11. Costs involved in using a product






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






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






14. Communication and purchases that occur among individuals without directly involving the manufacturer or retailer






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






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






17. 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






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






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






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






21. 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






22. Costs involved in moving from one brand to another






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






24. 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






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






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






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






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






29. Means that a firm has a marketing mix that the target market sees as better than a competitors mix






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






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






32. Consumer products that provide benefits for a short time because they are consumed - such as food - or are no longer useful such as newspaper.






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






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






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






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






37. Segmenting the market and choosing two or more segments and then treating each as a separate target market needing a different marketing mix






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






39. 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






40. A method of selling prices in which the seller totals all the unit costs for the product and the adds the desired profit per unit






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






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






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






44. 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






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






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






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






48. A good or service for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase






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






50. 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