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






2. The actual product plus other supporting features such as a warranty - credit - delivery - installation - and repair service after the sale






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






4. Pricing products with a focus on a target level of profit growth or a desired net profit margin






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






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






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






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






9. The idea that its important to meet present needs without compromising the ability of future generations to meet their own needs






10. A name - term - symbol - or any other unique element of a product that identifies one firm's product(s) and sets it apart from the competition






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






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






13. 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






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






15. The marketing mix is distinct from and better than what is available from a competitor






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






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






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






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






20. The patter of living that determines how people choose to spend their time - money - and energy that reflects their values - tastes - and preferences






21. A social process that directs an economy






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






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






24. A consumer good or service that is usually low-prices - widely available - and purchase frequently with a minimum comparison and effort






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






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






27. 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






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






29. What is left after taxes






30. The final stage in the product life cycle - in which sales decrease as customer needs change






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






32. The process by which the use of a product spreads throughout the population






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






34. An agreement between two brands to work together in marketing new or existing products






35. The price the end customer is expected to pay as determined by the manufacturer






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






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






38. Brands that are owned and sold by a specific - retailer or distributor






39. 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






40. Costs involved in moving from one brand to another






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






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






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






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






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






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






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






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






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






50. All the benefits the product will provide for consumers or business customers