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. Basic or necessary items that are available almost everywhere






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






3. Discounts based on the total quantity bought within a specified time period






4. 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






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






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






7. Costs involved in moving from one brand to another






8. The practice of linking products to a particular social cause on an ongoing or short-term basis






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






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






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






12. Products created when firms transform raw materials from their original state






13. Costs involved in using a product






14. An analysis attempting to attribute erratic sales variations to random - nonrecurrent events






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






16. 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






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






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






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






20. The overall feelings or attitude a person has about a product after purchasing it






21. 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






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






23. The belief that use of a product has potentially negative consequences - either financial - physical or social






24. A pricing strategy in which a firm introduces a new product at a very low price to encourage more customers to purchase it






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






26. Pricing that is intended to have an effect on the marketing efforts of the competition






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






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






29. The first segment (2.5%) of a population to adopt a new product






30. Aim at one or more homogeneous segments and try to develop different marketing mix for each






31. Refers to the generation born immediately following the baby boom - from 1965-1977






32. 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






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






34. 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






35. A pricing tactic for two items that must be used together; one item is priced very low and the firm makes its profit on another - high-margin item essential to the operation of the first item






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






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






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






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






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






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






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






43. The process of eliminating interaction between customers and service providers






44. An actual or imaginary individual or group that has significant effect on an individual's evaluations - aspirations - or behavior






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






46. 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






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






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






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






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