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






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






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






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






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






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






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






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






9. Basic or necessary items that are available almost everywhere






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






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






12. The adopters who are willing to try new products when there is a little or no risk associated with the purchase - when the purchase becomes an economic necessity - or when there is a social pressure to purchase






13. The value of a brand to an organization






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






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






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






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






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






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






20. The relative importance of perceived consequences of the purchase to a consumer






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






22. The first stage of the product life cycle in which slow growth follows the introduction of a new product in the marketplace






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






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






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






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






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






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






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






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






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






32. 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






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






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






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






36. 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






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






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






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






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






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






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






43. Costs involved in using a product






44. Selling two or more goods or services as a single package for one price






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






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






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






49. People over 65






50. A set of price or a price range in consumers' minds that they refer to in evaluating a product's price







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