Test your basic knowledge |

Marketing Basics

Subject : business-skills
  • Answer 50 questions in 15 minutes.
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  • 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 practice of exchanging a good or service for another good or service of like value

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

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

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

5. Costs involved in using a product

6. The value of a brand to an organization

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

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

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

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

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

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

13. A product that consumers perceive to be new and different form existing products

14. 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

15. Sales forecasts prepared by experts such as economists - management consultants - advertising executives - college professors - or other persons outside the firm

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

17. The division of a market according to benefits that consumers want from the product

18. E-commerce that allows shoppers to purchase products through online bidding

19. 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

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

21. Pricing that is intended to maximize customer satisfaction and retention

22. When each family unit produces everything it consumes

23. Consumers products that provide benefits over a long period of time - such as cars - furniture - and appliances

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

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

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

27. The values - beliefs - customs - and tastes that a group of people value

28. 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

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

30. An analysis of daily - weekly or monthly sales figures to evaluate the degree to which seasonal factors influence sales

31. Goods that a business customer consumes in a relatively short time

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

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

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

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

36. Income that is adjusted to take out the effects of inflation on purchasing power

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

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

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

40. The physical good or the delivered service that supplies the desired benefit

41. 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

42. Costs involved in moving from one brand to another

43. A pattern of repeat product purchases - accompanied by an underlying positive attitude toward the brand - which is based on the belief that the brand makes products superior to its competition

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

45. Basic or necessary items that are available almost everywhere

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

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

48. The process by which a consumer or business customer begins to buy and use a new good - service - or idea

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

50. Society's expectation about the appropriate attitudes - behaviors - and appearance for men and women