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 firm that sets prices first in a industry; other major firms in the industry follow the leader by standing in line






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






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






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






5. The process involved when individuals or groups select - purchase - use - and dispose of goods - services - ideas - or experiences to satisfy their needs and desires






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






7. The difference between the cost of the product and the selling price of the product






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






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






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






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






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






13. Making a product available to buyers in one or more test areas and measuring purchases and consumer responses






14. An approach that categorizes motives according to five levels of importance - the more basic needs being on the bottom of the hierarchy and the higher needs at the top






15. A manager who is responsible for developing and implementing the marketing plan for all the brands and products within a product category






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






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






18. Group of people within an organization who focus exclusively on the development of a new product






19. The value that customers give up - or exchange - to obtain a desired product






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






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






22. Collusion between suppliers responding to bid requests to lessen competition and secure higher margins






23. The value of a brand to an organization






24. A pricing tactic of charging reduced prices for larger quantities of product






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






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






27. What is left after taxes






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






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






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






31. The legal term for a brand name - brand mark - or trade character; trademark legally registered by a government obtains protection for exclusive use in that country






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






33. 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






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






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






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






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






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






39. A new product sold with the same brand name as a strong existing brand






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






41. A method for calculating price in which - to maintain full plant operating capacity - a portion of a firm's output may be sold at a price that covers only marginal costs of production






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






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






44. 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






45. 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






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






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






48. Relevant to including a customer type in a product market






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






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