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






2. A social process that directs an economy






3. The amount of a product a company expects to sell during a specific period at a specified level of marketing activities






4. A person who is frequently able to influence others' attitudes or behaviors by virtue of his or her active interest and expertise in one or more product categories






5. A market with very similar needs and sellers offering various close substitute ways of satisfying those needs






6. An agreement in which one firm sells another firm the right to use a brand name for a specific purpose and for a specific period of time






7. 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






8. A means of measuring a website's success by tracking customers' movement around the company website






9. A manager who is responsible for developing and implementing the marketing plans for products sold to a specific customer group






10. A method of predicting sales based on finding a relationship between past sales and one or more independent variables - such as population or income






11. Charging a very high - premium price for a new product






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






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






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






15. Means that a firm has a marketing mix that the target market sees as better than a competitors mix






16. A pricing tactic in which the seller absorbs the total cost of transportation






17. An arrangement unique to business marketing in which two organizations agree to buy from each other






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






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






20. An illegal marketing practice in which an advertised price special is used as bait to get customers into the store with the intention of switching them to a higher-priced item






21. An internal state that drives us to satisfy needs by activating goal-oriented behavior






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






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






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






25. Learning that occurs as the result of rewards of punishments






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






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






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






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






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






31. The value of a brand to an organization






32. 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






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






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






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






36. 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






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






38. 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






39. People over 65






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






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






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






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






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






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






46. The actual interaction between the customer and the service provider






47. 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






48. The practice of setting a limited number of different specific prices - called price points - for items in a product line






49. Concept that explains how products go through four distinct stages from birth to death: introduction - growth - maturity - and decline






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