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






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






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






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






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






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






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






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






9. Testing the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter






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






11. Products that consumers purchase to signal membership in a desirable social class






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






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






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






15. 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






16. A theory of leaning that stresses the importance of internal mental processes and that view people as problem solvers - who actively use information from the world around them to master their environment






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






18. Pricing products with a focus on a target level of profit growth or a desired net profit margin






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






20. People born between 1946 and 1964






21. 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






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






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






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






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






26. Sometimes called millenials - refer to those born from 1978-1994






27. 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






28. A brand that a group of individual products or individual brands share






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






30. A social process that directs an economy






31. 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






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






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






34. Pricing a new product low for a limited period of time to lower the risk for a customer






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






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






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






38. Basic or necessary items that are available almost everywhere






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






40. 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






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






42. A pricing tactic in which a firm adds a standard shipping charge to the price for all customers regardless the location






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






44. When a percentage change in price results in a larger percentage change in the quantity demanded






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






46. 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






47. A new product that does not reach expectations for success - failing to reach sales objectives set






48. A situation in which an increase or a decrease in price will not significantly affect demand for the product






49. When a percentage change in price results in a smaller percentage change in the quantity demanded






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