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






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






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






4. The illegal practice of offering the same product of like quality and quantity to different business customers at different prices - thus lessening competition






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






6. The last consumers to adopt the innovation






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






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






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






10. Pricing that is intended to have an effect on the marketing efforts of the competition






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






12. The process whereby a consumer searches for appropriate information needed to make a reasonable decision






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






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






15. Buying - selling - transporting - storing - standardization and grading - financing - risk taking - and market information






16. An agreement between two brands to work together in marketing new or existing products






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






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






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






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






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






22. People born between 1946 and 1964






23. A product people often buy on the spur of the moment






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






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






26. A pricing strategy that draws on past experience of the marketer in setting appropriate prices






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






28. The regret or remorse buyers may feel after making a purchase






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






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






31. Which treats alternative products divisions - or strategic buisness units as though they were stock investments - to be bought and sold using financial criteria






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






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






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






35. A consumer good or service that is usually low-prices - widely available - and purchase frequently with a minimum comparison and effort






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






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






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






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






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






41. 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






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






43. 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






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






45. Costs involved in moving from one brand to another






46. Extent to which a firm fulfills a customers needs - desires - and expectations






47. The collection - analysis - and distribution of all the info needed to plan - carry out - and control marketing activities - wether in the firms own neighborhood or in a market overseas






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






49. All the benefits the product will provide for consumers or business customers






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