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






2. The actual product plus other supporting features such as a warranty - credit - delivery - installation - and repair service after the sale






3. Those who adopt an innovation early in the diffusion process but later than the innovators






4. A pricing strategy that considers the lifetime cost of using the product






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






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






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






8. A new product that copies with slight modification the design of an original product






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






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






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






12. Refers to the generation born immediately following the baby boom - from 1965-1977






13. A social process that directs an economy






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






15. People over 65






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






17. A practice of charging different prices to a different customers to manage capacity while maximizing revenues






18. Communicating with large numbers of customers at the same time






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






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






21. The practice of exchanging a good or service for another good or service of like value






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






23. Discounts based on the total quantity bought within a specified time period






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






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






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






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






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






29. Pricing intended to establish a desired image or positioning to prospective customers






30. 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






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






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






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






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






35. The percentage change in unit sales that results from a percentage change in price






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






37. The value of a brand to an organization






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






39. A fairly homogeneous group of customers to whom a company wishes to appeal






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






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






42. When each family unit produces everything it consumes






43. Brands that the manufacturer of the product owns






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






45. 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






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






47. Basic or necessary items that are available almost everywhere






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






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






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