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






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






3. The physical good or the delivered service that supplies the desired benefit






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






5. Opportunities that help innovators develop hard to copy marketing strategies that will be very profitable for a long time






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






7. A firm's total product offering designed to satisfy a single need or desire of target customers






8. 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






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






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






11. Goods or services for which a consumer has little awareness or interest until the product or a need for the product is brought to his or her attention






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






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






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






15. Theories of learning that focus on how consumer behavior is changed by external events or stimuli






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






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






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






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






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






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






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






23. The value of something that is given up to obtain something else






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






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






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






27. The price the end customer is expected to pay as determined by the manufacturer






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






29. A pricing tactic in which the cost of transporting the product from the factory to the customer's location is the responsibility of the customer






30. A strategy of frequently using sale prices to increase sales volume






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






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






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






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






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






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






37. 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






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






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






40. A pricing tactic in which the cost of loading and transporting the product to the customer is included in the selling price - paid by the manufacturer






41. A survey of a firm's sales force regarding anticipated sales in their territories for a specified period.






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






43. 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






44. 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






45. A social process that directs an economy






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






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






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






49. Basic or necessary items that are available almost everywhere






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