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






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






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






4. Identifies and lists the firms strengths and weaknesses and its opportunities and threats






5. Learning that occurs when a stimulus eliciting a response is paired with another stimulus that initially does not elicit a response over time because of its association with the first stimulus






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






7. The collaboration of two or more firms in setting prices - usually to keep prices high






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






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






10. 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






11. The pricing strategy in which the price can easily be adjusted to meet changes in the marketplace






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






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






14. 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






15. A survey of customers regarding the types and quantities of products they intend to buy during a specific period






16. Discounts based only on the quantity purchased in individual orders






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






18. A method of selling prices in which the seller totals all the unit costs for the product and the adds the desired profit per unit






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






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






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






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






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






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






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






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






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






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






29. Communication and purchases that occur among individuals without directly involving the manufacturer or retailer






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






31. A relatively permanent change in behavior caused by acquired information or experience






32. 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






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






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






35. A new product sold with the same brand name as a strong existing brand






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






37. 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






38. 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






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






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






41. A pricing tactic of charging reduced prices for larger quantities of product






42. A plot of the quantity of a product that customers will buy in a market during a period of time at various prices if all other factors remain the same






43. 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






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






45. Costs involved in using a product






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






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






48. 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






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






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