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






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






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






4. The process by which organization adjust their offering in an attempt to match demand






5. The idea that its important to meet present needs without compromising the ability of future generations to meet their own needs






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






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






8. The second stage in the product life cycle - during which the product is accepted and sales rapidly increase






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






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






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






12. Tohose whose adoption to a new product signals a general acceptance of the innovation






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






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






15. 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






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






17. 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






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






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






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






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






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






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






24. A group within a society whose members share a distinctive set of beliefs - characteristics - or common experiences






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






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






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






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






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






30. Manufactured goods or subassemblies of finished items that organizations need to complete their own product






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






32. 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






33. A forecasting method that uses historical sales data to discover patterns in the firm's sales over time and generally involves trend - cycle - seasonal - and random factor analyses






34. People born between 1946 and 1964






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






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






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






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






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






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






41. A pattern of repeat product purchases - accompanied by an underlying positive attitude toward the brand - which is based on the belief that the brand makes products superior to its competition






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






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






44. 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






45. Selling two or more goods or services as a single package for one price






46. 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






47. 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






48. An actual or imaginary individual or group that has significant effect on an individual's evaluations - aspirations - or behavior






49. The practice of recognizing and targeting the distinctive needs and wants of one or more ethnic subcultures






50. The process of eliminating interaction between customers and service providers