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 means of characterizing consumers based on the different family stages they pass through as they grow older






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






3. A good or service with unique characteristics that are important to the buyer and for which the buyer will devote significant effort to acquire






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






5. A social process that directs an economy






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






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






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






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






10. The typical production oriented approach - vaguely aims at "everyone" with the same marketing mix






11. To try to increase the size of their target markets by combining two or more segments






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






13. The practice of linking products to a particular social cause on an ongoing or short-term basis






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






15. A group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services - that is ways of satisfying those needs






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






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






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






19. A strategy of ducking under a competitor's price by a fixed percentage






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






21. The final stage in the product life cycle - in which sales decrease as customer needs change






22. 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






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






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






25. 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






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






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






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






29. A learned predisposition to respond favorably or unfavorably to stimuli based on relatively enduring evaluations of people - objects - and issues






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






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






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






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






34. Relevant to including a customer type in a product market






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






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






37. The last consumers to adopt the innovation






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






39. Brands that the manufacturer of the product owns






40. An approach that categorizes motives according to five levels of importance - the more basic needs being on the bottom of the hierarchy and the higher needs at the top






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






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






43. 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






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






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






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






47. An individual's self-image that is composed of a mixture of beliefs - observations - and feelings about personal attributes






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






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






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